Business Debt Consolidation Loans
Simplify your business debts with a consolidation loan
/ FCA Registered
Reference: 729876
Who are Mill Wood Finance?
Since 1999 we have been helping businesses to access bespoke borrowing solutions.
Our Ethos
At Mill Wood Finance, we provide our customers with the professionalism, courtesy and service that is expected in all parts of our everyday lives.
Our Services
We work for our clients and not the banks that we have relationships with. We take the time to understand our customer's financial requirements and situation, before helping to advise and broker financial products best suited to them.
Helping businesses to take control of their finances through a debt consolidation loan
Our Approach to Business Debt Consolidation
With over 25 years of commercial finance expertise, we understand the motivations behind applying for a business debt consolidation loan.
Whether you are looking for a more competitive interest rate, spread your repayments over a longer period or just to simplify your debt into one consolidated loan, we can help.
Our commitment to supporting your business doesn’t end once we have helped you to secure the new finance agreement. We provide an ongoing aftercare service to ensure you are not on your own when it comes to your business finances.
What is Business Debt Consolidation?
Business debt consolidation is a financial solution that is used by businesses to combine existing loans from different providers into one, single loan.
This new loan could be from one of your existing providers, or from a brand-new lender. In effect, the provider of the new debt consolidation loan will pay off the previous debts, and issue a new existing loan for you to repay.
Is it right for your business?
Applying for business debt consolidation might be suitable for some businesses but not others. By speaking to a specialist commercial finance broker such as Mill Wood Finance, you will get a clearer picture of the opportunities available to you.
The benefits of business debt consolidation relate to the easing of the burden of multiple different loans and debts being serviced. This can help to reduce the admin required. Depending on your objectives for applying for the consolidation loan, you could request a longer repayment schedule and in turn lower the amount you pay every month, or seek a more competitive interest rate.
Before applying for a business consolidation loan, it is important to review whether:
- You would be charged any penalties or fees for paying off the existing debts early
- Are there any fees from the provider of the new loan
Overall, if you are able to replace several high-interest loans with a single, lower interest loan, then it could represent a good financial move for your business.
Considering the liability of the business debt
If you are considering consolidating your business debt, make sure you understand the implications regarding the debt liability. Who is liable for the current debts, and who would be liable for any new loans?
Debt Consolidation for business owners: Your responsibilities
Limited companies are separate entities from their directors. However, you may have signed a personal guarantee for a previous loan. You, as the director, also have a fiduciary duty to act in the best interests of the company at all times.
Still unsure?
Our UK based team of commercial finance experts are here to help. We can provide access to a wide variety of commercial finance solutions, even if it turns out business debt consolidation isn’t quite right for you.
Let's work together to consolidate your business debt
- Free Consultation
- Dedicated Account Manager