“The Unites States can pay any debt it has since we can always print money to do that. So there is zero probability of default. ”
-Alan Greenspan, 13th chairman of the Federal Reserve from 1987 to 2006
General Requirements (takes about 5-minutes or less to apply online)
680 FICO score (Transunion or Experian FICO model 8.0 or similar)
Less than -15% operating loss in the last year of business
Last 2-Years of filed Business Tax Returns; Last 1-Year of filed Personal Tax Returns
Last 3-months of bank statements; copy of Driver’s License
Unwinding Small Business Debt: How to Manage the Growing Mountain
The accumulation of business debt can feel like an insurmountable challenge for small business owners, especially when coupled with large and frequent payments.
However, it is important to recognize that this is a common hurdle, and effective strategies exist to regain control of your financial situation.
This guide will provide actionable steps to assess your debt, negotiate with creditors, explore consolidation options, improve cash flow, create a realistic financial plan, identify available support, and ultimately prevent the re-emergence of excessive debt.
Why the Mountain Grew: Understanding the Common Causes of Small Business Debt
Several factors can contribute to the significant debt burdens faced by small businesses. Often, the journey begins with the very launch of the enterprise.
Many entrepreneurs find themselves needing substantial initial capital to get their ventures off the ground. This often necessitates taking on debt through various avenues, such as business loans or even tapping into personal savings.
The initial outlay for essential elements like purchasing inventory, acquiring necessary equipment, and securing a suitable physical or virtual premises are typical reasons for this early-stage borrowing.
In some instances, particularly for newer firms, unconventional methods like utilizing business credit cards can also play a crucial role in meeting immediate financial needs.
Putting up your own assets
Data from the Small Business Credit Survey indicates that a considerable portion of small business owners relies on their personal savings to fund their startups, with 80% of employer businesses and 76% of nonemployers reporting this practice.
It is frequently observed that startups may underestimate the total amount of financing required, which can unfortunately lead to the accumulation of further debt down the line or a struggle with insufficient operating capital.
This underscores the critical need for meticulous initial financial planning and the consideration of diverse funding sources from the outset.
As a business evolves, the desire for expansion and growth often becomes a primary objective.
To achieve this, businesses frequently seek financing to expand their operations, venture into new markets, or enhance their existing offerings.
These growth initiatives might involve significant investments in acquiring new equipment, upgrading technology infrastructure, or increasing staffing levels.
Notably, the use of business credit cards tends to rise during periods of tight credit availability, often serving as a means for small businesses to finance their expansion plans.
While business growth is generally a positive indicator, it is important to recognize that rapid expansion, if not underpinned by sound financial planning, can put a significant strain on a company's cash flow, potentially leading to the accumulation of excessive debt.
Costs Associated with Business Growth Must Be Considered
Therefore, it is vital to ensure that the costs associated with growth are carefully managed and financed in a manner that aligns with the business's capacity to generate revenue and maintain adequate working capital.
A persistent challenge for many small businesses is the management of their cash flow. Limited or inconsistent cash flow is a significant financial hurdle that can often necessitate taking on debt to cover day-to-day operational expenses.
For businesses facing financial difficulties, poor cash flow can be a strong signal that things are beginning to deteriorate. Factors such as ineffective invoicing practices, delays in receiving payments from customers, and inefficient management of accounts payable can further exacerbate these cash flow problems.
POOR BUSINESS CASH FLOW
Statistics reveal that a notable percentage of small business invoices, approximately one in six, are paid late. It is widely acknowledged that inadequate cash flow management is a primary contributor to both business failure and the accumulation of debt, often stemming from a lack of understanding or insufficient attention to this crucial aspect of financial health.
Research indicates that in a substantial majority of cases, around 82% of the time, either poor cash flow management or a fundamental misunderstanding of cash flow dynamics plays a significant role in the failure of a small business.
External economic conditions and unforeseen events can also significantly contribute to the debt challenges faced by small businesses. Economic downturns, shifts in market trends, or unexpected crises like pandemics can severely impact a business's revenue streams, making it increasingly difficult to meet existing debt repayment obligations.
Lower profitability resulting from market changes can create substantial challenges in repaying business lenders, product suppliers, and even landlords.
In such circumstances, businesses may find themselves with no alternative but to borrow additional funds to navigate these turbulent times and sustain their core operations. It has been observed that even well-established businesses with a solid customer base can be significantly impacted by events that restrict customer access, potentially leading to overwhelming debt.
