Anyone who wants to start a business and wants to start into a secure and, above all, financial future in this way has big plans and should know exactly what he is doing. Not only does he have to have a good business idea, he also has to have the necessary financial means. Read http://www.moreshetashkenaz.com/2019/12/20/bad-credit-debt-consolidation-find-a-debt-consolidation-solution-thats-for-you/ for a critique
Unfortunately, this is often not the case in reality. Many start-ups opt for independence out of necessity. They have no chance on the regular job market and therefore try to escape unemployment and the associated lack of opportunities. If you then start your business with debts, you have to think about rescheduling for start-ups.
Via the bank or privately?
Debt restructuring for start-ups is very difficult to get through traditional banks. They are not good at talking to the self-employed and freelancers and do not like to grant a loan if they can show a well-functioning company. If you are still in the process of starting up a business and then want to take out a loan in order to be able to summarize accrued debts, you will hardly be able to find a bank for it.
Debt restructuring for start-ups
Therefore, debt restructuring for start-ups should be carried out privately from the outset. There are private donors who grant loans even when the conditions are not ideal. If you find one and you can convince it of the project, a loan is possible. But be careful: the loan must be serviced regularly. If income does not match and is not sufficient for the loan, new financial problems may arise, which may not be easy to solve. Therefore, you should consider carefully whether debt restructuring is necessary and whether this is the best way.
Otherwise, one can only recommend asking the family to see if help can not be given there. With an interest-free small loan from a close relative, you are usually better served than with a larger loan from outside, which demands a lot of interest and a regular repayment. And with little money you can achieve a lot in an emergency.