A loan renewal could be a good compromise—and even a less expensive option for you in the long run. With a loan renewal, you take out a loan with a small business lender, and after you’ve finished paying it off, you take out another one. Upfront, the most obvious benefit of a loan renewal is that it helps you acquire all of the funding you previously needed. How To Make Yourself A Candidate For Loan RenewalA loan renewal is no sure thing, but it’s a fairly common practice in the small business lending world. In order to make yourself more likely to get approved for a loan renewal at a better rate, be sure to take the following steps while paying off your original loan:Make your loan payments in a timely manner.

Source: Forbes April 03, 2019 18:22 UTC