Key takeaways
- APR captures true cost.
- Term matches business plan.
- PPP can lock you in.
- Recourse changes risk profile.
- Match product to stage.
Core concepts
APR
Rate + fees normalized.
PPP
Step-down or yield maintenance.
Recourse
Personal guarantee vs non-recourse.
Step-by-step framework
- 1Get 3 quotes.
- 2Build comparison spreadsheet.
- 3Pick best for plan.
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Common mistakes to avoid
- Rate-only comparison.
Frequently asked questions
How to compare?
APR + PPP + term + recourse.
Best PPP?
5/4/3/2/1 step-down.
Non-recourse?
Worth premium.
3 quotes always?
Yes.
Action checklist
- ☐Three quotes.
- ☐APR computed.
- ☐PPP reviewed.
- ☐Recourse assessed.
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