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Good news! I survived my first two years in business for myself, and am actually doing okay right now. Some new pricing packages have really saved me in this economy.
When I purchased the business, I had to pay a higher interest rate for the loan. Now that I’ve been in business for two years, I thought I would look at a new business loan to replace the old one at a much better interest rate. Not to mention, that would significantly improve my cashflow, since I’ve paid down the loan over the years.
I have the income and perfect credit, so in theory, banks should be willing to talk to me. My own bank referred me to their “work out†department for proactive borrowers to see if we could restructure the loan payments to be more favorable. They said they’d get back to me in 7-10 days.
To be honest, while that would be an ideal solution, they seemed rather disinterested in helping me out. Not to mention, I’d rather be proactive and seek offers from other banks.
Is this even possible? Or are the credit markets still too frozen for even someone with perfect credit like me? If not, then where can I find a bank that will take me more seriously? I’d rather have a referral, instead of relying on google.
Thanks a lot.
When I purchased the business, I had to pay a higher interest rate for the loan. Now that I’ve been in business for two years, I thought I would look at a new business loan to replace the old one at a much better interest rate. Not to mention, that would significantly improve my cashflow, since I’ve paid down the loan over the years.
I have the income and perfect credit, so in theory, banks should be willing to talk to me. My own bank referred me to their “work out†department for proactive borrowers to see if we could restructure the loan payments to be more favorable. They said they’d get back to me in 7-10 days.
To be honest, while that would be an ideal solution, they seemed rather disinterested in helping me out. Not to mention, I’d rather be proactive and seek offers from other banks.
Is this even possible? Or are the credit markets still too frozen for even someone with perfect credit like me? If not, then where can I find a bank that will take me more seriously? I’d rather have a referral, instead of relying on google.
Thanks a lot.
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