You did the work to take your business to the next level and applied for a business loan. Then you got approved. So, now what? Once you get a business loan and funds are disbursed, you should have a plan to manage loan payments.
Staying on top of managing loans is key because you don’t want to end up with a delinquent loan. As of Q3 2022, 1.11 percent of all business loans were delinquent, according to the St. Louis Fed. To avoid delinquency, you’ll need to know how to pay the loan and what to do if you have trouble with payments.
6 tips for managing a business loan
Getting a business loan is exciting, but managing loans can feel intimidating. However, managing a loan well doesn’t have to be scary. Use these tips to make a plan for taking care of your business loan.
1. Prioritize payments in your budget
When you sign a loan agreement, take note of the monthly payment amount. Make a plan for…