What happens if the Business does not repay the Loan?
In case a Business does not fulfill the repayment plan, the MYC4 Staff takes contact to the Business to clarify the situation and try to resolve any issues. If the Loan continues to be mismanaged by the Business, MYC4 will inform the Provider and the Business will not be able to obtain any additional loans until everything has been solved. All Providers are asked to vouch for their Business, which means that Loans not being paid will reflect poorly on the reputation of the Provider. In certain circumstances the MYC4 Staff can seek up the Business and take valuables (collateral) instead of money in repayment. The collateral has been agreed upon when the contract was signed.
