Questions

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.

Upon reading the situation... it seems like you have an income problem. Try transitioning the business online, that way you will be able to have clientele from the different states and so on... Next would be to see if you can negotiate for a lower APR but, I read that you already have EMI... Therefore you must already be in that kind of program. Check it out anyways... Another thing that could be done is to reduce unnecessary cost... You right now do not have the luxury to spend as you please; so identify where you are. Lastly, BUDGET, BUDGET, BUDGET...


Answered 3 months ago

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