Lower Interest Rates = Good for Business!
On August 1st , 2019, the U.S. Federal Reserve cut interest rates by 0.25%, making the new rate approximately 2.25%. This is good news for veterinarians and practice owners. Lower rates can translate to thousands in savings over long borrowing periods. With lower rates in approaching here are 3 reasons to consider applying for a loan through our website: https://www.veterinaryloans.com.
Invest in your location: Now might be the best time to expand your practice or overhaul your current space. If business is thriving it is important to reinvest and grow your practice. Speed up the process by taking a commercial real estate loan. Expansion or renovation can provide a high return on investment that may be the next step in taking your practice to a new level. To take full advantage of lower interest rates consider making a bigger down payment.
Debt Consolidation: When managing a small business debt reduction should be a priority. Bad debts cause stress, make monthly payments a struggle, and damage the business’s credit rating. Many owners can free up cash by refinancing or consolidating high interest rate loans. A lower interest rate helps reduce monthly payments and shorten repayment periods. As interest rates drop, practice owners should consider debt refinancing by taking out a lower-interest loan to pay off other costly small business loans.
Start-Ups: One of the most important decisions is whether to lease or purchase new equipment. Leasing equipment keeps cost to a minimum and helps save money for future financial plans. Working capital loans also help practice owners replace old outdated equipment. By saving money on equipment purchases, capital can be reinvested to other areas of the business. This can lead to increased productivity, efficiency, and higher profits.
