From the course: Financing Your Business
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Repayment and conclusion
From the course: Financing Your Business
Repayment and conclusion
- Finally, as you take on debt, you want to make sure it's sustainable. You want to make sure you pay on time because paying late can burn bridges to lenders. It can also hurt your business or personal credit scores or both, making it more difficult to get future financing. Always set up auto paying alerts, and if not, a simple calendar alert to remind you to pay that financing before the due date. If you can, reach out to the lender and see what you can do to work out more affordable payment terms. They'd rather hear from you early than hear from you after you've missed several payments. Understand the cost of the financing you're getting and shop around periodically. If you're working on your business and personal credit and you see improvement, you may be eligible for better financing. As your business brings in additional revenues, you may be able to get better financing, so look around to see whether it's in your…
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