Making your business’ debts more manageable through refinancingPublished on 16th July 2018 2018-07-16T16:20:55+00:00 - Last update on 1st July 2020 2020-07-01T21:49:34+00:00
As your business continues to operate each day, taking on debt is inevitable. Although you’ll naturally want to keep a tight lid on your business’ debts, you don’t want to restrain your growth either. But rather than let your business struggle as its purse strings pull tighter and tighter, there is another way. By refinancing your business’ debts into a single agreement you could ease the pressure on your finances and find the ability to move forward in confidence. So if your business is buckling under the strain of its financial obligations, here’s what you need to know about Refinancing.
Why should I refinance my business’ debts?
Over time, your business may have run up a number of debts by using various finance agreements. This may have been to help support investment, maintain day-to-day operations or borrow essential equipment. Yet although debt can be a sign of a healthy business, taking on too much can prove problematic. By refinancing, you can take all of your business’ debts and condense them into a single finance solution. The benefit of this is that you’ll only have one repayment scheme to keep track of, which could see you paying out less each month compared with what you are doing currently.
How can refinancing my business’ debts save me money?
Having too many financial arrangements in place at any one time is not only expensive, it’s also a big risk. As well as having to contend with the interest each agreement generates, keeping track of each month’s repayments could leave you feeling stretched thin. Plus, if you accidentally miss a payment, it could lead to you being charged a missed payment penalty or even having an essential piece of equipment being removed from your business. However, refinancing helps you to avoid this by taking all your existing finance arrangements and bringing them together under a single finance solution. This means you only need to concern yourself with just one fixed monthly repayment scheme and only one set of interest, which could lead to your business paying out less capital each month and, therefore, easing the burden upon your finances, enabling you to invest and support key areas of your business in confidence.
Having trouble managing your business’ finances?
Losing sleep over your business’ finances? You’re not alone. During the early stages of your business’ development, acquiring the capital you need to drive it forward and achieve your goals can be arduous. So to overcome this issue, you may have taken out multiple finance agreements. Although finance is fundamental for stimulating and supporting growth, managing too many agreements can prove problematic. This is why more and more business owners are choosing to take back control of their finances through Refinancing. All you need to do now is source an agreement from a lender you can trust.
At Rangewell, we’re an Access to Finance specialist working with over 300 lenders to offer you an overview of more than 23,000 business finance products. Our services are free to use and we’ll also guide through the application process. So if you need help managing your finances, apply for a Refinance agreement today or find out more with Rangewell.
Share this article
Discover your range of finance. Every type of finance for every type of business.
Our goal is very simple - to help businesses find the right type of finance as quickly, transparently and painlessly as possible.Find Funding