The needs of a business are fluid and evolve constantly. What made sense a couple of months ago may need some adjustments today. Financing is no exception to this rule, as demonstrated by these four compelling reasons to refinance your business loan.
Reduced Interest Rates
The main reason to refinance your business loan is that it may allow you to get a reduced interest rate, which is the most important consideration when you decide to refinance a loan. Lower interest rates result in lower monthly payments that are more manageable and allow you to move your business forward with greater confidence and ease.
Get Better Conditions
In addition to the interest rate, there are many other factors to consider when it comes to refinancing a business loan. For example, your current loan may have unreasonable late fees, or you may want to increase or decrease the length of your loan. In any of these scenarios, refinancing is an option you should consider.
Increase Your Working Capital
Refinancing a high-interest business loan has an immediate, positive impact on your working capital. This allows you to meet your business’s short-term needs and gives you the flexibility you need to seize new business opportunities or finance new expansion projects.
This May Be the Best Time to Do It
Finally, one of the most compelling reasons to refinance your business loan is that this is an ideal moment to take the plunge . As we explained a couple of weeks ago, now you can refinance your SBA (a) loan into a 504 loan. This is an amazing opportunity, considering that interest rates for 7(a) loans are about 7%, while the rates for 504 loans are around 3%. To learn more about this alternative, check out our previous post or contact the experts at Gellyfish Commercial.
Gellyfish: Certainty of Execution in Business Loans
Looking for a conventional loan or SBA loan in California, or anywhere in the United States? Gellyfish is here to help. We offer financing solutions with the certainty of execution you need to take your business to the next level.
We are located in Riverside, and work with clients all over California and beyond. Contact us today by email (firstname.lastname@example.org), telephone (877-800-4493), or social media (Facebook, Twitter, LinkedIn), to schedule a free consultation or to learn more about our full range of financing options.