The Poor Memories of The Recession
During recessionary times, there are many moments when you feel that there could be a shutdown point for your company or organization. It also happened to me several times during the days of the recent recession. I still remember when I was facing a huge trouble as my the company, which was liable to pay me my income, went bankrupt and I was left penniless at the time when I had to make further payments to another company to whom I owed a lot of money.
Those days were bareyly short of a nightmare and I forgot what a good night's sleep was. My husband was also unemployed at that time and he was not in a position to help me financing my company for some temporary period even. In these hard days, there was just one thing that helped me and took me out of my agony and fear and that was a private loan. After a meeting with someone who work in accounting montreal, I contacted a company that provides corporations with these differents of loans, they guided me through all the pros and cons of taking a bridge loan.
They informed me that I wouldn’t have to pay any installment for the first four months after taking the loan. However, the interest rate would accumulate for that period. The interest rate was quite high considering the market interest rate for other services such as mortgages etc. However, in my condition, I was happy to pay high interest as I needed to pay the company my due share. The other company which got bankrupt was on sale and they told me that I would be paid with my money after a period of three months. In this way I was in a good position to take this loan and after three months when I will get my money from bankrupt company, I would be able to pay back the bridge loan.
I sorted out that in the current scenario and keeping in mind the recession; it was a good deal to go for. Hence, I signed it out and paid all my liabilities. I was such a relieved person that day. Soon when I received my due share from the bankrupt company, I started to pay the installments back for the loan I took. I raised good profits in the coming months from my business, and I was easily able to pay the principal and interest of the bridge loan in the given time.