In a down economy, worrying about repaying your bank loans is one of the primary concerns of a small business owner. Sometimes, no matter the resilience and passion of an entrepreneur, the incoming capital is just not enough to satisfy the cost of running a business. But what do you do if you can't pay back a bank loan?
Many small business owners are embarrassed or disappointed that their business failed, and shut off communication with their bank. This is the worst thing you can do! Banks have difficulties in recessions just like small businesses do, so it is important that you keep them up-to-date to minimize their losses and maximize what you get for every dollar as a small business.
For the entire article on not being able to repay a bank loan, click here.