Business Related

Trying to Help Veterans But Business Debt is Dragging Me Under

Written by Charles Evans


Dear Charles,

Started a new business with the government to help veterans stay in their own home in 2008 After tens years this looks like our first failed payroll. We have 2 business loans to help pay our business expense but that has added to our problem since we have to delay payment to them.

Any suggestions on how to continue without timely payment from the government this year? We might have to close our doors since the government is in control and severely stalls on payment for services.

Damon Day - Pro Debt Coach



Dear Steve,

I’ll need more information to help answer your question. “Business Loan” is just too broad a category; so let’s narrow it down.

But before we start let’s look at one big question:

1) If the terms of the loans were different [i.e. lower monthly payments], would you be profitable and be able to stay in business?

Maybe you know the answer right off the bat but if you need help figuring it out, talk with a Small Business Development Center [SBDC] near you. SBDC’s offer free high-quality business counseling. They are typically located on college campuses and are staffed by professional business counselors. You can find your closest location here.

Ok, onto the questions about your specific loans [without sharing personal information or bank names]:

2) What is the amount [ how much do you owe], approximate interest or APR, length [or term] and the monthly payment of each loan?

3) About how long have you had the loans?

4) What type of loans are they? Examples would be Line of credit, SBA, receivables purchase, cash advance [MCA] and/or a business term loan [from a known bank or credit union].

5) Are any of the loans a daily or weekly withdrawal?

6) Do you a have other business debts like Vendors, Credit cards or equipment?

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Answer those questions in the comments section below and we’re off to a good start.


Charles Evans


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

About the author

Charles Evans

Charles Evans is Director of Business Development for Corporate Turnaround and in Paramus, NJ.

Since 2002, he has trained thousands of business counselors with both SCORE and the ASBDC [Association of Small Business Development Centers] on exactly how to manage and pay back crushing business debt as an alternative to business bankruptcy. He also serves on his regional Small Business Development Center Board and served as Executive Marketing Chair for the Bergen County NJ Workforce Development Board.

Charles can be reached at Charles can be reached at


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