A new survey issued by the National Federation of Indepent Business finds that 75% small businesses in the United States have taken damage since the coronavirus outbreak has taken the country by storm.
That’s the measurement from their most recent survey, up from just 20% earlier this month. This dramatic uptick shows how business owners are feeling the very real impact of this current drop in the economy. While some may lose their businesses altogether, others will have quick reactions and a fair bit of luck to help them survive this time.
In light of the fact that the demand for business loans has risen, and loan approval rates have dropped, businesses need to start getting creative with ways to save the money they do have. One of the best ways to reduce expenses is to renogotiate your repayment terms on existing debts.
Whether you have debt with lenders, credit card companies, your suppliers, or anyone else – you can work out mutually beneficial solutions if you take the time to speak with them.
The bottom line is that the people or organizations that you owe money to will want you to remain capable of paying your dues. Defaulting is not good for anyone, particularly when the market is as uncertain as it is right now.
If you haven’t already attempted renegotiating your repayment terms for your current debts, don’t waste any more time. Do it now!