Business loan terms are often negotiable, giving borrowers a chance to secure more favorable rates and better terms.
- Negotiating your business loan terms can help your business get to the next growth stage more easily.
- Your interest rate, prepayment terms and personal guarantee provisions are three important areas that you can negotiate.
- Before heading to the negotiation table, you should know the key terminology to make the best case for your business.
- This article is for small business owners considering borrowing money for additional funding.
You can’t start or grow your business without funding. Unfortunately, applying for and getting a business loan isn’t usually a fast or stress-free experience. On top of that, some small business owners believe that they have to take the loans at face value and can’t negotiate the terms. Thankfully, that is far from the case. So, what parts of a business loan are negotiable, and what should you know before heading to the negotiation table?
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