What if my business faces difficulties and I can’t repay?

Underlying Concerns:

• The prospect is worried about the risk of financial hardship and how it may affect their ability to meet loan repayments if their business faces challenges.
• They may be concerned about penalties, default, or negative impacts on their business if they are unable to repay on time.
• The prospect likely values financial flexibility and wants to know that the lender will be supportive in case of unforeseen circumstances.
• They need reassurance that there are options available to adjust repayment terms or receive assistance if their business experiences difficulties.

How to Tackle the Objection:

1. Acknowledge their concern about repayment: Show empathy and recognize that business can be unpredictable, and cash flow challenges are a common concern for business owners.
2. Emphasize flexible repayment options: Reassure them that your platform offers flexible repayment solutions that can adjust to changing financial situations.
3. Highlight hardship support: Explain any support programs or temporary relief options available, such as deferred payments, reduced installments, or restructuring options.
4. Position yourself as a partner: Reinforce that you’re not just a lender, but a partner invested in their long-term success, and that you’ll work with them to find solutions in tough times.

Sample Script (Detailed and Simple Language):

Prospect: "What if my business faces difficulties and I can’t repay?"

You: "That’s a very valid concern, [Prospect’s Name]. Running a business comes with uncertainties, and cash flow challenges can happen to anyone."

• "One of the things we prioritize is flexibility. If your business ever faces a rough patch, we have options like payment deferrals, temporary reduced installments, and even restructuring plans to help you manage payments in a way that works for you."

• "We understand that our clients are looking for partners, not just lenders. If challenges arise, we’re here to support you and work together on a plan that keeps your business on track. Would you like more information on these options?"

Probing Questions to Engage the Prospect:

• "Are there specific scenarios you’re worried about? We can discuss the flexible solutions we offer for those situations."
• "How important is it to you to have a lender who can offer support during tough times? We find that many of our clients value this partnership approach."
• "Would you feel more comfortable if we went over our hardship programs and how they’re designed to help business owners like you?"

Call to Action:

Offer to go over your flexible repayment options and hardship support programs to show how you’ll work together if they face challenges, providing peace of mind.

Example:
"Let’s take a moment to review our support programs and flexible repayment options. This way, you’ll know exactly how we can help if your business encounters any bumps along the way. Does that sound good?"

Key Points to Emphasize:

1. Flexible Repayment Solutions: Highlight options like payment deferrals, reduced installments, and loan restructuring to show that you offer flexibility if they face cash flow issues.

2. Support Programs for Hardship: Emphasize that your company has support programs designed to assist businesses during challenging times, helping them manage payments without severe penalties.

3. Partnership Approach: Reinforce that you’re not just a lender, but a financial partner invested in their long-term success, willing to work with them to find solutions if difficulties arise.

4. Proactive Assistance: Show that your team is available to provide proactive assistance and guidance, helping them navigate repayment even in tough situations, so they’re not left alone.