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small Business Financing Tips

Small Business Financing Tips

Blog-Should you focus on interest rates or affordable payments?

Darlene standing up texting a client back about financing a new truck. about financing a new truck.

By Darlene Waldrop

Blog-Should You Focus On Interest Rates Or Affordable Payments

Financing During a Recessionary Economy

Blog-Should You Focus On Interest Rates Or Affordable Payments : When financing in a recessionary economy should a small business focus on the interest rate or an affordable payment when looking for financing?

Interest rates have always been a concern for most business owners and often times the primary focus as to whether moving forward with a loan makes sense.

In the economic times we find ourselves in with inflation on the rise, only focusing on the interest may not lead to a good business decision for the simple fact; if you feel the interest rate is too high you shouldn’t finance the equipment.

Trying to build a business and increase profitability, the monthly payment should play the biggest factor.

As any business owner knows first-hand running and growing a business is not easy.

You must keep moving forward, overcome hurdles and keep the revenue flowing and growing!

This is why the monthly payment is so important.

Focusing on the monthly payment and how much cash the lender requires for a down payment is a very important combination.

Cash is King, especially in a recession! Coming out of pocket with the least amount of money down is always a good thing.

The next time you are in considering financing equipment, here are several questions you should ask yourself:


Cartoon guy thinking about financing

Most Importantly,

Don’t let this recession hamper you from growing your company and having more profitability. Instead of putting your focus on the interest rate, putting your focus on “How much will I profit” is  an important deciding factor.

As a side note, the federal government’s current bill is increasing the tax rate on businesses. If this bill passes it is going to have a huge impact on small businesses.

Thus, having an additional write off against your gross income which allows you to also generate an additional profit is a huge benefit to consider!

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