This highlights the critical importance of building financial resilience within a business, which includes establishing healthy cash reserves to act as a buffer against such unforeseen challenges that can easily lead to debt accumulation.
Implementing proactive measures such as maintaining a dedicated rainy-day fund and securing adequate insurance coverage can significantly enhance a business's ability to adapt and persevere through difficult periods.
LACK OF BUSINESS PLANNING
A lack of comprehensive business planning and sound financial management practices is another significant reason why small businesses can accumulate excessive debt. Failing to develop a robust business plan that includes detailed financial projections and realistic budgets, or not adhering to such a plan once created, can result in poor financial decision-making and the subsequent accumulation of debt.
Disregarding the established business plan, or indeed, not having one in the first place, can lead to considerable financial difficulties.
Furthermore, inadequate market research, overly optimistic forecasts for sales, and the implementation of inappropriate pricing strategies can all contribute to a business's financial struggles.
It is therefore evident that proactive business planning and consistent financial monitoring are essential to prevent the accumulation of unsustainable levels of debt. In fact, a lack of proper planning is frequently cited as the most common underlying reason for small business failures.Finally, the issue of starting a business with insufficient initial capital can also be a major contributor to debt accumulation.
Operating with Financing
When entrepreneurs launch their ventures with too little funding, they may be forced to take on debt prematurely simply to cover essential operational costs. Starting out with inadequate financial resources is a frequently observed factor in the failure of small businesses.
Attempting to stretch minimal initial financing too thinly can often prevent the business from gaining a solid foothold in the market, while still resulting in the accumulation of substantial debts that will eventually need to be repaid.
Consequently, ensuring that the startup phase is adequately funded is crucial to avoid an early over-reliance on debt and to provide a necessary financial cushion to navigate the initial challenges inherent in launching a new business.
Securing proper financing from the outset can afford the business the time it needs to grow, establish a customer base, and develop a sustainable revenue stream.
Know Your Enemy: Accurately Assessing Your Total Business Debt
Before embarking on the journey to reduce business debt, it is paramount to first gain a clear and comprehensive understanding of all outstanding financial obligations.
This involves meticulously identifying and calculating every type of debt the business has incurred.
The landscape of business debt can be broadly categorized into short-term and long-term obligations, with other potential liabilities also warranting consideration.
Short-term Business Debt
Short-term business debt typically encompasses financial obligations that are due within a one-year timeframe.
This includes balances on business credit cards, short-term loans , amounts owed on lines of credit, accounts payable representing money owed to suppliers for goods or services, any outstanding bank overdrafts, deferred revenue which represents prepayments received for goods or services yet to be delivered, wages payable to employees, other accrued or outstanding expenses, taxes payable to governmental bodies, and the portion of any long-term debt that is due within the next year.
Long-term Business Debt
Long-term business debt, on the other hand, consists of obligations with a repayment period extending beyond one year.
This category typically includes term loans that are repaid over an extended period, loans obtained through the Small Business Administration (SBA), such as 7(a) loans, 504 loans, and Microloans , equipment loans specifically used for purchasing machinery or other business equipment, vehicle loans for business-related transportation, commercial mortgages secured by business real estate, bonds payable issued to raise capital, capital leases for the long-term use of assets, pension liabilities representing future obligations to employees, and deferred income taxes.
Alternative and Expensive Financing
Beyond these common forms of debt, there are other potential financial liabilities that small business owners should be aware of.
These can include merchant cash advances MCAs, which are short-term funds provided in exchange for a portion of future sales, obligations arising from lease agreements for property or equipment, liabilities stemming from contractual agreements, and various employee-related liabilities such as outstanding wages, accrued benefits, and pension or retirement fund obligations.
Keep an accurate and up-to-date Business Debt Schedule
Once all types of debt have been identified, the next crucial step is to gather key information for each individual debt obligation.
This includes noting the name of the lender or creditor, the date the debt was originally incurred and its age, the initial amount that was borrowed, the expected total repayment duration and the final due date, the current outstanding balance remaining on the debt, the applicable interest rate, whether it is fixed or variable, the frequency of required repayments (e.g., monthly, weekly), the specific amount due for each repayment, the total amount of repayments scheduled for a year, the total amount that will be repaid over the remaining life of the loan, the total amount of the original capital that is still repayable, and the total amount of interest that is yet to be paid.
