Yes.  Our new president passed a stimulus package recently that includes grant funding for new or struggling businesses.  Google Obama and check it out.

Tammy, How will refinancing help? Unless $150 (more or less) a month makes the difference all this will do is slightly lessen the negative cash flow. What are your plans for a small working capital loan? If you see your business returning to its 'old self' in the immediate future this may help you bridge that gap; but when business does return to normal will you be able to make both loan payments? I don't think that more debt is the solution to your problems, at least not long term. I would spend my energy looking to create more income. Mother's day and wedding season are fast approaching- can you network or do some low cost advertising to move higher profit margin items? If you can't increase the income through increased sales or proftiability maybe you could downsize a bit and rent a small portion of your space to another business. Perhaps it could be something complementary like a photographer or wedding planner. Do you have empty shelf space? Is there an artist, clothing designer, craftsman or other manufacturer that would consign items in your store? I don't believe that new or different debt is the answer to your problem- it is a temporary solution with long term effects. I wish you all the best and hope you can find the solution that is right for you, your family, and your business.

Yes.  Our new president passed a stimulus package recently that includes grant funding for new or struggling businesses.  Google Obama and check it out.

Tammy, How will refinancing help? Unless $150 (more or less) a month makes the difference all this will do is slightly lessen the negative cash flow. What are your plans for a small working capital loan? If you see your business returning to its 'old self' in the immediate future this may help you bridge that gap; but when business does return to normal will you be able to make both loan payments? I don't think that more debt is the solution to your problems, at least not long term. I would spend my energy looking to create more income. Mother's day and wedding season are fast approaching- can you network or do some low cost advertising to move higher profit margin items? If you can't increase the income through increased sales or proftiability maybe you could downsize a bit and rent a small portion of your space to another business. Perhaps it could be something complementary like a photographer or wedding planner. Do you have empty shelf space? Is there an artist, clothing designer, craftsman or other manufacturer that would consign items in your store? I don't believe that new or different debt is the answer to your problem- it is a temporary solution with long term effects. I wish you all the best and hope you can find the solution that is right for you, your family, and your business.

Not sure if you would get a better rate on your loans. Under 7% in this marklet is pretty good. Even if you diod get it down a bit - the difference will never cover the fees and expenses of a re-finance. Are there ways that you can change or adapt your business to offer products or services that your customers need in these times. When the recovery does happen - you can always go back. Talk with your current customers or get out in your community and ask they what is missing - then try to find away to provide that - find the need and fill it.

Not sure if you would get a better rate on your loans. Under 7% in this marklet is pretty good. Even if you diod get it down a bit - the difference will never cover the fees and expenses of a re-finance. Are there ways that you can change or adapt your business to offer products or services that your customers need in these times. When the recovery does happen - you can always go back. Talk with your current customers or get out in your community and ask they what is missing - then try to find away to provide that - find the need and fill it.