How A Bridge Loan Saved My Business
I am a pro-business person and I am always interested in some good and new profitable investing ideas, but you need cash flow in your hands for this otherwise you'll affect your primary business because of some new investments. In the middle of March, I developed an interest about investing in a new business. So, I decided to buy the business as it generates a good profit nowadays. I met the business owner and we discussed the price and eventually agreed on the deal. He asked me for 30% down payment, which I instantly arranged and made the payment as discussed.
When I started to invest in the business for its expansion, it surpassed my budget and I put all my money hiring the best and trained staff. Due to this, I had to skip couple of my monthly installments for which I was liable to the previous owner of the business, who legally had the rights to cancel the contract and keep all the money too. This scared me and honestly I started to accept the worst possible outcome. The owner called me and threatened me several times stating that if I didn't pay before the deadline, he'd cancel the contract and keep all my money too, which would ultimately affect my other business too.
I shared my situation with a couple of my friends and one of them introduced me with this idea of getting a bridge loan from an organization he works for and then repay them when I’ll have the bridge loan's funds. After a week I got the loan and I was able to pay all my outstanding debts towards to the previous owner.
This made me concentrate again on my business and I finally regained peace of mind. After that day I thanked my friend who introduced me to his brother who's work in business tax service and in a couple of weeks I financially got back on track and was able to repay my loan too. I have suggested it to many of my friends who get in financial troubles and this loan helped them get out of this torturing situation too.