Between 2020 and 2023, U.S. small business debt rose from $1.24 trillion to $1.92 trillion; a projected 55% increase in average business debt. Bankruptcies also increased, from a historic low at 4,642 filings in 2020 to a projected 9,655 in 2023 – a whooping 107.9% increase in bankruptcy filings. These trends underscore the financial strain on small businesses and the urgent need for effective debt management and to eliminate business debt.

The American Bankruptcy Institute’s 2020-2023 report shows retail, hospitality, and tourism were the hardest-hit sectors, with retail alone accounting for 35% of business bankruptcies. Hospitality and restaurants made up 25%, while travel and tourism accounted for nearly 20%. Around 67% of small businesses reported a 32% drop in revenues and more than 2/3 of those business have increased annual cost increase. Rising interest rates and tighter credit led to loan approval rates dropping from 28% to 19%, creating additional financial challenges and halting business relief.

From 2020 to 2023, businesses seeking debt adjustment rose from 127,400 to 296,500. Debt adjustment saved businesses an average of $187,000 each. The sectors most reliant on debt adjustment were retail (28%), hospitality (22%), and manufacturing (18%), underscoring pandemic recovery challenges. Meanwhile, businesses received an average of 7.4 creditor contacts monthly, primarily related to bank loans (43%), credit cards (28%), and equipment loans (18%).

With Business Debt Adjusters (BDA), you’ll have expert guidance at every stage of your debt relief journey, ensuring customized strategies to manage and reduce your business debt effectively. These comprehensive services prioritize your financial stability, offering support tailored to your unique business needs.

1. Debt Evaluation – BDA helps you understand what’s contributing to your business debt and creates a customized relief plan to match your needs.

2. Negotiation with Creditors – Skilled negotiators work with creditors to help adjust terms, reduce interest rates, and lower monthly payments.

3. Cash Flow Support – BDA ensures you have a cash flow plan to cover expenses and support growth.

4. Guidance with Relief Programs – If you qualify, BDA assists with programs like the Small Business Debt Relief Program, simplifying the application process and making sure you don’t miss out on opportunities.

5. Ongoing Support – Debt management isn’t a one-time fix. BDA offers continuous guidance to keep your finances on track and avoid future debt.

With BDA’s help, you gain a practical, stress-free path to manage your debt. Our expert’s guidance ensures every step is tailored to fit your business needs

– Immediate Relief – Relief programs offer a breather to focus on business.

– Cost Savings – BDA negotiates to reduce rates and fees, helping save money over time.

– Clear Path to Growth – BDA’s support helps you plan for growth without debt concerns.

– Greater Stability – Financial planning and cash flow management support long-term success.

– Professional Guidance – BDA offers experienced advice to help you keep control of your business finances

Running a business shouldn’t be that complicated if debt is the least of your problems. Let BDA handle this for you.