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It is important to note that debt consolidation doesn’t necessarily result in a lower interest rate, although that could be the case.Ideally, your business debt consolidation loan will save you money, but the focus is making payments more manageable by replacing several lenders with one.Business debt consolidation loans refinance your existing debt and place all of your loan payments into a single repayment schedule.Beyond that, they can offer better terms including less frequent payments and lower rates.But before you pick this solution to tackle existing debts, make sure to weigh all the pros and cons.Debt consolidation can offer small business owners lower rates, a single repayment schedule, and reduce the frequency of payments.Although there are reasons debt consolidation may be a great choice, there are also some risks it can pose to your business.
Various providers offer small business debt consolidation loans.
When shopping for a consolidation loan, make sure that the new APR is the same as or less than the average APR for all of your current loans.
If so, and if you’re comfortable with a new, longer-term repayment schedule, go ahead and take the loan, and use it to pay off your existing debt.
Small business owners frequently need to borrow money to cover temporary cash flow issues, fund expansions, and/or purchase new equipment.
If you’ve taken more than one loan for your small business, loan consolidation can make repaying your debt easier and more affordable.
Before applying for a consolidation loan, make sure none of your existing loans have a prepayment penalty.