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I have a question about business loans for an existing business and would like some information from someone?
A friend of mine has a great automotive repair business. He has built it up and has a great cusotmer base. he has been in business since 1999. When 9-11 happened , business slowed and he borrowed on credit cards, business eventually got better and I encouraged him to consolidate his cards and lower the interest. He did. In 2005 business was starting to pick up and he was rocking along, then when the hurricanes hit and gas prices skyrocketed his business started to fall off. People bought new, gas saving cars instead of repairing their gas guzzeler. All during this he has had bank loans to add on to the shop etc., they were good loans, but they were on a short term basis and what he needs is a loan to get the debt down and more long term to maximize his cash flow. He also is in arrears to the IRS for employee taxes and they are wanting their money PRONTO. His property and business is in an area that is getting ready to explode and to give up and let it go would be a shame.
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| By
Bethy |
Posted on
03/31/07 Total Answers
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