HomeHow To Refinance An SBA Loan Successfully

How To Refinance An SBA Loan Successfully

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Alright, let’s talk business. You know as well as I do that getting your hands on some of that sweet Small Business Association (or SBA) loan money is the lifeblood of countless startups each year. In fact, get this, more than 627,000 fresh new businesses appear on the scene each year. A lot of these entrepreneurs are using SBA loans to finance their business dream. However, sometimes even the best laid business plans can lead to big loan headaches.

Sounds familiar, doesn’t it? But hey, don’t despair. Lawscape at Lawscape and I are here to figure things out for you. Because figuring out the red tape is kind of our thing.

Grabbing the *Refinancing Riddle* by the horns

Here’s the thing – you can refinance an SBA Loan. Yes, you heard me right. It just happens to be a bit more like solving an advanced-level Sudoku puzzle, except you’d be dealing with a lot more zeros. But hey, we’re in this together.

So, put simply, when you refinance a loan, you’re not exactly making the money monster disappear. What you’re doing is reducing your debt burden. You see, you take out a new loan at a lower interest rate than your first one. You then use this new loan to pay off your original debt. It’s all about easing up those monthly payments and ultimately lowering the amount you owe.

When does refinancing make total sense?

Remember those ambitious, early days of setting up your venture? Chances are, like many small businesses, you took out a high-interest short-term loan for some quick funding. It seemed like a good move to get the ball rolling, right?

Well, fast forward to now and that financial booster shot might be tying up too much of your operating budget. What with interest fees adding to your overall owe-amount and those high repayment rates each month?

Refinancing can be a big help here. It allows you to exchange those high-interest loans with the short repayment terms for one with a lower interest rate. This gives you a much-needed breather by reducing what you owe each month, freeing up capital you can reinvest right back into your business.

Don’t *struggle to juggle* multiple loans

Now if you are like most startup companies, you’ve taken out a few loans to cover all sorts of costs and expansions. Keeping up with multiple loans, each with their own interest rates and payments, can be a bit like herding cats on a roller coaster. More often than not, it can feel like you’re drowning in complications.

Refinancing all of your SBA loans can be a lifesaver because it means you’ll only have to make one payment each month. Your business would still carry the same amount of debt, but instead of juggling multiple lenders, there would be just one to deal with. Call it a “*streamlined payment solution*”.

Take a good, hard look at your current loan

Remember, knowledge is power. So, before you opt for refinancing, it’s wise to gather some crucial info about your existing loan:

– The current outstanding balance on your loan
– Your monthly principal and interest payments
– The ongoing interest rate
– Any early repayment terms of the loan
– How long you have left on the loan

Once you have all the facts and figures, it’s time to give your business performance a thorough review.

Ask yourself – is your business pulling in enough cash to justify the refinancing process? Can you afford early repayment fees and loan origination fees on the new loan?

Now, if you’re nodding your head in agreement, well then, it’s time you and I started exploring the refinancing options available to you. You have numerous routes to consider – for instance, you could use your bank’s small business division, get a refinancing loan through an SBA program, or perhaps engage a dedicated SBA loan modification professional.

The real deal with refinancing

Alright, so we’ve gone over how this whole refinacing business works. But before you sign that dotted line, here are a couple of important points to chew over.

Make sure not to bite off more than you can chew, financially speaking. Only borrow what you need. Sounds simple, right? But you’ll be amazed at how easy it can be to lose sight of this. Remember, you want to reduce your debt, not increase it.

But the buck doesn’t stop there. Refinacing can bring other benefits to the table:

– An improved business credit score
– Access to more money for reinvestment into your business

If you’re in a pickle with your SBA loan

In case you’ve defaulted on your SBA loan, well, you’re in a pickle. Not many traditional lenders are willing to refinance a loan where the borrower has defaulted. However, you’re not out of options just yet.

At Lawscape, we’ve helped clients resolve millions of dollars in SBA and Treasury debts, without them resorting to bankruptcy or suffering a home foreclosure. We’re authorized to represent federal debtors nationwide before the SBA and the Bureau of Fiscal Service. And let’s just say we’re pretty good at cracking such cases.

So, chin up. Refinacing an SBA loan may be fraught with complexities, but we’re here to unravel them for you. Remember, it’s all part of managing your venture’s finances and paving a smoother road to success.

Lawscape Can Help You Manage Your Business Debt

If you’re struggling with business debt, we can help you understand your situation. During the initial consultation, we’ll go over the contract, and other legal documents you signed. After that, our firm will work with you to get a better understanding of your situation, and help you come up with a game plan that keeps your business alive. 

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Everyone has different types of business debt. What matters is that you take it seriously. Regardless of whether it’s secured, or unsecured, you need to work with a firm that understands how to negotiate, reduce, settle, and manage, this business debt. 

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