It is also important to determine if any collateral, such as business assets, has been pledged to secure the loan, and whether the business owner has provided any personal guarantees, making them personally liable for the debt.
Finally, tracking the specific due dates for each payment is essential.
With all this information compiled, the next step is to calculate the total business debt. This is achieved by summing together all short-term and long-term financial obligations.
Short-term debt includes items like bank overdrafts, short-term loans, and accounts payable, while long-term debt encompasses long-term loans, bonds payable, and mortgages.
Reviewing the business's balance sheets and other financial statements is crucial for accurately compiling this comprehensive figure.
Business Debt Ratio
In addition to the absolute amount of debt, it is also beneficial to consider the business's financial leverage through the business debt ratio.
This ratio, calculated by dividing total liabilities by total assets, provides a measure of the company's financial health.
A ratio exceeding 1 indicates that the business has more liabilities than assets, suggesting a higher level of financial risk.
For businesses with significant inventory, a more conservative approach to calculating the debt ratio involves valuing inventory at only 60% to 70% of its stated value to provide a more realistic picture of financial health.
Another valuable metric is the debt-to-equity ratio, which is calculated by dividing total liabilities by shareholders' equity.
This ratio illustrates the extent to which a company is using debt to finance its operations relative to the capital contributed by its owners.
Regularly tracking and calculating both the total debt and these key debt ratios offers a clear and quantifiable understanding of the business's overall financial leverage, helping to accurately assess the magnitude of the debt challenge.
This comprehensive assessment is a critical first step before developing and implementing effective strategies to address the growing mountain of business debt.
Furthermore, understanding which debts carry the highest interest rates and have the least favorable terms will aid in prioritizing repayment efforts for maximum financial benefit.
General Requirements (takes about 5-minutes or less to apply online)
680 FICO score (Transunion or Experian FICO model 8.0 or similar)
Less than -15% operating loss in the last year of business
Last 2-Years of filed Business Tax Returns; Last 1-Year of filed Personal Tax Returns
Last 3-months of bank statements; copy of Driver’s License
Finding a Path Down: Strategies for Unwinding Your Debt
Once the full scope of your business debt is understood, the next step is to develop and implement effective strategies to reduce this burden.
Several avenues can be explored, including negotiating with creditors and considering debt consolidation options:
The Art of Negotiation: Working with Your Creditors
Proactive communication with your creditors is a crucial first step in addressing overwhelming business debt.
It is important to reach out before payments are missed, as getting into arrears can negatively impact your creditworthiness.
When attempting to renegotiate debt payback terms, remember that you are essentially asking for a favor. Thorough preparation is essential for successful negotiations.
Begin by gaining a complete understanding of your total debt and the current financial standing of your business.
Analyze your balance sheets, income statements, and cash flow statements to have a clear picture of your company's financial health.
Next, realistically assess how much your business can afford to repay and establish a feasible payback budget. It is also vital to prepare a clear, honest, and concise explanation of the circumstances that have led to your current financial difficulties, such as an economic downturn or unexpected business expenses.
Be specific and to the point in your explanation. Furthermore, highlight the concrete steps your business is taking to improve its financial situation, such as implementing cost-cutting measures or actively working to increase revenue.
Finally, research potential negotiation points, such as the possibility of securing a lower interest rate or modifying the existing repayment terms.
During the negotiation process, it is important to maintain a respectful, polite, and professional demeanor.
Simply asking your creditors for assistance
Remember that you are asking for assistance, so a cooperative approach is generally more effective than being demanding.
Ask specific, thoughtful questions and meticulously document every communication, including the name of the person you speak with, the date and time of the call, and all the key details of the discussion.
If your business is in a position to offer a lump-sum payment upfront, be sure to present this as an option, as it can significantly increase your leverage in negotiations. Specifically request a reduction in the interest rate, clearly explaining how this adjustment will improve your business's ability to make consistent and timely payments.
Additionally, inquire about the possibility of extending the loan term, which can help to reduce the burden of monthly payments. Explore the potential for a temporary forbearance or a period of payment relief, particularly if your business is facing a temporary but significant financial hardship.
Do not be afraid to initiate the negotiation with a reasonable offer, understanding that the process may involve some back-and-forth before a mutually agreeable solution is reached.
If your initial request is denied, do not be discouraged; it is often worthwhile to call again or respectfully ask to speak with a manager.
