How to turnaround your failing small business & stop
SBA loan default
If you are like many small businesses, you eventually hit a financial
roadblock. It may be because of the economy or because your customer's
needs have changed. But while you are struggling to survive, you
are not only dealing with cash flow problems but also facing SBA
loan default. If this is your case, you are not alone. Hundreds of
thousands of small businesses all over the country apply for and
get new SBA financing every year. And the majority of these will
go out of business during their first five years. Facing SBA loan
default is common.
So what should you do about it? Should you just default and not
pay back your loan? After all, the SBA or Small Business Administration
financially backs up all SBA loans through the bank. The bank stands
to lose nothing, so why should they pursue you?
The
3 vital factors you must know before filing for business bankruptcy
Pay It Off And Plan Ahead Maybe you’ve looked at your calendar and realized that October is fast approaching. You have set some goals earlier this year in the area of your finances but have not achieved them. Now is the time to make a committed effort to begin paying those bills off and plan ahead. Why? As holiday season approaches, people tend to create more debt than any other time during the year.
The idea is not to achieve more debt as the end of the year approaches, but to end the year on a financially positive step. You can still concentrate on one bill now and make a dedicated effort. Perhaps it will only take you one or two months to pay it off. Regardless, pay it off. Then the money you placed towards that bill use to purchase your holiday items.
I can assure you with the latest round of hurricanes that happened consumables are bound to go up. When I was recently in my home state of Louisiana, retailers were having trouble keeping food on the shelves. It will not be long before this happens in other states.
Do not charge your holiday shopping because when January comes and you receive those bills, you could end up disgusted. More than likely you will not pay the bill right off. Eventually whatever you charged ends up costing you more than the original price. Does it make sense to pay two times the amount for a product?
For example, last year my husband and I found some gift baskets that we really liked in a magazine. We were going to order them and looked at what the shipping costs would be. We decided to shop around at some of our local stores and found those baskets. We sat down and made up a list of clients and relatives that should receive them. Then we began purchasing them in small increments. We were done with our clients and family by December 1.
Do not add more bills to your financial situation, begin a new start and take steps to remove financial stress. To plan for the holidays you should:
1) Make a plan now even if it is the beginning October, (its not too late) about what you are going to purchase
2) Shop around to see who has the better bargain
3) Do not overspend
4) Do not wait to the last minute to shop. I know this will be challenging for those individuals that like those last minute discounts. However, is it really worth fighting all those crowds on December 24th, when you could be done by December 1st.
Once you have gotten your holiday spending done and looking forward to the next year, put some financial goals in place and stick to them. It is less stressful knowing that you can shop early and get what you want, instead of having to take what is left. Remember back in October when you paid off that first bill, now you want to begin working on the next bill. Then every three or four months, you could potentially be working on a new bill. When October comes the next year, you could have paid off two or three bills depending on the time frame you set for yourself and the holidays will be more enjoyable.
About the author:
Dr. Taffy Wagner is the author of Debt Dilemma. Debt Dilemma is her own personal story of how she got into debt and was able to get out without filing bankruptcy. She will be launching a national marketing campaign on October 18, 2005. View her website at http://www.paidoff.net/SpecialPromo.htmlfor further details.
Circulated by Article Emporium
The
3 vital factors you must know before filing for business bankruptcy
Refinancing After Bankruptcy
Refinancing after a bankruptcy can seem like an especially difficult challenge, but it doesn’t have to be. Six months after your bankruptcy has been finalized, you can find lenders willing to refinance your mortgage. In fact, refinancing your mortgage can help rebuild your credit to good standing in two year’s time. The following steps will help you find the best refinance lender while helping your rebuild your credit record.Preparing For RefinancingRight after bankruptcy, you have six months. . .
|