Below we look at what credit improvement milestones you need to make in order to potentially qualify for both an SBA loan and an alternative consolidation term loan.These are likely your two best options when looking to consolidate your debt.In that case you would want to wait for three months of positive revenue trends before applying for a consolidation loan in order to increase your chances of approval.”In other words, unless you’re consolidating loans you took out for expediency’s sake, you should consolidate your business debt when you’re a better applicant for a loan than you used to be. Here are 5 signs it’s a good time to consolidate your business debt: If your personal credit score has significantly improved since you last borrowed money, then now might be a good time to consolidate your business debt.
Timeline #1 applies if you had good credit and took out a short term loan because you needed the quick-turnaround time of a short term loan provider.
A small business debt consolidation loan can lower your interest rates and reduce the size of your monthly payments.
They may even enable you to borrow additional working capital.
SBA loans help you lower your debt payments by offering lower interest rates and longer repayment terms than other term loans.
Smart Biz offers these SBA loans up to 0K and repayment terms up to 10 years.