Last month I received a letter from one of the banks we use stating that they want to convert our line of credit into a fixed term loan. From what I hear, this is happening to many businesses (because the banks want to cap their exposure to those companies who are supposed to lead the recovery - sarcasm intended!). One of my investors suggested that I call and ask them to lower the rate and extend the maturity for two years. I did, and was told I would get a call back. Well what do you know? I received a new loan agreement for just about everything that I asked for. As your parents used to say, "It doesn’t hurt to ask."
Read more tips on what you can do to mitigate banking (and other economic) issues this year.
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