Banks will lend for tax debts (despite what your branch told you)

A lot of business owners are under the misconception that you can’t get finance when you have tax debt or you can’t get finance to pay out tax debt.

Now, it’s true that the major banks and a number of the second-tier lenders and traditional lenders don’t provide finance to business owners when their business is carrying a tax debt, but, as the difficult market conditions are making it more likely that more business owners are carrying more tax debt, there’s a couple of different things to be aware of.

First, there’s professionals that are there to help you get the best outcome with your tax debt situation. There are specialist consultants who work with your business to negotiate down or negotiate away penalties and interests that you might have incurred.

So that’s step 1, making sure that debt is as low as possible. Step 2 is to know there are lenders that will payout tax debt.

You can also get other forms of finance at the same time as carrying tax debt.

Don’t fall for the misconception just because your local branch has told you there’s no way you’ll get finance anywhere. There are many options to help you.

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