Entrepreneurs can adopt several strategies to minimize interest charges:
1. Improve Credit Score: Maintaining a high credit score can help secure lower interest rates. 2. Negotiate Terms: Entrepreneurs should negotiate loan terms to achieve the most favorable rates. 3. Shorten Loan Duration: Opting for shorter loan durations can reduce the overall interest paid. 4. Pay Off Loans Early: Paying off loans ahead of schedule can decrease the total interest charges, though some loans may have prepayment penalties.