String&stick
WKR
- Joined
- Jan 16, 2018
- Messages
- 1,034
I started a construction business this last year. I haven't made any money yet due to the debt associated with doing it. I sure hope people keep building and remodeling or, its going to turn out as the poster child for the bad timing. I also started a landscaping business buying two crews worth of equipment. Mowers, blowers, trimmers, edgers, trailers, trucks, etc.... I sure hope people can afford to still have this service as it will turn out as the poster child for filing bankruptcy if not. Whatever happens, happens. I can't do a thing about it if things don't improve except start over.
It is interesting to me that I have yet to hear of any major creditors saying they will work with borrowers at this point. If we were to get lucky and contain this to the areas being impacted the worse now, I don't suspect there would be much grace given in other areas. Even though the scare of this alone has already damaged these kinds of services every where. If this went away tomorrow, small business would feel the impacts for years as is. It doesn't look good.
WV, I work at a community Bank that is Heavily involved with AG. We called all of our customers Friday. (Ag, commercial, and as many consumers as possible). Our message was, if we haven't had trust and reliability problems with you before we are going to walk through this and figure it out. If we have had issues in the past with you, (lying, habitually late during good times, etc.) You need to figure out your game plan, because we will be to busy working with the good customers to worry about those that were on the road to failure during good times or just weren't honest.
Overall if you are financed with a community bank I think they will do all they can to help you as you are the lifeblood of their business. Hell maybe they will have you care for their lawns. But if you borrow from a big national chain, it's anybody's guess how they will respond.