The refinancing process generally involves the following steps:
Assessment: The business evaluates its current financial situation, debt structure, and credit score to determine if refinancing is a viable option. Research: The business explores different lenders and loan products to find the most favorable terms. Application: A formal application is submitted to the chosen lender, along with necessary financial documents. Approval: The lender reviews the application and decides whether to approve the new loan. Closing: Once approved, the new loan is used to pay off the existing debt, and the business begins making payments under the new terms.