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

[Ronak]

<div class="bbWrapper"><blockquote data-attributes="member: 28319" data-quote="AgainstAllOdds" data-source="post: 703304" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=703304" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-703304">AgainstAllOdds said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> I went with PNC.<br /> <br /> Most of the banks want 3 years in business or more, which I&#039;m guessing they check based on the LLC incorporation date.<br /> <br /> <br /> <br /> PNC.<br /> <br /> And a 6% rate for business is pretty good. </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> <a href="https://www.pnc.com/en/small-business/borrowing/business-lines-of-credit/choice-credit-for-business-line-of-credit.html" target="_blank" class="link link--external" rel="noopener">PNC Business Banking</a><br /> <br /> According to the website, no collateral required, and only need gross revenue numbers.<br /> <br /> 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&#039;t mention it.<br /> <br /> <br /> <a href="https://www.pnc.com/en/small-business/borrowing/business-lines-of-credit/choice-credit-for-business-line-of-credit.html" target="_blank" class="link link--external" rel="noopener">PNC Business Banking</a></div>

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[Ronak]

<div class="bbWrapper"><blockquote data-attributes="member: 33894" data-quote="IGP" data-source="post: 703986" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=703986" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-703986">IGP said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> If you are drop shipping, fine no problem. But even in an e-commerce business (self-fulfilled) like mine where I send $30K+ to china every month to buy inventory you need credit. I have an Amex platinum and an Amex Gold card to handle my float with an unlimited line of credit. (I say that because they don&#039;t tell you a limit).<br /> <br /> What happens when Q4 rolls around and I want to be prepared for BFCM? Now I need to order $100K worth of product if I really want to smash Q4. <br /> <br /> What if Amex decides that I am only worthy of 50K? Now, I&#039;m screwed. And keep in mind I am small potatoes!<br /> <br /> You don&#039;t understand because you are not speaking from experience. </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> How do you use your AMEX to pay China?</div>

 

[Scot]

<div class="bbWrapper"><blockquote data-attributes="member: 18382" data-quote="Ronak" data-source="post: 706340" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=706340" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-706340">Ronak said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> <a href="https://www.pnc.com/en/small-business/borrowing/business-lines-of-credit/choice-credit-for-business-line-of-credit.html" target="_blank" class="link link--external" rel="nofollow ugc noopener">PNC Business Banking</a><br /> <br /> According to the website, no collateral required, and only need gross revenue numbers.<br /> <br /> 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&#039;t mention it.<br /> <br /> <br /> <a href="https://www.pnc.com/en/small-business/borrowing/business-lines-of-credit/choice-credit-for-business-line-of-credit.html" target="_blank" class="link link--external" rel="nofollow ugc noopener">PNC Business Banking</a> </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> 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.</div>

 

[IGP]

<div class="bbWrapper"><blockquote data-attributes="member: 18382" data-quote="Ronak" data-source="post: 706341" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=706341" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-706341">Ronak said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> How do you use your AMEX to pay China? </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> Hook an AMEX to Paypal and then use that credit card to pay with Paypal if your factory accepts Paypal. <br /> <br /> Bam! - Double or triple points on your inventory costs!<br /> <br /> I typically pay with Paypal, send a wire or use Alibaba if the client insists, in which case I pay with a Visa.</div>

 

[Scot]

<div class="bbWrapper">God, I wish my copacker took PayPal or plastic....</div>

 

[ChrisR]

<div class="bbWrapper"><blockquote data-attributes="member: 41048" data-quote="Scot" data-source="post: 706352" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=706352" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-706352">Scot said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> 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. </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> I tried Chase Bank a few weeks ago and they were totally useless. I was told the only way I&#039;d get approved is if my business was in the medical field. I&#039;ve been banking with them for almost 20 years with credit over 800 and they more or less wouldn&#039;t give me the time of day.</div>

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[IGP]

<div class="bbWrapper"><blockquote data-attributes="member: 52344" data-quote="ChrisR" data-source="post: 706401" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=706401" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-706401">ChrisR said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> I tried Chase Bank a few weeks ago and they were totally useless. I was told the only way I&#039;d get approved is if my business was in the medical field. I&#039;ve been banking with them for almost 20 years with credit over 800 and they more or less wouldn&#039;t give me the time of day. </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> Get a different bank or better negotiating skills.</div>

 

[Matt Dassel]

<div class="bbWrapper">Do you have to be an american or, is it just okay for me to form a LLC?</div>

 

[W. Sabria]

<div class="bbWrapper">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&#039;s good to have. <br /> <br /> Next up is getting one for my business! (While probably start with Chase for this one)</div>

 

[IGP]

