An Auto Repair Business Refinances $245,989 in Debt — Plus Working Capital — with One SBA Loan

Q: Can one SBA loan refinance my business debt and give me working capital too?

Yes. Through one of our partner SBA preferred lending banks, Radix Financial Group was able to set up a $350,000 SBA loan for an auto repair business in California — about $245,989 of it paid off eight existing debts, and the remaining ~$104,011 stayed in the business as working capital.

Here’s how it worked…

An auto repair business in California was juggling eight separate debts at once:

• A merchant cash advance — $98,901.33
• An existing SBA loan — $32,967.17
• Three lines of credit — $43,108.64, $11,625.06, and $20,470.02
• Three credit cards — $8,885.32, $7,186.18, and $22,845.43

That’s $245,989.15 in debt scattered across eight accounts. Through one of our partner SBA preferred lending banks, Radix Financial Group was able to wrap all eight debts into one $350,000 SBA loan — at 10% on a 10-year term — clearing them all and leaving roughly $104,010.85 in the business as working capital. And the whole loan was funded in under 45 days.