Debt can be detrimental to your small business and peace of mind. If you’re still in the early stages of struggling with your payments, you may be able to work something out with your lender. Some business lenders may offer the chance to pause payments for a period through forbearance or to get on a modified payment plan.
The longer you’re behind on payments and the less funds available to use, the fewer options you might have, and you could face collections, UCC liens, lawsuits, and even frozen bank accounts. It could ultimately destroy your business.
What’s more, unsecured business loans, merchant cash advances (MCA), inventory loans, and small business credit cards typically require you to personally guarantee the debt, which means that your creditors can go after your personal assets for repayment. They’ll also report delinquencies on your personal credit report, which can damage your credit and hinder your ability to get future credit for years to come.
Debt settlement is a form of small business debt relief that allows you to settle for less than what you owe to your lenders. It can also help prevent collection calls, avoid bankruptcy, and limit the damage to your credit to make it easier for you to keep your business afloat while dealing with financial difficulties.
If you’re a small business owner and need to control debt, we’re here to provide support, answer questions, and make a plan to get your debt under control, once and for all.
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