<div class="bbWrapper">This just popped up in my Amex account. Seems like they are willing to get people prepared for Q4...<br /> <script class="js-extraPhrases" type="application/json"> { "lightbox_close": "Close", "lightbox_next": "Next", "lightbox_previous": "Previous", "lightbox_error": "The requested content cannot be loaded. Please try again later.", "lightbox_start_slideshow": "Start slideshow", "lightbox_stop_slideshow": "Stop slideshow", "lightbox_full_screen": "Full screen", "lightbox_thumbnails": "Thumbnails", "lightbox_download": "Download", "lightbox_share": "Share", "lightbox_zoom": "Zoom", "lightbox_new_window": "New window", "lightbox_toggle_sidebar": "Toggle sidebar" } </script> <div class="bbImageWrapper js-lbImage" title="hhFLg4O.jpg" data-src="/community/proxy.php?image=https%3A%2F%2Fi.imgur.com%2FhhFLg4O.jpg&amp;hash=e4155b1dc76e8a5785aa440fff8b3599" data-lb-sidebar-href="" data-lb-caption-extra-html="" data-single-image="1"> <img src="/community/proxy.php?image=https%3A%2F%2Fi.imgur.com%2FhhFLg4O.jpg&amp;hash=e4155b1dc76e8a5785aa440fff8b3599" data-url="https://i.imgur.com/hhFLg4O.jpg" class="bbImage" data-zoom-target="1" style="" alt="hhFLg4O.jpg" title="" width="" height="" loading="lazy" /> </div></div>

 

[Scot]

<div class="bbWrapper"><blockquote data-attributes="member: 33894" data-quote="IGP" data-source="post: 707726" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=707726" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-707726">IGP said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> This just popped up in my Amex account. Seems like they are willing to get people prepared for Q4...<br /> <div class="bbImageWrapper js-lbImage" title="hhFLg4O.jpg" data-src="/community/proxy.php?image=https%3A%2F%2Fi.imgur.com%2FhhFLg4O.jpg&amp;hash=e4155b1dc76e8a5785aa440fff8b3599" data-lb-sidebar-href="" data-lb-caption-extra-html="" data-single-image="1"> <img src="/community/proxy.php?image=https%3A%2F%2Fi.imgur.com%2FhhFLg4O.jpg&amp;hash=e4155b1dc76e8a5785aa440fff8b3599" data-url="https://i.imgur.com/hhFLg4O.jpg" class="bbImage" data-zoom-target="1" style="" alt="hhFLg4O.jpg" title="" width="" height="" loading="lazy" /> </div> </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> Hmm.. I didn’t get that one. I hope they send me one though.</div>

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[DrkSide]

<div class="bbWrapper">I&#039;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&#039;t seen any that will do an unsecured line at all. <br /> <br /> 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.<br /> <br /> 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. <br /> 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.<br /> <br /> 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).</div>

 

[Ronak]

<div class="bbWrapper">Just applied for PNC, didn&#039;t take long at all. We&#039;ll see how it goes.</div>

 

[Ronak]

<div class="bbWrapper"><blockquote data-attributes="member: 41048" data-quote="Scot" data-source="post: 706352" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=706352" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-706352">Scot said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> 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. </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> Have you tried the SBDC&#039;s and SCORE chapters around town?<br /> <br /> Also, be careful about going to several banks, everytime they run credit, it dings your score.</div>

 

[Ronak]

<div class="bbWrapper"><a href="https://www.thefastlaneforum.com/community/members/41048/" class="username" data-xf-init="member-tooltip" data-user-id="41048" data-username="@Scot">@Scot</a> <br /> <b><ul> <li data-xf-list-type="ul"><b>Wells Fargo <i>Small Business Advantage</i>® Line of credit:</b> Ideal for businesses in operation for less than 2 years.2</li> </ul></b><br /> Also no collateral. Worth a shot.</div>

 

[Scot]

<div class="bbWrapper"><blockquote data-attributes="member: 18382" data-quote="Ronak" data-source="post: 708058" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=708058" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-708058">Ronak said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> <a href="https://www.thefastlaneforum.com/community/members/41048/" class="username" data-xf-init="member-tooltip" data-user-id="41048" data-username="@Scot">@Scot</a><br /> <br /> <ul> <li data-xf-list-type="ul"><br /> <b><br /> <ul> <li data-xf-list-type="ul"><b>Wells Fargo <i>Small Business Advantage</i>® Line of credit:</b> Ideal for businesses in operation for less than 2 years.2</li> </ul></b></li> </ul>Also no collateral. Worth a shot. </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> <br /> Nice! I’ll check them out if Chase lets me down.</div>

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[Ronak]

<div class="bbWrapper"><blockquote data-attributes="member: 18382" data-quote="Ronak" data-source="post: 708018" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=708018" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-708018">Ronak said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> Just applied for PNC, didn&#039;t take long at all. We&#039;ll see how it goes. </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> Rejected.<br /> <br /> 7 Figures in Revenue, profitable, upward growth trend, in biz 4 years, good personal/biz credit scores, but they cited high utilization on existing credit lines.<br /> <br /> Bummer, wasted a credit pull on these clowns.</div>

