When a struggling small business owner misses a payment on an SBA loan, it is flagged as a troubled loan by the bank. Most of my clients have been diligent about communicating with their bank, so the bank is not really surprised by this event. However, my clients […]
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SBA Loan Default: Does this mean Bankruptcy for the Business Owner?
I frequently am asked this question from concerned business owners: “If I default on my SBA loan, and the bank calls the loan, do I have to declare bankruptcy?”
The answer is a resounding “NO!”
Bankruptcy is only necessary in certain situations. Many, if not most, situations of […]
SBA Offer In Compromise (OIC)…how to Submit for Approval
So your company failed, and now the bank is asking about your personal assets as a way of collecting on the personal guarantee you signed. What do you do? Well one option is to prepare and submit an Offer In Compromise (OIC). What is this? It is a […]
Fire Your Highest Margin Customers!
Fire my highest margin customers? In the teeth of the worst recession in 50 years? Is he nuts???
Maybe…but maybe not.
For clients that are struggling to turnaround a troubled business, one of the first projects I undertake is to analyze their customer base […]