CNNMoney tells story of a small cash-strapped distributor
CNNMoney.com has a story today about how small business owners are cutting their budgets to the bone in order to survive in a brutal economy. Much of the story focuses on Bonnie Ina, the owner of a small plastics distribution business in the Cleveland area, who "has been transferring her own paychecks to her MasterCard to pay down business debt." Ina says she has been waiting for two years for the economy to turn around. "If I can't get a loan for the company, I'll have to file for bankruptcy," Ina told CNNMoney.com. "I can't afford payments and if I don't get help somewhere, my next step is welfare." She says some customers have cancelled purchase orders. Some customers that used to pay their debts in 30 days now take twice as long. Thanks to Scott Suttell, managing editor of our sister paper Crain's Cleveland Business, for discovering this story in his Editor's Choice blog today.
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