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6 Tips to Help You Identify a Business Debt Consolidation Company

Most businesses in the U.S are struggling with multiple loan commitments. This is a worrying situation considering the fact that most of these are small businesses which are considered the backbone of the economy. According to the National Small Business Association (NSBA), small businesses account for over 99.7% of all U.S business.

Despite the fact that these businesses added over 1.4 million jobs to the economy in 2015, they are still grappling with debt and this could greatly affect the national economy. If your company is struggling to repay multiple debts, you need to act expeditiously to avert failure or bankruptcy.

Averting Business Failure through Loan Consolidation

Debt consolidation is one of the most effective ways of managing your increasing debt.  A report by the U.S. Small Business Administration (SBA) which was published on Forbes lists cash flow problems as one of the main causes of small business failure.

When businesses are repaying multiple loans, cash flow problems are inevitable and they eventually cripple efficient operations. These are just some of the reasons why loan consolidation is crucial for your business. Not only will you enjoy lower loan repayments but you will also have greater peace of mind when you only have a single repayment to deal with.

Finding the Best Loan Consolidation Company

There are many lenders providing loan consolidation services and finding the best can be a daunting task. There are many business owners who have tried loan consolidation only to get shortchanged. As such, consider the following when you start searching for a loan consolidation company:

  1. Check licensing and registration: It is important to find a company that adheres to the new federal rules revised in 2010. These include the FTC Telemarketing Sales Rule and disclosure rules. These rules are important in helping consumers avoid scams which have led to a rise in consumer complaints.
  2. Industry affiliation: It is also important to find a loan consolidation company that is affiliated with industry associations including The National Foundation of Credit Counseling (NFCC) and The Association of Independent Consumer Credit Counseling Agencies (AICCCA).
  3.  Seek referrals: Always ask other business owners about the best loans available. Most small businesses use loans to survive and you can borrow ideas from them to help you identify credible lenders.
  4. Go for experience: Most loan consolidation services target individuals. It is therefore important to find out whether the firm offers loan consolidation for businesses. Check how long the company has been offering such financial products. A more established lender is more likely to provide professional services and have adequate resources to meet your financial needs.
  5. Check for ease of application: The best loan provider should facilitate an easy loan process. Look for online applications which save a lot of time.  Additionally enquire about the waiting period before approval and cash disbursement is done.
  6. Confirm the physical address: Most scammers don’t have a physical address. When dealing with loan consolidation, ensure you visit the company’s offices for more consultations. If the company does not provide such an address, you should keep looking.

These tips will help you find a reliable loan consolidation company to boost your company’s fortunes in the increasingly competitive entrepreneurial environment. 

Views: 63

Tags: Business, Debt, Loan

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