Two SBA Loans, Four High-Rate Cards — Consolidated Into One $350,000 SBA Loan

Q: Can I refinance existing SBA loans with a new SBA loan?

A: Through one of our partner SBA preferred lending banks, Radix Financial Group was able to consolidate a design studio’s two SBA loans and four high-rate credit cards into one $350,000 SBA loan at 10% on a 10-year term.

Here’s how it worked…

A design studio was juggling six separate payments every month: two SBA loans and four credit cards carrying rates from 22% to over 24%. Between the loans and the cards, the business was paying about $6,000 a month — and most of it was going to interest, not principal.

The hardest part: most lenders can’t refinance an SBA loan with another SBA loan. So a business already carrying SBA debt usually hears that the SBA door is closed.

Through one of our partner SBA preferred lending banks, Radix Financial Group was able to consolidate everything into a single $350,000 SBA loan at 10% on a 10-year term, including working capital. Six separate payments totaling about $6,000 a month became one payment of about $4,626.

If your business is stacked with expensive debt — including SBA loans — don’t assume nobody can refinance it. Talk to us at radixfinancialgroup.com.