December 2016 is a better time to secure a business loan. Read below to learn of the top 3 reasons why you should consider it.
And if you need a little more encouragement, here’s a video where Jorge Esquivel, business owner of Duranguito Produce, a fruit wholesaler, explains why he decided to take a Camino Financial loan.
Why is December 2016 a great time to get a business loan?
1. Save on taxes
Most lenders charge a transaction fee between 3% and 5% when a business gets a loan. Save 35% (or your effective tax rate) by writing this expense off on your tax return.
2. Convert your variable rate to a fixed interest rate
Government guaranteed loans backed by the Small Business Administration have variable rates. So if interest rates go up, so do your clients’ monthly payments. They can lock in a fixed rate loan today to avoid incremental financing costs in the future.
3. Play offense in 2017
While your client’s competitors are still finalizing their capital budget in February 2017, your clients can access capital now to start taking market share the beginning of the year.