By: Carmen Chai | CreditCards.com | April 21, 2015
Read More, and see what Mike Gomes says about how to recover from debt following a business failure.
You’ve poured your savings, your time and the past few years into your business venture, but it isn’t panning out. Now you’re left with a pile of debt and you’re on the hook to pay employees, investors and the banks.
Eighty-five per cent of small businesses that enter the marketplace survive their first year, according to Nicole Troster, director of provincial affairs for the Canadian Federation of Independent Businesses (CFIB) in Ontario. At the two-year mark, 70 per cent pull through, only 51 per cent of entrepreneurs celebrate their businesses’ five- year anniversary. That’s a lot of Canadian entrepreneur grappling with a loss of a job and sometimes a mountain of debt from small business loans…
