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4 Tips For Small-Business Owners Paying Down Pandemic Debt

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FILE - In this May 12, 2020 file photo, a pedestrian passes a closed barbershop during the coronavirus pandemic, in the North End neighborhood of Boston. Many small-business owners took on debt to weather the coronavirus pandemic, which forced lockdowns and decimated revenues for large sectors of the economy. Now, those business owners are faced with repaying this debt and rebuilding their companies. (AP Photo/Steven Senne, File)

Many small-business owners took on debt to weather the coronavirus pandemic, which forced lockdowns and decimated revenues for large sectors of the economy. Now, those business owners are faced with repaying this debt and rebuilding their companies. Taking a strategic approach can help you eliminate your business debt faster, while saving money on costly interest in the process. Create a detailed debt payment timeline and focus on paying off your highest interest rate debt first. Consolidating or refinancing your debt can help you access a better rate, a lower monthly payment or more favorable repayment terms.

 

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