Life Happens: Small Business Owner
As a small business owner, you're no stranger to the rollercoaster of entrepreneurship. From celebrating wins to tackling challenges head-on, you've experienced it all firsthand. But when those challenges translate into mounting debt, it can feel like an uphill battle.
The pressures of financial uncertainty can weigh heavily on you, impacting not just your business but also your personal life. Whether you're facing unexpected expenses, struggling to manage debts, or navigating through tough economic times, the constant juggle can be overwhelming.
At MNP, we recognize the unique struggles you face. That's why we're here to offer tailored solutions and unwavering support. Together, we'll find a path forward so you can focus on what matters most: building a brighter future for your business and your family.
"Small business owners often pour their hearts and souls into their ventures, but when financial difficulties arise, it can feel like everything is at stake. We’re here support you on you way forward with personalized advice and strategic solutions.”
- Bradley Milne, MNP Licensed Insolvency Trustee
Frequently Asked Questions
Filing for Bankruptcy on behalf of your business doesn't directly impact your personal credit score or appear on your personal credit report. However, if you've signed personal guarantees for business debts, you could be personally liable for those debts, even if the business files for Bankruptcy. Additionally, your personal liability may vary depending on the structure of your business.
For more detailed information on this topic, you can read our blog post here.
Debt can be a valuable tool for business growth when managed wisely. It can fund essential investments like new equipment and hiring, boosting revenue and credibility. However, it's crucial to assess debt carefully to ensure it aligns with your goals and doesn't pose undue risk.
By working closely with lenders and planning strategically, you can leverage debt effectively to support your business's success.
Read our blog post here for more information.
If your small business is grappling with debt, you have options to explore, including Bankruptcy and Consumer Proposals. These solutions offer pathways to address financial challenges and regain control of your business's future.
Speaking with a Licensed Insolvency Trustee from MNP can provide invaluable guidance tailored to your unique situation. During a free, confidential consultation, they can assess your finances, discuss available options, and chart a course toward financial stability.
Have more questions?
Visit our FAQ page to access many other answers to your most pressing questions.
Related blogs
Dealing With Debt as a Business Owner
While taking on business debt is not inherently bad, like all debt, you must approach it from a prudent and practical standpoint.
Everything you need to know about CEBA loans and your repayment options
CEBA loan repayment will be reviewed on case-by-case basis in order to assist businesses in establishing a payment plan tailored to ability to repay.
Increase Your Business Credit Score 3 Minute Debt Break
If you really want to stay ahead of the curve and leave the doors open for as much opportunity as possible, it's crucial to be fully informed of your credit score and what you can do to further improve it.