Once an agreement is reached, it is absolutely critical to ensure that all the new terms are documented in writing. This written agreement should clearly outline the revised payment schedule, the total amount that will be paid, and the annual percentage rate (APR) if applicable.
If you have negotiated a settlement for an amount less than the original debt, make certain to obtain a formal release confirming that the debt has been fully satisfied.
Creditors may be more willing to modify loan terms than you might expect, as their primary motivation is typically to maximize the likelihood of eventual repayment. This is particularly true if the business owner demonstrates a genuine commitment to resolving the debt and presents a realistic and sustainable repayment plan. Understanding the lender's perspective – their desire to get paid – can help you tailor your negotiation approach in a way that addresses their concerns while also meeting your business's needs.
Several factors can influence a creditor's decision to modify loan terms, including the borrower's demonstrated financial hardship, their past loan payment history and overall loan performance, the current market value of any underlying property (if applicable), the availability of government assistance programs, and the creditor's own internal policies and guidelines.
Exploring Your Options: Debt Consolidation for Small Businesses
Debt consolidation is another strategy that can be employed to manage and reduce business debt.
This involves combining multiple existing debts into a single, new loan or credit card, ideally with more favorable, lower payments and longer payment terms for more manageable monthly payments.
This process can significantly simplify your financial landscape by replacing the burden of tracking and making numerous payments with just one consolidated monthly obligation.
Several consolidation methods are available to small business owners:
Balance Transfer Business Credit Cards
These cards offer the opportunity to transfer high-interest balances from existing business credit cards to a new card that features a 0% introductory annual percentage rate (APR).
By taking advantage of this promotional period, you can potentially save a significant amount on interest charges, allowing you to pay down the principal debt faster. It is important to be aware that most balance transfer cards do charge a fee for the transfer itself.
Furthermore, the 0% introductory period is temporary, and once it expires, the interest rate on any remaining balance can revert to a potentially high variable rate. This option is most valuable for consolidating high-interest credit card debt if you have a clear plan to pay off the transferred balance in full before the introductory period concludes.
Careful planning is essential to avoid incurring high interest charges once the promotional rate ends. Consider the specific timeframe for the balance transfer offer and any associated fees before proceeding.
Debt Consolidation Loans
This involves obtaining a new loan, typically a term loan, to pay off all your existing business debts. This leaves you with only one loan and one monthly payment to manage.
Debt consolidation loans can simplify your overall financial management and may offer the benefit of a lower overall interest rate or a reduced monthly payment compared to your previous aggregate debt obligations.
However, it is important to note that some debt consolidation loans may have a longer repayment term than your original debts.
While this can result in a lower monthly payment, it could also mean that you end up paying more in total interest over the life of the new loan.
Eligibility for debt consolidation loans is typically based on factors such as your business's credit score, its history, and its overall financial health.
These loans can be either secured by collateral, such as business assets, or unsecured.
This can be a good option for streamlining multiple debts and potentially reducing immediate financial pressure.
However, it is crucial to thoroughly compare the interest rates, any associated fees (such as origination fees or prepayment penalties), and the repayment terms of the consolidation loan with your current debt obligations to ensure that it will result in long-term savings.
SBA Loans for Debt Refinancing
The Small Business Administration (SBA) offers programs, such as the 7(a) loan program and the 504 loan program, that can be utilized to refinance existing business debt under specific conditions. These SBA-backed loans can often provide more favorable terms compared to other financing options, potentially including lower interest rates and longer repayment periods.
To be eligible for SBA refinancing, businesses typically need to demonstrate a good credit score (often a minimum of 680), have no recent bankruptcies, and provide evidence that the existing debt carries unreasonable terms or that refinancing it will significantly benefit the business.
It is also possible to refinance credit card debt with an SBA loan, but only if the debt was used exclusively for legitimate business purposes. SBA refinancing can be a powerful tool for businesses with a solid financial foundation to secure more advantageous terms on their existing debt, thereby freeing up cash flow and reducing overall borrowing costs.
However, it is important to be aware that the application process for SBA loans can sometimes be lengthy, potentially taking 60 to 90 days for 7(a) loans and 120 to 180 days for 504 loans.
Merchant Cash Advance Consolidation
For businesses that have accumulated multiple merchant cash advances (MCAs), an option to consider is MCA consolidation.
This involves combining all your outstanding MCAs into a single, new loan, potentially with a lower factor rate and more extended repayment terms.
