I inherited a forty-year-old business entity involved in customs consultancy and brokerage from my father about three years ago, along with a $250,000 business loan. I took an additional loan of $300,000, and for the past four years, I have been paying approximately 15% interest rate per annum. However, this ongoing pandemic has hit me very hard, and I am unable to keep paying back the EMI (Easy Monthly Installments). I am thinking of liquidating some of my assets to get out. What other alternative routes can I take to keep my business afloat that also leads to me becoming debt-free while holding on to my assets in a densely populated country where investment in assets is always lucrative.
These are some ideas and I hope they are helpful. Thank you.
1. Look for lower interest rate option and pay more than the minimum
2. Save for emergencies and unplanned expenses.
3. Consider hiding your credit cards
4. Make it harder to spend
5. Learn to use credit wisely
Also, there are business fundraisers like bonfire.com has products like t shirts.
There are fundraisers for businesses, and fundraising for start ups.