Here are some examples of people trying to get ahead in business, but have debt hanging over their heads and need to renegotiate it.
Loans to Finance your Business
Jorja was not long out of College where she graduated with a Masters in business management. It was Jorja's dream to open her own shop selling funky designer clothing. Jorja went through the planning process, researched her market, budgeted and marketed her new business. But the real world is a far cry from the classroom.
Once she opened to the public she realized she was not making enough profit to pay back the loan she took out to finance the business, and needs to re-negotiate the payments. Jorja also still has student loan debts.
Loan to Grow your Business
Sara has a niche market restaurant on the waterfront. The business has done well since it opened 7 years ago. Many of her clients are regulars and have been eating at the restaurant since its grand opening. Sara's customers have become an extended family.
Sara has renovated the restaurant; given it an updated look to attract new customers, but is now in debt. She also wants to expand the outdoor dining area to maximize the views across the water. An ideal spot for customers to dine day or night. This would also give the restaurant the capacity to hold large events such as weddings and conference dinners. But she needs a loan to accomplish her vision. In the past Sara has had negatives against her credit which precludes her from a further bank loan.
A Loan to Expand
Gordon runs a small mechanics business and has recently seen a decline in his business. The workshop has just been updated to keep up with the latest technology used in cars, without which his profit would tumble even further. However, he is now in debt, and with declining sales, he is struggling to pay this off.
All three of these people share one thing on common when it comes to loans; they can't pay them back at the current rate. Some may look at this situation and think 'bankruptcy', but there is another way. A good option for Gordon, Jorja and Sara is to investigate business debt negotiation.
When applying for business debt negotiation the applicant and the business are looked at individually. This way you can arrange with the bank the best way to pay it back, and the strength of your business as well as your personal credit rating will be taken into account.
Even if your personal credit has had problems in the past there are solutions to get business debt negotiation to help pay back current debt, and eventually expand and grow your business into the future.
James Banks is a contributing writer to http://www.commercialdebtcounseling.com and is currently writing some special articles to guide business owners on how to manage debt and avoid bankruptcy. For Free Information on Loans and Debt Help Consultation, call toll-free 1-877-850-3328.
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