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Stop what you're doing. Get a line of credit.

Discussion in 'General Entrepreneur Discussion' started by AgainstAllOdds, Jun 25, 2018.

  1. Ungodly
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    Ungodly Tom Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    Update: 2 weeks later, still no final response from PNC. I've never made a credit request and had to wait this long for a response. I did receive email correspondence from a loan closing officer, but she said it should be by end of this week. At this point, I'm not counting on it.

    @ApparentHorizon do you know if there is a good resource anywhere to find banks that have opened recently?
     
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  2. ChrisR
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    ChrisR Wolves Don’t Lose Sleep Over The Opinions of Sheep Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I just gave em (PNC) a call a few days ago. Found out really quick that they didn't serve my area. No big deal.

    I'm going to stop by a Wells Fargo sometime this week and see how that goes.
     
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  3. ApparentHorizon
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    ApparentHorizon Gold Contributor Speedway Pass

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    Your local business journal/newspaper.

    For example, we just had United Community Bank move into Spartanburg, and looks like they're acquiring in your area:

    https://upstatebusinessjournal.com/united-community-bank-makes-move-raleigh/

    They're aggressively expanding, so might be worth checking out.
     
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  4. Ungodly
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    Ungodly Tom Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    Lol interestingly enough the branch I went to was a former Four Oaks Bank that was acquired by them. That was actually the guy that didn't even know they offered a BLoC!

    He did call me back the next day though, limit was $25k and the fees were pretty bad from what I remember from the voicemail.
     
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  5. ApparentHorizon
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    ApparentHorizon Gold Contributor Speedway Pass

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    The rates are flexible, regardless of how long they've been around.

    The guy sounds like a baboon, but even a monkey reaches out of the cage when offered a banana.
     
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  6. Ronak
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    Ronak Silver Contributor FASTLANE INSIDER Speedway Pass

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    PNC Business Banking

    According to the website, no collateral required, and only need gross revenue numbers.

    Was this your experience, or did they ask for detailed financials? The local banker here seemed to think docs were required even though the website doesn't mention it.


    PNC Business Banking
     
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  7. Ronak
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    Ronak Silver Contributor FASTLANE INSIDER Speedway Pass

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    How do you use your AMEX to pay China?
     
  8. Scot
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    Scot Ductus Exemplo Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Any local banks you know of? Suncoast Credit Union turned me down. Meeting with my Chase banker tomorrow. But have a feeling I’ll probsbly go through several banks before one approves me.
     
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  9. IGP
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    IGP Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Hook an AMEX to Paypal and then use that credit card to pay with Paypal if your factory accepts Paypal.

    Bam! - Double or triple points on your inventory costs!

    I typically pay with Paypal, send a wire or use Alibaba if the client insists, in which case I pay with a Visa.
     
  10. Scot
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    Scot Ductus Exemplo Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    God, I wish my copacker took PayPal or plastic....
     
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  11. ChrisR
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    ChrisR Wolves Don’t Lose Sleep Over The Opinions of Sheep Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I tried Chase Bank a few weeks ago and they were totally useless. I was told the only way I'd get approved is if my business was in the medical field. I've been banking with them for almost 20 years with credit over 800 and they more or less wouldn't give me the time of day.
     
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  12. IGP
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    IGP Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Get a different bank or better negotiating skills.
     
  13. Matt Dassel
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    Matt Dassel New Contributor

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    Do you have to be an american or, is it just okay for me to form a LLC?
     
  14. W. Sabria
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    W. Sabria New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    I used Citibank for a Personal Line of Credit. I applied via phone and got approved right away. The whole process took about an hour. They gave me a variable interest rate of 11.49%. I may not end up using this, but I agree it's good to have.

    Next up is getting one for my business! (While probably start with Chase for this one)
     
  15. IGP
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    IGP Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    This just popped up in my Amex account. Seems like they are willing to get people prepared for Q4...
    [​IMG]
     
  16. Scot
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    Scot Ductus Exemplo Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Hmm.. I didn’t get that one. I hope they send me one though.
     
  17. DrkSide
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    DrkSide Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    I've got a couple LOCs for a couple different businesses. They have been invaluable for growth and are a great tool. Most banks will want some type of collateral when you get one and I haven't seen any that will do an unsecured line at all.

    Inventory Secured: Line secured by the value of the inventory. I have one now that will cover 50% of my cost of the inventory. If I want to purchase 50k I only have to have 25k of my own cash for the order. Working with a bank now that will go up to 80% of the cost.

    Real Estate Secured: Line secured by the property. Line is dependent on the value of the property but there are no restrictions for using the money. Working on a master line right now where the bank will add in the value of new properties to the line instead of having multiple lines.
    IE. Purchase a property for 60k cash (pulled from line of credit) and the bank appraisal comes in at 75k. They will add 63.75k to my line (85% of appraisal) so I can purchase the next property.

    For those of you that just have credit cards. Look at a service called Plastiq that allows you to pay with a credit card even where they are not accepted. You can even pay suppliers overseas with it. The drawback is a 2.5% fee (which can somewhat be negated with a 2% cash back rewards card).
     
  18. Ronak
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    Ronak Silver Contributor FASTLANE INSIDER Speedway Pass

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    Just applied for PNC, didn't take long at all. We'll see how it goes.
     
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  19. Ronak
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    Ronak Silver Contributor FASTLANE INSIDER Speedway Pass

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    Have you tried the SBDC's and SCORE chapters around town?

    Also, be careful about going to several banks, everytime they run credit, it dings your score.
     
  20. Ronak
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    Ronak Silver Contributor FASTLANE INSIDER Speedway Pass

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    @Scot
    • Wells Fargo Small Business Advantage® Line of credit: Ideal for businesses in operation for less than 2 years.2

    Also no collateral. Worth a shot.
     
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  21. Scot
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    Scot Ductus Exemplo Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Nice! I’ll check them out if Chase lets me down.
     
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