CORONAVIRUS LOAN FOR BUSINESS

CORONAVIRUS LOAN FOR BUSINESS

BUSINESS LOAN FOR ENTREPRISE AFFECTED BY CORONAVIRUS
LENDING SUPPORT FOR CORONAVIRUS BUSINESS INTERRUPTION
LOAN RESCUE PACKAGE FOR BUSINESS SELF-EMPLOYED

A coronavirus loan rescue for business consists of a lending facility which is dedicated to finance the needs of small and middle entreprises which are affected by the coronavirus crisis.

The coronavirus loan facility is part the governments plan to give support to the companies who can obtain any credit approval from classical banks because of their financial situations.

Financing a small or middle company in time of the coronavirus is becoming part of the loan emergency program several states worldwide are putting in place with the objective to save their economies and avoid a strong recession.

A coronavirus lending facility for a business who is suffering under the strong impact of turnover deterioration while the costs level is maintained, is high priority as there is a risk to see the unemployment rate exploding.

A loan the self-employed impacted by the coronavirus is a financing facility for entrepreneur which is specially adapted to the economic situation caused by the corona pandemy.

The loan for entrepreneur suffering from the business fallout from the coronavirus aims to provide financial assistance to cope with the period of cessation of their professional activities or the lack of income due to the confinement of the population.

WHAT TYPES OF CREDIT ARE AVAILABLE FOR INDEPENDENT BUSINESS PEOPLE IMPACTED BY CORONAVIRUS ?

A financing for entrepreneurs affected by the economic effects of the coronavirus can take several forms:

  • Renegotiation of existing credits.

  • Loan consolidation of outstanding lendong facilities.

  • Professional microcredit for independent business people.

  • Leasing for entrepreneur.

  • Private loan for self-employed.

HOW TO DEAL WITH THE REIMBURSEMENT OF AN EXISTING LOAN UNDER THE ECONOMIC DEVASTATOR EFFECT OF CORONAVIRUS?

A loan for the self-employed even with the business being impacted through the coronavirus must be reimbursed to the lending bank, which poses a problem when the professional activity is interrupted and the income is no longer sufficient to be able to repay the loans contracted.

The loan for any professional affected by the effects of coronavirus must, in view of the difficulties, be renegotiated with the lending institution in order not to have to deal with financial asphyxiation or any lawsuits.

In view of the catastrophic financial fallout due to the coronavirus, an entrepreneur or a self-employed worker should take the initiative by proposing a repayment plan to his bank, suggesting a grace period:

  • Stop paying the principal.

  • Pay only the interest.

This shall give some financial oxygen to the business people while waiting for the situation to improve from an economic point of view.

MICROCREDIT FOR ENTREPRENEUR FACING CORONAVIRUS

A microcredit for the self-employed or entrepreneur who has financial problems due to the coronavirus is defined as a financing solution which will allow him to finance his expenses and also to survive financially until his activity resumes.

The coronavirus microcredit is a solution particularly well suited to an entrepreneur who no longer has the possibility of accessing any lending from banks due to his financial precarity.

Microfinance for professionals whose activity has been damaged by the coronavirus, will compensate for the shortfall through an injection of funds in the context of a company's rescue.

A coronavirus microcredit for self-employed does not aim to play the role of a debt consolidation nor a personal loan but to contribute to the banking and financial inclusion of entrepreneurs which has been hardly hit by the economic crisis generated through the coronavirus

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