INTERVIEW ON THE PRICE OF BUSINESS SHOW, MEDIA PARTNER OF THIS SITE.
Recently Kevin Price, Host of the nationally syndicated Price of Business Show, interviewed Joseph Meuse.
Price and Meuse discuss some strategies for what businesses should do when banks stop lending.
When banks refrain from lending to businesses, it presents a significant challenge to the economy. Access to credit is vital for business growth and expansion. Here are steps that businesses and policymakers can take in such a situation:
Explore Alternative Financing Options: Look into sources like venture capital, angel investors, crowdfunding, peer-to-peer lending, or business grants.
Strengthen Financial Position: Ensure your financial statements are in good order. This includes having a clear business plan, solid cash flow management, and a demonstrated ability to repay loans.
Diversify Revenue Streams: Find ways to diversify income sources to reduce reliance on traditional bank loans.
Cut Costs and Optimize Operations: Evaluate expenses and see if there are areas where costs can be cut without sacrificing essential operations.
Build Relationships with Community Banks or Credit Unions: Smaller financial institutions might have a different lending approach compared to larger banks. Establishing a relationship with them may lead to better lending opportunities.
Consider Government Programs: Explore government-backed loan programs or grants that may be available to support businesses during challenging economic times.
Remember, these are general suggestions and the effectiveness of each option will depend on specific circumstances, such as the nature of the business, industry, and prevailing economic conditions. Consulting with financial advisors, industry experts, and relevant government agencies can provide tailored advice for your specific situation.
After yearson Wall Street, Joseph Meuse created Business GPS because he was looking to use his experience and business acumen to help struggling businesses. Enter COVID-19, and his company is helping hundreds of businesses get government loans, decrease their commercial rental payments, negotiate their loans to better terms – all on contingency. It is a unique business model, where Business GPS gets paid at the end of the process.
A serial entrepreneur over the past 30 years, Mr. Meuse has started and built over a dozen successful businesses and in the process has also helped thousands of other US companies execute on their business plans. Sectors of experience span financial services, investment banking, accounting and finance, IT, business consulting and legal services, giving Joe a broad perspective on best business practices and how they can be most effectively transferred across categories. As a thought leader in business transformation and financial management, Mr. Meuse has been a regular contributor on TV and radio, including CNN, CNBC and Fox.
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