From SCORE Richmond by Doug Carleton:
Pedal to the metal. As of right now (March 2019) the Fed is projecting no more rate hikes this year. Because of that rates on bank loans are not likely to be going up as opposed to what everyone thought six months ago. So if there is any thought of possibly borrowing for some purpose for your business (New building? New equipment?) the next several months might be the time to consider it. And what this reprieve gives you is time to get your financial statements up to date and accurate, particularly your balance sheet if they already aren’t. If you approach a bank for a loan your financial statements are the two of the most important things they are going to ask for, the other being your last two or three year’s business tax returns. If you haven’t filed last year’s taxes, don’t bother to go. The bank isn’t going to move forward until you get them. And also, if you approach a bank for a loan and your financial statements are not current it tells the banker that you are not managing your business as you should.
Current rates are still historically low. If you have credit card debt that has been used for your business or other short-term debt that may be coming due in the not-too-distant future there may be an opportunity to get an SBA working capital loan to refinance all of them into one loan. And here is one of the greatest advantages of SBA loans – long amortizations. An SBA working capital loan carries a term of seven years, offering the borrower the ability to stretch out payments over a longer period thus helping to enhance cash flow.