From the last man on the street to heads of governments, the general opinion is that the economy will improve only when small businesses start contributing to the economy again.
The contribution of small businesses in terms of income earned and individuals employed is the lowest in the past few decades.
This is the primary reason why the nation is finding it very difficult to come out of the recession.
What can you do to get your small business back up and running? The first and most important step to take is to find ways to get rid of excess debt.
Unlike big companies, you probably do not have the assets necessary to take huge loans without any problems.
You probably have to rely on your credit cards and small hand loans to keep your business running.
Trying to repay your debts in full is an admirable instinct.
However, such an approach is only one to lead to more complications.
You need the income you earn to invest in your business.
You cannot afford to keep repaying older debts out of the same.
Sooner or later, a small financial emergency will push you towards bankruptcy and you, your lender and the nation will end up on the losing side.
In such a scenario, the smartest option is to contact your lender and seek debt settlement.
Settlement involves reduction of your existing debt by more than fifty to seventy percent.
You have the option of contacting your lenders directly or through debt settlement companies.
If you rely on settlement companies, they will negotiate with lenders on your behalf and your small business debt will come down by a significant percentage.
In return, you will have to repay the balance amount on time and pay the fees owed to the settlement company.
You can also check out other remedies and options like debt consolidation, conversion of unsecured loan into secured loan, debt holiday, loan moratorium and interest holidays.
However, all these measures will not eliminate small business debt.
You will only get additional time to repay the debt.
In case of debt elimination by debt waiver, you will get immediate and instant relief.