Table of Contents
Aug 19 - Small Capital Loans
During 2020 - 2021 I grew a small business across multiple chamnes to low six figures.
Was extremely happy to finally apply all my years of marketing to a brand.
Then it got complicaed with the supplier and we got screwed over for stock. By screwed over I mean ripped off. Stock not delivered and left with nothing.
During the growth periods we took a few small capital loans that were constantly being pushed.
We paid 90% of them back but today I discovered burried in the contracts a personal gaurantee.
Something I was clearly told was not the case with these loans.
Very frustrating. My mistake.
But I have to move on and pay them myself.
A shit day to put it bluntly.
Never take out capitol loans eBay, Amazon etc. They will tell you there's no personal gaurantee but I can assure you burried deeply in the contract is personal guarantee.
Lesson learned, read every single word or ask a lawyer to read the terms.