what if there are no loans available at fair interest rates?
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I want a detailed example of someone that couldn't get financing
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k, here's one from the brick and mortar comic store. shop founded in 2005, operated under original owner until 2009. rough patch happens, three consecutive loss months, store would go under without a loan to covering operating costs until recovery...
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original owner can't get loan. instead, find's a buyer, sells the whole business. new owner comes in and takes over, makes a few cosmetic changes but mostly runs the shop as is. 2 months later rough patch ends, store becomes profitable again.
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a relatively small loan would have kept the original owner in place. the sale to new owner was at a distressed price (for obvious reasons) and original owner would have been better off with a loan if it had been available.
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under normal circumstances he might have been able to get a loan. this all went down in 2009 when the credit market was dry and tight so for reasons having nothing much to do with the business itself he kinda got a raw deal.
End of conversation
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