Question
I inherited a forty-year-old business entity involved in customs consultancy and brokerage from my father about three years ago, along with a $250,000 business loan. I took an additional loan of $300,000, and for the past four years, I have been paying approximately 15% interest rate per annum. However, this ongoing pandemic has hit me very hard, and I am unable to keep paying back the EMI (Easy Monthly Installments). I am thinking of liquidating some of my assets to get out. What other alternative routes can I take to keep my business afloat that also leads to me becoming debt-free while holding on to my assets in a densely populated country where investment in assets is always lucrative.
Answer
I would most recommend for you to apply for some grants !
