When you are evaluating different financing options for your business, one key aspect to consider is the interest rate. Make sure you consider all available sources of financing and then compare interest rates, grace periods, repayment schedules, and monthly payments. This can help you head-off cash flow issues in the future.
Managing your business debt and loan repayments can seem daunting, especially when you are repaying various sources of financing. Entrepreneurs should maintain an open and honest relationship with their lenders, even during financially challenging times. It is also good practice for business owners to be stay involved in managing their finances, and not rely solely on their accountants for updates on their financial situation.