Almost a year into the pandemic, small businesses with limited financial resources have either closed or are finding themselves in survival mode. Changes in customer behavior, pre-CoVid financial hardships and mandated shutdowns have forced many to the point of collapse. In fact, recent research by the Federal Reserve has found that only 35% of small businesses were financially healthy at the end of 2019.
Much of the difference between large business surviving over small business is the financial resources that have been available to them. Loans have been more difficult to get since the Covid crisis began. Much of the funds some small businesses received through programs like the Paycheck Protection Program has already been spent. And, with the chances of another stimulus package becoming available in time to help your business, it may arrive too late, or not at all.
Protecting your small businesses from permanent closure is important because of the many roles it plays in the economy and in your community. Small businesses are essential to communities by creating opportunities for employment and for other small businesses as suppliers. Overall, your business has an important role – American Finasco can help.
As small business owners continue to navigate this crisis, many have taken on debt to make up for financial losses. When in financial struggle, many clients have held off on settling their debt, putting them in a deeper hole or have tried settling the debt themselves. Typically, if you try to settle your own debt, higher payments have been agreed to. Even worse, an agreed judgement is signed. This is issued by a court of law. When you can no longer pay the debt, the creditor has legal ways to pursue payment. And it can get messy.
Some of our clients have done this which makes it more difficult for American Finasco to settle for you. To save money and for a better outcome, reach out to American Finasco first. Not only can our expertise save you money and settle, but we will take the pressure off of you, the business owner. The first step when dealing with creditors is a phone call to American Finasco for a free consultation. We provide our clients effective solutions for business debt relief.