Could you benefit from debt consolidation? If you own a small business or company, there are many advantages to consolidating your debts, including the following:

Cash Flow

It is important to have the adequate cash flow to handle not only daily operations, but also in the event of an unexpected emergency or expense. It is estimated that over half of new businesses fail within five years due to poor cash flow- do not let this happen to you. By consolidating debts, you are making one, typically less payment monthly, reserving your cash on hand for other things.   

Simplicity

It truly is a lot simpler to make just one payment, instead of multiple to various creditors. This keeps bookkeeping and accounting easier, too. Whether your debts are from suppliers, credit cards, or loan payments, paying one monthly payment can help to keep you on top of your debts, and makes it easier to prevent late or missed payment fees and charges.   

Labor

One payment means that less time and labor are being spent on paying bills and making payments each month. Consolidating is a great way to streamline administrative efforts so you can put your time and energy into other business-related tasks.   

Credit

Consolidating is a great way to reduce monthly payments, while still meeting the commitment of repaying these debts. This means that there is less of a chance that you miss or get behind on payments, so consolidation may be an effective way to build, repair, or maintain good credit. A lot of businesses consolidate their debts for a variety of reasons- could debt consolidation help your company, too?

Consider how debt consolidation may help your company’s bottom-line. Contact First Class Lending to learn more.

Talk to the team at First Class Lending about alternative sources of financing for your business. When traditional lenders are not ideal, know that you have other options available to you. Contact us today to learn more.