Keith Dahms on the Basics of Business Debt Consolidation

Most business owners use some form of financing to fund operations and help their business grow. As your company gets larger, keeping track of and paying down each of these financing options can get overwhelming. Many businesses find that business debt consolidation is a valuable solution to having too many loans or debts from too many finance providers.

Keith Dahms, Senior Finance Specialist at Capital Access RBL, has put together the basics of Business Debt Consolidation below:

What is Debt Consolidation?

Debt consolidation involves combining several loans or debts into one single debt, typically by taking out a single loan to pay off multiple debtors. Traditional debt consolidation helps by offering one consolidated payment, a faster pay off time, and a lower interest rate when compared to paying off multiple loans separately.

How Do I know if I Need Debt Consolidation?

There are many factors to consider when evaluating your business’s need for debt consolidation. Discussing your situation with a finance specialist is the best way to determine if debt consolidation is right for your business. However, if you find it overwhelming to service your businesses existing debts due to a cash flow hiccup or simply from having too many debtors, then debt consolidation may be a good solution.

Are There Risks Involved in Debt Consolidation?

Simply put, a debt consolidation loan should serve two purposes:

  1. To make your life simpler by consolidating many recurring debt payments into one-single payment.
  2. Reduce the amount of interest paid during the life-span of your loans.

If debt consolidation does not accomplish both of the above goals, it’s probably not a great fit for your current situation.

3 Creative (and Unconventional) Ways to Fund your Start Up

So, you’ve got a great idea for a new product or service and you’re ready to take it to the marketplace. Chances are you’ll need to find outside funding in order to get your new idea off the ground. Certainly you’ve heard the old adage “it takes money to make money” – but never has this been more true than in the small business and start-up space. Unless your new product or service is truly the first of its kind, chances are that you are going to be competing with organizations that are much larger and have many more resources than you.

This is why it’s so crucial to find the right funding source or partner for your start up. Traditionally, entrepreneurs might obtain traditional financing through a bank or may seek institutional or angel investors in order to fund their start up efforts. While each of these avenues may be able to get you the funding you need, recent technologies have opened new avenues of funding for new entrepreneurs who might not have access to traditional forms of funding.

Apply for a Grant

What’s better than getting your new business venture funded? Getting it funded for free! Grants have been around for a long while, and are still a great way to finance your start-up business. Sure, applying for grants will certainly require some research and will likely require you to detail each aspect of your new business – but, forcing yourself to put your business goals down on paper can actually help you identify new ideas or business opportunities that can help you out in the long run.


Crowdfunding sites like Indiegogo and Kickstarter have help thousands of business ideas take flight. The ability to leverage not only your own social network, but the network of your friends, colleagues, and associates, has proven to be a very successful business funding tactic throughout recent years. Try offering up small “prizes” or future products and services for the funds that are pledged to your campaign – this will help get people engaged and encourage them to share your story.

Pre-Sell your Product

If your start-up idea involves a product, pre-selling that product is a good way to build up enough funds for manufacturing and other business expenses. Pre-selling is also a great way to give your business model a “test run” by validating the market need.

Keith Dahms | Two Personal Finance Apps That Make Saving Money Easier Than Ever

Technology is making it easier to spend money – it seems like every downloadable app on an iPhone or Android comes with built in ads designed to entice users to subscribe to a premium version of something or spend on a limited time sale. Access to online marketplaces and one-click ordering on Amazon are reasons people may spend more of their income on discretion rather than stashing it away. Thankfully, there are a few mobile apps (available on both iPhone and Android stores) that make saving money easier than ever. Here are two excellent personal finance tools you should have in your toolbox (and they’re FREE):

  • Digit – Digit is a mobile app that serves as a savings account that links to your checking account of choice to determine your past spending history. From identifying your spending patterns, it identifies dollar amounts that you won’t notice being transferred from your checking to a new Digit savings account. After a few weeks of using it, you can communicate with Digit to save more or less aggressively after seeing how your accounts look. Within the app there is a messaging tool allowing you to use commands such as ‘Withdraw’ to transfer money out of your Digit account and back into your checking account, or commands to save more or less. You’ll be surprised how quickly it adds up!
  • Acorns – Acorns is another mobile app that discretely saves your money and deposits it into an index fund on a regular basis. You start by linking all credit and/or debit cards you’d like to use for investing purposes – the tool works by rounding up every transaction from each linked card to the nearest dollar and taking the round-up amount and dropping it into the index fund on a weekly basis. You can also choose to accelerate your investments by adding a weekly transfer from your checking account. The app lets you view your fund performance instantaneously and the money you’ve lost/gained over a time period. Withdrawals are also easy and take a limited amount of time in the event you need to take money out of your account.

About The Author:

Keith Dahms is a financial professional offering business financing solutions to United States companies across a variety of industry verticals. Keith works with clients to restructure debt, consolidate current financing, and acquire new financing for cash flow and business expansion. He is the Senior Financial Specialist at Capital RBL Inc.


Three Tips to Help Small Businesses Obtain Financing

Running a small business comes with many challenges. One of those challenges can be obtaining financing to enable growth. Whether you need financing for an expansion, new inventory, or to get your business through a cash flow dip, there are a few steps you can take to make your business appear stable and financial sound to potential lenders.

Establish a History of Steady Cash Flow

Being able to prove that your business has stable cash flows is one of the primary qualifications that potential lenders will expect when evaluating a loan application. Having bank statements, tax returns, and financial statements that prove a steady historical income will be a prerequisite for any business loan. If your business financials show peaks and valleys in your historical cash flows, be sure to have explanations for those changes.

Keep Business Debts in Check

Your business’s existing debt and financial obligations will be another large determining factor when applying for financing. Maintaining a manageable debt load can help improve your chances of being financed. Be ready to explain why your business needs this additional funding, and how the funding will lead to increased income for your business.

Establish a Steady Payment History

A potential lender is going to want to see that your business has a history of paying its debts on time. They will likely retrieve information on your business’s payment history from your business’s credit report. However, your business’s credit report may not show your payment history to significant business partners or suppliers. You can help establish a solid payment history by providing potential lenders with references from some of your business’s long-standing suppliers or trade partners.