Navigating The Treacherous Waters Of Small Business Loans

by admin July 15th, 2020     |     Share   

If you own a small business, you’ve no doubt seen those ads promising quick and easy small business loans, usually for large dollar amounts. Should you really take out such a loan? Before you sign the loan agreement, there are a few key steps to protect yourself and your business.Do your homework. The old adage,’ if it’s too good to be true, it probably is’ should be carefully adhered to. Take the time to read the fine print – ALL of it. It’s in these tiny details where you will find all of the responsibilities, commitments, interest rates and repayment rules. Meticulously review the details for additional fees, service charges and balloon payments that can easily double or triple in short time. Depending on how quickly the loan is repaid, there may also be additional charges for early repayment. Surprise fees can quickly add up and take your business from thriving to life support.