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February 07, 2005
Is There Small Business Life After Bankruptcy?
BusinessWeek Online has a nice article about the effects a recent bankruptcy can have on your small business's ability to obtain financing.
The article highlights the fact that a bankruptcy stays on your credit report for ten years. In terms of obtaining a SBA backed loan, the article states that a bankruptcy is not an absolute bar to obtaining the loan, rather other factors are considered as well. The article also states the obvious-- that fully secured loans will be easier to obtain than unsecured loans and that family and friends may be the best way to obtain much needed cash.
Posted by Nick Infusino at 01:11 PM in Small Businesses | Permalink
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BusinessWeek: "A bankruptcy -- particularly a recent one -- is definitely going to be counted against your business when a bank evaluates your credit worthiness on a loan application. Unfortunately, the mark stays on your record for 10 years. Nonethele... [Read More]
Tracked on Feb 7, 2005 3:59:45 PM
