There are several strategies entrepreneurs can employ to achieve interest savings:
Refinancing Loans: Refinancing existing loans at lower interest rates can reduce the total interest paid over the loan's lifespan. Improving Credit Scores: A higher credit score can qualify an entrepreneur for lower interest rates on loans and credit lines. Negotiating Terms: Entrepreneurs should negotiate favorable terms with lenders, including lower interest rates and more flexible repayment schedules. Utilizing Government Programs: Various government programs offer loans at reduced interest rates to support small businesses.