The economy is slowly recovering from the COVID-19 shut down. Many small businesses are facing never before seen issues while experiencing devastating impacts. This is uncharted territory – for all.
Has your business received funds from one of the available programs such as:
- Paycheck Protection
- EIDL Loan Account
- SBA Bridge Loan
- SBA Debt Relief
The government and banks have provided private businesses these debt-relief options to ease the economic pain. But many small businesses are still looking for ways to survive as the effects of the coronavirus persist across the country. It may be quite some time before many businesses restart and experience a steady flow of income again. Even with these relief programs, businesses are still suffering from debt. This is where we can help. American Finasco may be able to settle all debt for the amount of the government advance.
Creditors will often take a large reduction for lump sum payments. Below is an example of how American Finasco can help.
ABC Company Debt:
$350,000 owed to vendors and other unsecured creditors
$100,000 owed to secured creditors
$450,000 total past due debt
Received: $300,000 stimulus loan from SBA
With American Finasco’s debt resolution services, we were able to settle and negotiate ABC Company’s debt down drastically and leave a working capital for the business to remain up and running:
$150,000 settlement to unsecured debt
$75,000 settlement to secured debt
$225,000 total uses
This leaves ABC Company with $75,000 remaining for working capital (cash) to get the business back on track without any debt. With unsettled debt, 100% of the funds go directly to pay down any remaining debt with no working capital available for the business.
Even if your business is in the majority who have missed the application deadlines or has not been approved for government funded relief programs, American Finasco can still help. We will take bold action to ensure that your business can recover and be better positioned for the future. Contact us today to get your business on the right track! Visit Contact Us and complete our Online Form for a free consultation or call (800) 299-2909. We look forward to speaking with you.