SBA
You can use an SBA loan to refinance business debt resulting in a longer term and lower payments!!! Interest rates are at an all time low, and the program fee is currently waived !!!
The SBA recently made refinancing of commercial debt much easier by lifting many of the old restrictions on taking out existing debt. SBA loans of up to $2,000,000 can be used to refinance equipment (10 years), leases (10 years), real estate (25 years), inventory (up to 10 years) and even working capital (up to 10 years).
Whether you want to free up more cash to fuel growth or just need a little more breathing room, an SBA refinancing may be your answer. We can refinance the following types of business loans:
·Long term debt structured with a demand note or balloon payment;
·Debt with an interest rate that exceeds the SBA maximum interest rate for the processing method being used
·Credit card debt - if it can be shown the card was for business use only
·Debt that is over-collateralized based on SBA's collateral requirements
·Revolving lines of credit (short term or long term) where the original lender is unwilling to renew the line or the applicant is restructuring its financing in order to obtain a lower interest rate or longer term;
·Debt with maturity that was not appropriate for the purpose of the financing (e.g., a 3 year term loan to finance a piece of equipment with a useful life of 15 years); and
Call us for more info at 612-578-9898
Comments(7)