Ken Alogy, Managing Director of Greenwood Capital Advisors, Washington, DC, said:
3. Consider refinancing and integration
Make your debt cheaper by refinancing. Depending on your loan and business history, you may have access to better rates, lower monthly payments or more favorable repayment terms. The same is true for business credit card debt incurred, Woods said.
“Look for an opportunity to transfer that debt to another card or lender to avoid accruing interest,” Woods says. “This is something everyone needs to find out, especially if they are in time for payment.”
Would you like to juggle multiple loans? Integrate them into a single small business loan. If possible, make monthly payments at low interest rates. Additional Bonus: One lender has one payment.
4. Leverage free business resources
Running a business can consume everything. It is also possible to manage business debt. Do you do both at the same time? Something could give.
“Many (small businesses) are in survival mode and need to forget that they are in control of their business, interact with their clients and look for growth opportunities,” says Alozie.
4 Tips for Small Business Owners to Repay Pandemic Debt | Lifestyle
Source link 4 Tips for Small Business Owners to Repay Pandemic Debt | Lifestyle