If you cannot pay back any loan, it can have serious consequences for your business and/or your personal finances.
To avoid major consequences, it’s important to communicate with your lender if you’re having difficulty making payments. They may be able to work with you to restructure your loan or develop a repayment plan that works for you. It’s also a good idea to create a budget and cash flow projections to ensure that you can make loan payments on time and manage your business finances effectively.
These may be simple suggestions, but believe it or not, most people don’t do them. Instead, they do the worst thing which is hiding and avoiding the lender. Don’t do it. Communicate!!!