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Loan Applications and Refinanceloan management

Good loans backed by good loan management can help the financial blood feed your business and produce higher profits. A problem arises where borrowers work very hard to obtain a loan then neglect its management to ensure its timely servicing and repayment. The business operator who takes out a loan should have a loan management plan for the entire time that loan exists and to provide for its repayment. Loans divert a portion of business revenue to the lender and that can pose a serious problem to profitability if for some reason revenue falls. A farm drought or economic downturn is an example. A proper loan management plan will have catered to those possibilities because there is every chance that they will arise once or more during the lifetime of any long term loan. The loan management plan should be written before the loan contract is signed, rather than afterwards. That allows the contract to be tailored to the business instead of to the bank.


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