Many small regional business are experiencing, or at risk of, financial hardship due to the impacts of drought, bushfires or COVID‑19! We’ve been there, done that on our own farms, in our own businesses. How will it affect your loans? Often a problem sneaks up on you unawares until the bank calls to say you are in default.
You can go to a free rural financial counsellor. The counsellor will deal with your bank more often than with you because they operate in the same town and city for all clients of that bank. But counsellors are extremely helpful and knowledgeable.
GBAC Advisory’s only contact with banks is when we are fighting with them over mistreatment of borrowers. So it does not develop any friendly relationship with bank staff.
Being based away from your area means that your information remains completely confidential. That is one reasons why people in regional Australia have consulted us for over 40 years. Another reason is that we know exactly how banks operate to make super profits out of borrowers because we have specialised in it for over 30 years.
To help get back on their feet, rural & regional businesses can take the following action:
- better understand why the problem has arisen. It is often because of bank failure, not the borrower’s. Sometimes a deliberate trap.
- work to prevent any unreasonable loan recovery action
- connect with government programs and assistance schemes
- identify long-term recovery and loan management options to put to the bank
- negotiate a partial debt write down
- implement plans to improve viability and profitability
- focus on the debt issue
If you would like professional assistance from consultants who have actually successfully RUN farms and businesses, contact Greg or Pat at GBAC .