Phoenix, AZ -- (SBWIRE) -- 08/19/2013 -- Sometimes, even the best-managed businesses run into debt problems. That’s when they should look into how to get out of business debt. Credit-yogi.com is here to share what it knows about this topic, such as:
- Small Business Association Assistance
- What to Consider
- Planning Strategies
- When to Utilize It
The Small Business Association (SBA) can assist in getting a business debt solutions for those companies in need of it. A business can receive a term or consolidation loan of anywhere from $25,000 to $2,000,000for as long as 10 years if secured by the real property, deposit accounts, or other business assets as collateral. The principal and interest of either loan is amortized each month, and a business owner can ask for either a fixed or adjustable interest rate.
Free Your Business From the Hardships of Debt Without Bankruptcy!
Things to Think About
There are a couple of options for a company owner who is looking into how to get out of business debt. First, he can apply for the consolidation or SBA loans from conventional lenders such as banks or credit unions. The loans will be used to get the company’s debt under control, but the owner must be sure to compare offers from several lenders in order to get the lowest interest rate. Alternatively, he could apply for said loans from private lenders, who may charge higher interest.
Strategizing the Consolidation
There are 6 steps to apply for a business debt solutions loan. One: Collect bill, loan, and credit statements. Two: Classify the type of debt it is, and if it can be put off until a later time, or if it needs to be paid now. Three: Compare interest rates, terms, conditions and fees for the consolidation among different lenders. Four: Acquire applications from SBA-approved lenders, but only if this gives one a lower rate than what he’s paying on all of his debts separately. Five: Get a small business loan from either a conventional or private lender. Six: Look into a professional business-debt consolidation company.
The Time is Right When…
The time to check out How to get out of business debt is when the debt the business owes far outweighs the profit it is making. Be aware that consolidating the company’s debt may only help so much. All the consolidation does is shift the business’s debt around; it doesn't eradicate it. However, it does give a business owner more time to repay what he owes, making it a beneficial action to take.
Credit-yogi.com is a well-established, cost-free consumer resource website whose goal is to give people smart, timely answers to their questions of finance. The website is operational every hour of every day, so there are always knowledgeable staff members available to speak with. To obtain a free, informative initial consultation, dial 866-964-9644.