SME Owners Dipping into Personal Loans Are At Risk of Debt
By Administrator 16 December, 2015
According to a report by the Australian Small Business Commissioner, Mark Brennan, access to finance is a significant barrier for many Australian business owners.
SME entrepreneurs, in particular, are increasingly turning to their personal finances to fund their ventures. Many have been forced to use their own credit cards and personal loans to finance their company operations.
Starting and running a business can be incredibly tough on company cash flow and finance, especially for start-ups. Too often, this struggle to balance the business’s finances leads to difficulties with personal finance, with personal debt becoming a problem for many.
Small business owners often need to borrow against personal assets such as the family home, or dip into personal savings, in order to support their enterprises. At times, individuals may even need to borrow from family and friends.
If you are struggling financially because of your company, the personal insolvency experts at Debt Free Australia (DFA) can help you explore your options.
As an individual debtor, you have many options, including entering into a debt agreement or personal insolvency agreement, or in some scenarios, filing for bankruptcy.
In less serious situations, you can simply seek professional financial advice. To get professional debt assistance or receive free confidential advice, fill out our enquiry form or call our expert personal debt advisors now on 1800 676 598.