If you’re an entrepreneur, you know it’s not easy to take out a small business loan, especially when you’re first starting up. Many small business owners start with personal loans to get the capital they need to purchase inventory, invest in equipment, and maybe secure a location for their businesses.
But once your business is established, you don’t want to your personal finances tied up with your business’s. Plus, you’re missing out on building business credit. That’s why looking into refinancing your personal loan with a business loan can be a smart idea.
Is it possible?
The short answer? Yes! Small business owners can and do refinance those startup personal loans with small business loans.
The long answer? Yes! But it depends on the circumstances. Let’s take a close look into the two main factors: your lender and your presentation.
Read full article here: https://www.allbusiness.com/can-you-refinance-a-personal-loan-with-a-business-loan-102298-1.html