Given that MCAs are often a high-cost form of financing, consolidation aims to simplify the repayment process and reduce the overall financial burden. However, it is crucial to approach MCA consolidation with caution.
Potential risks include extending the total repayment period, incurring high fees associated with the consolidation loan, and the possibility of falling into a debt cycle if the underlying financial issues that led to the MCAs are not addressed.
Defaulting on a merchant cash advance can have severe consequences, including aggressive collection efforts and potential legal action.
Therefore, if considering MCA consolidation, it is essential to thoroughly compare the terms of the new loan with your existing MCAs, paying close attention to any prepayment penalties on the existing advances and any upfront fees associated with the consolidation loan.
Business Lines of Credit for Consolidation
A business line of credit can also be utilized as a flexible funding option to consolidate existing debt. A line of credit provides access to a predetermined amount of funds that can be borrowed as needed, and you only pay interest on the portion of the credit that you actually use.
You can draw funds from the line of credit to pay off your other outstanding debts, effectively consolidating them into a single repayment obligation to the line of credit provider.
A key advantage of a line of credit is its flexibility, as the funds become available again as you repay the outstanding balance, potentially providing ongoing access to capital for other business needs.
However, interest rates on business lines of credit can sometimes be higher than those on traditional term loans.
This option may be suitable for businesses that not only need to consolidate debt but also require ongoing access to working capital.
Be sure to consider any potential fees associated with establishing and maintaining a business line of credit.
Managing Cash Flow: Implementing Effective Cash Flow Techniques
Consistent and positive cash flow is the lifeblood of any healthy business, and it is particularly crucial when managing debt payments effectively.
Poor cash flow is a leading cause of small business failure.
Implementing sound cash flow management techniques can significantly improve your ability to handle large and frequent debt payments.
Developing a detailed cash flow forecast is a fundamental step.
This involves tracking both incoming and outgoing cash on a regular basis, whether daily, weekly, or monthly.
Utilizing a cash flow statement can provide a clear picture of these daily movements.
Furthermore, it is essential to project future cash inflows, such as anticipated sales and receivables, as well as future cash outflows, including operational expenses and scheduled debt payments.
These projections should be based on historical financial data and any anticipated changes in your business or the market. Regularly updating your forecasts with actual financial data will enhance their accuracy.
Employing scenario planning techniques can also help you anticipate the potential impact of fluctuations in your revenue streams.
Creating multiple financial scenarios, ranging from best-case to worst-case, can be particularly beneficial.
Accurate cash flow forecasting enables businesses to foresee potential financial shortfalls and plan for upcoming large debt payments well in advance, potentially avoiding costly late fees or the necessity of taking on further borrowing.
Moreover, it can help identify periods when the business anticipates having surplus cash, which can then be strategically allocated to accelerate the repayment of existing debt.
Optimizing your accounts receivables and payables is another critical aspect of cash flow management.
Ensure that you invoice your customers promptly and that your invoices are clear, concise, and clearly state the payment terms.
Sending invoices out immediately after a sale is made or a service is rendered can significantly improve the speed of cash inflow.
It is also crucial to follow up diligently on any invoices that become overdue. Implementing a system that automatically alerts customers to outstanding invoices can be very effective. To encourage quicker payments, consider offering discounts to customers who pay their bills early.
On the other side of the equation, negotiate extended payment terms with your suppliers to provide your business with greater flexibility in managing its cash outflows.
When it comes to making payments, prioritize those that are essential for maintaining your business operations and those that could negatively impact your credit score if not paid on time.
Efficiently managing both receivables and payables can significantly improve the timing of your business's cash inflows and outflows, ultimately providing more working capital that can be utilized to meet your debt obligations.
CASH CONVERSION CYCLE (CCC)
Reducing the number of days it takes for customers to pay you and the number of days it takes you to pay your suppliers can lead to a healthier cash flow cycle.
Prioritizing your business expenditures and diligently cutting unnecessary costs is another vital technique for improving cash flow.
Carefully distinguish between expenses that are essential for your core operations and those that are non-essential. Implement strict spending controls and actively seek out opportunities to reduce your overall operational costs.
Review areas such as rent, utilities, subscriptions, and marketing expenses to identify potential savings.
Do not hesitate to negotiate better deals with your existing suppliers and vendors, and explore the possibility of switching to more cost-effective alternatives.
Consider leasing equipment rather than purchasing it outright, as this can help to minimize your upfront capital expenditures.
