In the current COVID-19 climate, many businesses are finding that they are struggling to repay borrowings in line with the agreement. If this situation is facing your business you should take a pro-active approach, don’t ignore it there is something you can do. Remember, a lender has invested in your business because they believed in it and they want the business to be successful, so on the same principle that you have invested in your business.
If due to circumstances things have changed, lenders will be sympathetic and will listen to proposals for restructuring debt to give the business the best possible chance of survival. A lender does not want the business to fail.
By preparing cashflow forecasts and budgets, problems can be foreseen and a lender will appreciate a pro-active approach much more than if the problem is ignored.
ibv are experienced in dealing with lenders, providing them with information, and negotiating restructured repayments for the best long term interests of the business.
