Refinance Business Loans & Debt

There are a number of ways you can refinance business loans and other existing business debt. Lets look at the different refinance options you have and how to lower payments or borrow additional funding.

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Refinancing a Business Loan

There are a number of things to consider when looking at refinancing an existing business loan. You could borrow the same amount over a longer term or increase the amount to release extra funding.

Its also worth considering if other types of business borrowing are better suited to your businesses requirements. Such as Invoice Finance and or secured lending options.

We work with a number of lenders that will repay one or more existing finance agreements as part of the completion process.

Here are some potential benefits and downsides to consider when refinancing existing business finance.

Potential Benefits

• Reduce monthly payments repayments by spreading over a longer term
• Take on additional borrowing to grow & expand the business
• Repay and consolidate more expensive short term debt
• Potentially lower the interest rate you are paying

Potential Downsides

• You may pay more interest overall if extending the term
• Interest rates could be higher than what you are paying
• The lender may require a personal guarantee from one of more of the directors

Can You Refinance a CBILS or RLS Loan?

Yes, it is possible to refinance business loans taken out under the government backed CBILS and RLS loan schemes. This could mean switching to a new provider, potentially spreading the cost over a longer term.

However its important to understand what benefits you may be losing when doing so.

Most loans under the Coronavirus Business Interruption Loan Scheme (CBILS) did not come with any personal/director guarantees.

The Recovery Loan Scheme also had no personal or director guarantees until 30 June 2022.

If you do choose to refinance a CBILs or RLS loan, you will likely need to give a personal or director guarantee.

Apply Now To Refinance a Business Loan

As an independent business loan broker, Bolton Business Finance Ltd can have a look at your full range of business loan options from a wide range of lenders.

Call us on 0161 5469128 or via our website:

Apply For A Business Loan

Bolton Business Finance Ltd is an FCA Registered Appointed Representative (reference number: 924801) of AFS Compliance Ltd, which is Authorised and Regulated by the Financial Conduct Authority under number 625035.

Bolton Business Finance Ltd is an Independent Commercial Finance Brokerage not a lender. We are not Independent Financial Advisors and so are unable to provide you with independent financial advice.

Bolton Business Finance Ltd may receive payment(s) or other benefit from the finance provider if you decide to enter into an agreement with them.

Company No:?12495909

ICO: ZA712923