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Consolidate High-Interest Debt

Debt refinancing can save you thousands

Refinance high-cost debt and improve your cash flow with an SBA loan. Designed to lower monthly payments and reduce the burden of high-interest debt, this option can help business owners take control of their finances and reinvest in growth.

Don’t let high-interest debt crush your cash flow.

See if you pre-qualify
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Only takes 5 minutes and doesn't impact your credit score1

Why refinance with an SBA Loan?

Large or frequent payments can make it difficult to run day-to-day operations, let alone plan for growth. Additional funds from a low-cost SBA loan may be used for working capital to help your business expand. SBA debt consolidation loans can be used to refinance: 
  • Merchant cash advances
  • Short-term business loans
  • High-interest business loans
  • Business credit cards
  • Daily or weekly payment loans
High-interest debt can quickly strain your business's cash flow, but consolidating that debt with an SBA loan offers multiple advantages:2
Lower monthly payments

SBA loans often have lower interest rates than most traditional business loans, so refinancing high-cost debt with an SBA loan can significantly reduce your monthly payments.

Longer repayment terms

With repayment terms of up to 10 years, SBA loans allow for lower, predictable monthly payments, giving you more room to manage day-to-day expenses.

Improved cash flow

You can free up thousands each month by consolidating and refinancing high-interest loans. This can allow you to reinvest in your business operations, marketing, or inventory.

Expand your business

By consolidating debt with a low-cost SBA loan, you gain more working capital to fuel growth initiatives, hire additional staff, or invest in new opportunities.

Apply Now
Debt Refinance computer SBA

How it works: Consolidating high-interest debt with an SBA Loan

Applying with SmartBiz is simple and efficient. Here’s what to expect:

Refi - step 1

Step 1: Pre-qualify without impacting your credit
Pre-qualify in as little as 5 minutes without impacting your credit score.1 Simply provide basic information in our digital application, and we’ll automatically tell you if you pre-qualify for an SBA loan from $50,000 to $500,000.3

Refi - step 2

Step 2: Provide financial information
Submit financial details about your business and its owners. SmartBiz will work with you to determine if you can make the low monthly payments for the 10-year term SBA loan.

Refi - step 3

Step 3: Upload the required documents
Complete your application by uploading the requested documents. Your dedicated Relationship Manager will guide you through each step, ensuring a smooth application process.

Refi - step 4

Step 4: Access your capital and put it to work
Once your application is approved, you can activate your funds to cover operational costs or take advantage of growth opportunities.

What our customers have saved

Hundreds of eligible business owners have saved thousands by refinancing their debt with an SBA loan. With lower monthly payments and extended terms, your business can thrive without the weight of high-interest debt. Here are a few of their stories:

A manufacturing business saved $276,000 annually

A chemical manufacturing business with over 50 years in operation needed additional capital to support its recent growth. To finance this, the company had taken out a high-interest term loan and an expensive line of credit, resulting in combined payments of nearly $30,000 per month. SmartBiz helped by refinancing both loans into a $400,000 SBA loan, plus an additional $100,000 in working capital, reducing their total monthly payment to $6,958. This refinancing cut their monthly costs by $23,000, saving $276,000 annually.

manufacturing business

A medical office consolidated and saved over $5,000 a month

A chiropractic office, founded three years ago by an experienced chiropractor, needed relief from the high-cost debt used to cover startup expenses. The business was managing nearly $50,000 in credit card debt and two high-interest lines of credit, resulting in burdensome monthly payments. SmartBiz refinanced these obligations into a single SBA loan with an additional $50,000 for working capital, reducing the total monthly payment to $2,365. This refinancing saved the business over $5,000 per month, totaling $60,000 annually.

medical office

A roofing contractor saved nearly $12,000 a month

A roofing contractor with over 13 years in business experienced rapid revenue growth due to a booming housing market and high demand for roof repairs in Colorado. To support this expansion, the business took out a large merchant cash advance, resulting in a $17,000 monthly payment. SmartBiz refinanced this debt with an SBA loan, lowering the monthly payment to $5,218. This refinancing saved the business nearly $12,000 per month, or $144,000 annually.

roofing contractor

Law office saved over $13,000 a month

A law practice specializing in estate planning, probate, and family law has operated for over 20 years. After making a strategic investment in 2022, the business experienced a temporary decline in cash flow but rebounded with increased revenue in 2023. However, they were still burdened by a $132,000 merchant cash advance with a monthly payment of $15,556. SmartBiz refinanced the MCA and provided additional working capital, reducing the monthly payment to $2,435. This refinancing saved the business over $13,000 per month.

Law office

Pizzeria reduced monthly payments by over 50%

A quick-service pizzeria has successfully operated for over 15 years, experiencing steady revenue growth in the past three years due to a post-COVID resurgence and expansion in the surrounding area. To support this growth, the owner took out three high-interest lines of credit, totaling $150,000 with combined monthly payments of $8,500. SmartBiz refinanced these debts and provided an additional $150,000 for operating expenses, lowering the monthly payment to $4,175. This refinancing allowed the business to reduce its monthly payments by over half while effectively doubling the size of the loan.

pizzeria

Read more about debt consolidation and management

Struggling with managing multiple debts or curious about effective strategies to streamline your company’s financial obligations? Our expert-written blogs dive into topics like debt consolidation, refinancing tips, and long-term money management plans to help you regain control of your finances. Keep reading to discover practical advice and actionable steps to simplify your financial journey.

8 Small Business Debt Consolidation Strategies

Read now

Business Debt Management: Everything You Need to Know

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How to Refinance a Business Loan in 7 Steps

Read now

Ready to take the next step?

Consolidating debt under one manageable SBA loan may simplify financial planning and reduce the risk of cash flow disruptions.

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  1. We conduct a soft credit pull that will not affect your credit score. However, in processing your loan application, SmartBiz Bank and the lenders with whom we work will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may impact your credit score.
  2. For discussion and general informational purposes only. All financing is subject to credit approval and determination of SBA eligibility by lenders in the SmartBiz network. Additional collateral may be required. SBA loans have a variable rate of Prime Rate plus 2.75% to 6.5%
  3. Loan amount is subject to credit approval by the lender. Your loan amount will be determined based on many factors, including your credit and financial profile. Not all applicants will qualify for the full amount.