Many Lenders Negotiating Payback Terms
Many predictions have been written regarding the effects that the current Pandemic will have on the US and world economy. In hindsight, we will have all the answers, but in the meantime, it is more important to focus on the “now” and how we can best care for our families and make our businesses secure. Ultimately we all need to be able to provide the same opportunities of supporting those who depend on us directly once these current events are behind us.
Although I have zero relationship with the person that produced this 12-minute video I am including, I encourage everyone to watch to see if you may qualify for the two Federal programs that are helping small business of all sizes. I liked it as the producer shows the actual bill as well as gives simple instructions on how to fill out the proper forms.
While Congress has recently made concessions that will provide some relief for millions of Americans and small businesses, it is the private sector that can have a much bigger impact in helping small businesses get through this time of struggle. Below is an exert copied from the countries largest lender of new and used business essential equipment. Many of you reading this have current loans with this lender. To those of you that do; this is information you need to know. For those of you that have loans with other lenders, I have some notes for you below.
We understand these times can be challenging. If you have encountered hardship as a result of COVID-19 and need payment relief, please send a request explaining your hardship to firstname.lastname@example.org. Please include your name, contact number and a short description of the assistance you are looking for. Our Representatives will respond as quickly as possible. Due to increased volume, there may be a delay and we thank you for your patience. We will get through this together…
There are many lenders that have the same compassion and concern for their borrowers.
If you are in a situation that is described above then COMMUNICATE with your lender. Your lender does NOT want your equipment back! They want your business to thrive and for you to be a customer for years to come. Getting equipment back even in good times is a hassle and an expense that no lender wants to go through.
Some personal observations over the past few weeks regarding how the lenders have adapted to current events...
- Service industries such as restaurants, Doctor offices (Physician, Dental, Chiropractor, etc.) and others that have been ordered closed or seen revenue drastically drop are now not being considered for financing from most lenders
- “Essential” businesses like trucking, distribution, construction, utilities, etc. continue to be actively operating and lenders are actively accepting applications for approval.
- Underwriting by most lenders have become more strict for the industries that loans are still being made on
- Lenders are NOT raising rates for the loans they are currently making; those guidelines have been consistent and some have actually lowered their rates.
The weeks to come will be ones that will be talked about for generations. If there is any positive to this it will be how Americans have proved they can come together and help others. Whether government, big business, lenders, small business and even neighbors, we have already proven that Americans are still what made America the country it is in the first place.
Have a safe month,
"Set your course by the stars, not by the lights of every passing ship."
Omar N. Bradley
Did You Know???
- A bolt of lightning contains enough energy to toast 100,000 slices of bread
- The average person will spend six months of their life waiting for red lights to turn green
- Cherophobia is the word for the irrational fear of being happy
- Nearly 30,000 rubber ducks were lost a sea in 1992 and are still being discovered today
- Subway footlongs aren't a foot-long
- One in three divorce filings include the word "Facebook."
Just for Laughs!
Three friends, stranded on a desert island, find a magic lantern containing a genie, who grants them each one wish.
The first friend wishes he was off the island and back home.
The second friend wishes the same.
The third friend says "I'm lonely. I wish my friends were back here."