Why get a concurrent business loan?
A concurrent loan is when your business continues to get more money while you pay down the original business loan.
Get new funding soon after you start paying down your new loan. Your business is likely to qualify for new funding several times during the same loan through concurrent funding.
Apply below and say you want concurrent funding options. Read more if a larger business loan is needed.
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FAQ Frequently asked questions on a concurrent loan for businesses
What is a concurrent loan?
A concurrent loan is when the same lender makes another separate loan to a business before their existing loan is paid off. A concurrent loan can be as soon as 1 month after funding. A majority of lenders do not issue more funding shortly after an initial business loan is made.
Why get a concurrent loan instead of redoing the same loan for more money?
Lenders do not want to refinance the existing loan after only a month or two. The numbers in the contract would be wrong. As a result, it is easier to do another stand alone business loans separately. This is especially true if the lenders want to extend more funds often, such as monthly.
Won’t my existing lender give me less money because I already owe them?
The lender will give your business less if you still owe on the first loan. If you have a good payment history, they usually give you more than other lenders because you have a proven record with them. If you need more than they will give, then you can consider other lenders.
How can I get a concurrent loan?
Find out the balance on your current loan and requirements for getting more money. Some contracts allow you to get more business funding after paying on your loan for just 1 month. Many other contracts require your business to have paid the loan down 40% to 50% or more.
Conclusion
By knowing what your contract says, you know whether you may be eligible for concurrent funding.
Contact the lender if you are not sure and ask them how they handle a request for more money while your current loan still has a balance. First check that your payments have been on time. You may find this the easiest business loan you have ever asked for!