Reducing non-essential spending directly frees up cash that can then be strategically allocated to the repayment of your business debt, thereby accelerating the process of reducing your overall debt burden. Implementing a zero-based budgeting approach, where every expense must be justified, can be particularly effective in identifying and eliminating unnecessary spending.
Exploring strategies to increase your business's revenue is another crucial element in managing debt effectively.
Brainstorm and implement various techniques to boost sales and generate more income. This could involve hosting special promotional sales, actively upselling or cross-selling your products or services to existing customers, and implementing targeted marketing campaigns to attract new business.
Focus on improving customer retention and fostering loyalty to ensure a consistent stream of revenue. Consider expanding your current product or service offerings or exploring the possibility of entering new markets to tap into additional revenue streams.
Increasing revenue directly improves your business's cash flow and provides more financial resources that can be dedicated to tackling your debt payments and improving your overall financial stability. Even a modest increase in sales can have a significant positive impact on your cash flow situation.
Remember to focus on understanding your target audience and continuously striving to elevate the quality of your products or services.
While it may seem counterintuitive when dealing with debt, securing credit ahead of time, but using it wisely, can also be a prudent strategy for managing cash flow.
Establishing a business line of credit can serve as a valuable safety net to help cover unexpected expenses or temporary dips in revenue. However, it is crucial to utilize this credit judiciously to avoid the temptation of accumulating further debt.
Having access to credit can prevent you from resorting to high-cost emergency borrowing options when faced with unforeseen cash flow challenges, but it requires disciplined management to ensure it does not become a source of additional debt. It is often advisable to secure a line of credit when your business is in a healthy financial position, as it is often said that "you can only get a loan when it looks like you don't need one".
Finally, leveraging dedicated software solutions can significantly enhance your cash flow management efforts. Implementing accounting or cash flow management software can provide you with real-time insights into your business's income, expenses, and overall cash flow.
Many of these software programs offer features that allow you to automate your invoicing processes and send out timely payment reminders to customers.
Utilizing technology in this way can streamline your financial processes, improve accuracy in tracking your financial data, and provide valuable reports and analytics on your cash flow patterns, ultimately enabling you to make more informed decisions regarding your debt management strategies.
Look for software solutions that can help you track key metrics such as the average number of days it takes for your business to collect payments from customers, the average number of days it takes you to pay your suppliers, and your inventory turnover rate, as these insights can be invaluable in optimizing your cash flow cycle.
General Requirements (takes about 5-minutes or less to apply online)
680 FICO score (Transunion or Experian FICO model 8.0 or similar)
Less than -15% operating loss in the last year of business
Last 2-Years of filed Business Tax Returns; Last 1-Year of filed Personal Tax Returns
Last 3-months of bank statements; copy of Driver’s License
Unwinding a growing mountain of business debt, especially when faced with large and frequent payments, is undoubtedly a challenging endeavor.
However, by adopting a strategic and disciplined approach, it is an entirely achievable goal.
The key steps involve gaining a clear understanding of the reasons behind the debt accumulation, accurately assessing the total amount and nature of your obligations, actively negotiating with your creditors to explore more favorable terms, and thoroughly investigating debt consolidation options that might streamline your repayments and reduce your overall costs.
Furthermore, implementing effective cash flow management techniques and creating a realistic budget and financial forecast are crucial for both addressing the immediate debt and ensuring long-term financial stability.
Remember that numerous resources and services are available to provide support and guidance along the way. By proactively maintaining healthy financial practices and diligently planning for potential future challenges, you can prevent the re-emergence of excessive debt and ultimately steer your small business towards a more secure and prosperous future.
Taking control of your business finances will not only alleviate stress but will also pave the way for greater peace of mind and sustained success.
We can help you Navigate through the Small Business Financing maze.
The sooner you act, the more options you’ll have.
Schedule a consultation today and take the first step toward saving your business and your future.
Remember, more business debt isn’t the answer. A more effective business strategy is.
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Bernarsky Advisors
Business Finance and Strategy Advice
Refinance. Restructure. Reorganize.
(See more of our articles about Business Finance and Strategy below…)
WHAT IS THE BEST AND SAFEST WAY FOR YOUR BUSINESS TO DEAL WITH HIGH BUSINESS DEBT PAYMENTS?
It is NOT by stopping ACH payments.
It is NOT by taking on another business loan.
It is NOT ALWAYS a Refinancing
It is NOT by entering into a debt settlement program.
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