Keep the Cheap Loan, Fix the Expensive One: $230,000 for a Software Company

Q: Can I refinance an expensive credit card with an SBA loan?

A: Through one of our partner SBA preferred lending banks, Radix Financial Group was able to secure a $230,000 loan for a software company that refinanced its 18% credit card — while the company’s cheap 3.75% EIDL loan stayed exactly where it was. The rest of the loan was working capital.

Here’s how it worked…

A software development company was carrying two very different debts: a low-rate EIDL loan it was happy with — and an $80,000 credit card balance at 18%, costing $2,500 a month.

The EIDL loan didn’t need fixing. The card did — and the business also needed fresh capital to grow.

Through one of our partner SBA preferred lending banks, Radix Financial Group was able to secure a $230,000 loan that refinanced the credit card and added working capital on top. The EIDL loan stayed exactly where it was.

Not every debt needs refinancing. Sometimes the right move is to fix the expensive one, leave the cheap one alone, and add capital where it counts. Talk to us at radixfinancialgroup.com.