Leverage Every Opportunity for Your Business
Bringing your business visions to life is no small feat–and for small business owners, especially those in the daycare and preschool niche, continuing to grow your brand (and your reach) can be directly tied to your financial health. If you’ve taken out an SBA 7a loan to kickstart your dreams, you are not necessarily locked into rates that are no longer serving you–in fact, it is possible to seek quality, high-value refinancing for SBA 7a loans. Let’s go over what you need to know about how to qualify for refinancing, how to identify the right time to refinance, as well as the reasons why refinancing your SBA 7a loan can be a game-changer for your business.
At Cornerstone Capital, we understand that the financial market is volatile–and that your dreams require daily persistence and commitment. Trust us to alleviate the burden of exorbitant rates or hidden pricing through other predatory lenders, to refinance your SBA 7a loan with efficiency and clarity, and to keep your goals on track for success! Allow our experienced financial advisors to guide you in the right direction at 954-434-1296.
Signs to Refinance Business Debt
Of course, identifying that you want to refinance is only the first step towards reclaiming more control over your financial well being. You’ll additionally want to time your refinancing journey well in order to see optimal results.Here are some common indicators that it could be a good time for refinancing SBA 7a loans for your business.
Increased Credit Score
While this is not always feasible, boasting a higher credit score will, generally speaking, open up more opportunities for the growing business owner. If you’ve seen a jump in your credit score lately, it marks a good time to take a step back, examine your financial plan, and uncover new ways to save–keeping the positive momentum going. If you have any questions about whether or not your score qualifies you for refinancing, reach out to us today and a qualified financial advisor will connect with you!
New Debt Terms Will Cut Costs
Of course, if you are looking to cut costs, one of the best places you can look is the terms of your loan. See if there are any other rates or opportunities that are available to you by speaking with a financial expert, like at Cornerstone, where we offer competitive rates and transparent terms. Our goal is to sign on long-term clients–so your business’ longevity is a priority to us. (For more on our core values, learn about our guiding tenants here!)
Your Current Lender Is Not Offering Optimal Rates
Too often, lenders prey on their borrowers, looking to squeeze them for every dollar possible. This is typically reflected through higher interest rates or hidden fees that don’t put the small business owner first. At Cornerstone Capital Advisors, we understand that the language of finance is not intuitive to everyone–particularly if you’re already occupied with making tough decisions for your growing company. Especially if you feel your lender may be trying to take advantage of you, please reach out to us today to learn how we can serve you–and experience the Cornerstone Capital difference!
SBA 7a Refinance Rules
Now that you know whether or not you are in a good position to refinance, you’ll want to uncover whether or not you in fact qualify for refinancing SBA 7a loans for your business. Let’s go over some of the bare minimum requirements so you can proceed armed with the information necessary to take your next steps.
At Cornerstone Capital, we understand these processes can feel daunting. Allow us to take the stress out of these important fiscal decisions as we serve you with transparency and integrity–putting your goals first. Improve your position with us and level up your business’ financial planning.
Acceptable Credit Score
In order to qualify for refinancing, it’s crucial to have a credit score within tolerable limits; typically, the cutoff for this is a score around 690. Considering the minimum score required for taking out a SBA 7a business loan is around 650, this means you must prove that you are a borrower capable of repaying debts within reasonable limits. Depending on the circumstances, these scores may be flexible–so reach out to us today to develop your custom financial wellness plan.
“Clean” Financial and Criminal History
As you might have guessed, it’s better not to have a criminal history–but if you do have one, it’s imperative that you can adequately explain any misdemeanors on your record. Additionally, business owners must not have any outstanding federal debt, and no bankruptcies within the last three years. This helps to build trust with your lender and establish you as a reliable borrower.
Minimum Down Payment
Of course, the more free capital you have to provide for a down payment, the more optimal your rates are going to be–but typically, lenders ask for around 10% down when it comes to SBA 7a loan refinancing. If you have any questions about what is expected of you as a borrower looking to refinance your loan, give us a call at 954-434-1296.
Can You Refinance An SBA 7a Loan With Another SBA Loan?
The short answer to the question of whether or not you can refinance debt with a SBA 7a loan is yes, you can. This is accomplished through the process of refinancing, or in other words, redefining the terms through which your current loan is set.
Benefits of Refinancing SBA 7a Loans for Your Business
In the dynamic landscape of business finance, seizing opportunities to optimize your loan structure can make all the difference. As a growing entrepreneur, you understand the importance of maximizing resources and minimizing costs. That’s where refinancing your SBA 7a loan comes in as a strategic move to propel your business forward, and where Cornerstone Capital really shines.
Lower Interest Rates
Picture this: paying less interest while maintaining the same loan principal. Sounds like a dream? It’s a reality with SBA 7a loan refinancing. By renegotiating your loan terms, you can secure a lower interest rate, potentially saving you thousands of dollars over the loan’s lifetime. This reduction in interest expenses translates directly into increased profitability for your business. Imagine the possibilities: reinvesting those savings into growth initiatives, expanding your product line, or bolstering your marketing efforts to reach new heights.
Our refinancing solutions are tailored to fit your unique financial needs, ensuring that you not only benefit from lower interest rates but also enjoy a seamless transition that minimizes disruptions to your operations. With transparency and experience, we guide you through every step of the refinancing process, empowering you to make informed decisions that optimize your financial health. Think of us as a trusted advisor in your corner.
Reduce Monthly Payments
Are cumbersome monthly payments causing unnecessary strain on your cash flow? Refinancing your SBA 7a loan offers a solution. By extending the loan term or negotiating more favorable repayment terms, you can significantly reduce your monthly payments, providing much-needed breathing room for your company.
Imagine the relief of knowing that your monthly loan obligations are manageable, allowing you to allocate resources more efficiently and focus on driving business growth. Whether you’re looking to free up funds for expansion, invest in new equipment, or weather unexpected challenges, Cornerstone Capital’s refinancing options empower you to take control of your financial future and to continue to fund your dreams.
At Cornerstone, we understand that every dollar counts in the competitive landscape of business ownership. That’s why we work with you to craft customized refinancing solutions that align with your goals and aspirations, ensuring that you achieve sustainable success.
Boost Credit Score
Your business’s credit score is more than just a number—it’s a reflection of your financial health and credibility in the eyes of lenders. If your current loan terms are weighing down your credit score, refinancing presents an opportunity for redemption. By restructuring your debt with more favorable terms, you can improve your credit utilization ratio and demonstrate responsible financial management.
A higher credit score opens doors to a myriad of opportunities, from accessing larger lines of credit to securing better terms on future loans. It’s a powerful asset that instills confidence in stakeholders and enhances your ability to achieve your business objectives.
Take Control of Your Business’ Finances with Cornerstone Capital Advisors
With Cornerstone Capital, you’re not just refinancing your loan—you’re embarking on a journey towards financial empowerment and success. Our team of dedicated professionals is committed to helping you navigate the intricacies of the refinancing process with confidence and ease. From assessing your eligibility to securing the best possible terms, we’re with you every step of the way, providing expert guidance and transparent support!
Elevate your business with us today and take control of your financial health! Cornerstone’s financial advisors are rooting for you and your business’ success. Get your questions answered about refinancing SBA 7a loans at 954-434-1296!