 

[Patrickg]

<div class="bbWrapper">I went through chase no problem. FYI there threshold is 100,000 so if you apply for 95,000 let&#039;s say all they want is last years business tax return. Not to bad.</div>

 

[Scot]

<div class="bbWrapper"><blockquote data-attributes="member: 43938" data-quote="Patrickg" data-source="post: 708915" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=708915" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-708915">Patrickg said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> I went through chase no problem. FYI there threshold is 100,000 so if you apply for 95,000 let&#039;s say all they want is last years business tax return. Not to bad. </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> How long did it take to get a reply? It’s been 6 business days waiting on the underwriter.</div>

 

[Patrickg]

<div class="bbWrapper"><blockquote data-attributes="member: 41048" data-quote="Scot" data-source="post: 708939" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=708939" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-708939">Scot said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> How long did it take to get a reply? It’s been 6 business days waiting on the underwriter. </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> I can&#039;t remember exactly but it was over a<br /> Week.</div>

 

[Scot]

<div class="bbWrapper">Chase just told me to eff off too. <br /> <br /> That’s 3 now.</div>

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[Patrickg]

<div class="bbWrapper"><blockquote data-attributes="member: 41048" data-quote="Scot" data-source="post: 709954" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=709954" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-709954">Scot said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> Chase just told me to eff off too.<br /> <br /> That’s 3 now. </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> <br /> Thats odd.. I did request that much so maybe thats the difference.</div>

 

[ChrisR]

<div class="bbWrapper"><blockquote data-attributes="member: 41048" data-quote="Scot" data-source="post: 709954" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=709954" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-709954">Scot said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> Chase just told me to eff off too.<br /> <br /> That’s 3 now. </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> I guess we need to get a different bank or better negotiating skills ... <img src="/community/imgs/emoticons/em-devious.png" class="smilie" loading="lazy" alt=":smuggy:" title="Smug Grin :smuggy:" data-shortname=":smuggy:" /></div>

 

[luniac]

<div class="bbWrapper">taking out a loan scares the hell out of me, like gettin my legs broken.</div>

 

[Scot]

<div class="bbWrapper"><blockquote data-attributes="member: 52344" data-quote="ChrisR" data-source="post: 710011" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=710011" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-710011">ChrisR said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> I guess we need to get a different bank or better negotiating skills ... <img src="/community/imgs/emoticons/em-devious.png" class="smilie" loading="lazy" alt=":smuggy:" title="Smug Grin :smuggy:" data-shortname=":smuggy:" /> </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> Negotiating skills mean jack when the underwriter is a faceless drone in some corporate cubicle farm who you don’t get access to. <br /> <br /> Question to the thread. Who here has actually successfully obtained a LoC with a business less than 1 year old and less than $100k in revenue?</div>

 

[Vigilante]

<div class="bbWrapper">If your business with Amazon is ever significant enough... I used Amazon Lending. Their interest rates were egregious but the approval process was almost instantaneous. At the maximum I had extended over six figures only secured probably buy the Amazon FBA inventory that I had at the time. It was very expensive but very easy. However, you have to wait for them to offer it to you. There are no restrictions on how you could use the money. <br /> <br /> When I sold the company one of the terms of sale was at the purchaser paid off the Amazon lending agreement. <br /> <br /> This won&#039;t be a solution for a lot of people but for those of you who have a significant Amazon Centric business this was very easy access to Capital.</div>

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[IGP]

<div class="bbWrapper"><blockquote data-attributes="member: 8202" data-quote="Vigilante" data-source="post: 710061" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=710061" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-710061">Vigilante said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> If your business with Amazon is ever significant enough... I used Amazon Lending. Their interest rates were egregious but the approval process was almost instantaneous. At the maximum I had extended over six figures only secured probably buy the Amazon FBA inventory that I had at the time. It was very expensive but very easy. However, you have to wait for them to offer it to you. There are no restrictions on how you could use the money. <br /> <br /> When I sold the company one of the terms of sale was at the purchaser paid off the Amazon lending agreement. <br /> <br /> This won&#039;t be a solution for a lot of people but for those of you who have a significant Amazon Centric business this was very easy access to Capital. </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> Same with Shopify. If you are doing decent volume, they will lend you the money and take a percentage off your sale until it is paid back. The rates were terrible though.<br /> <br /> Paypal has sent me lending offers as well.</div>

 

[IGP]

<div class="bbWrapper"><blockquote data-attributes="member: 41048" data-quote="Scot" data-source="post: 710059" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=710059" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-710059">Scot said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> Negotiating skills mean jack when the underwriter is a faceless drone in some corporate cubicle farm who you don’t get access to.<br /> <br /> Question to the thread. Who here has actually successfully obtained a LoC with a business less than 1 year old and less than $100k in revenue? </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> Are you actually going into the bank to talk to a banker or are you applying online? <br /> <br /> If you are applying online to a faceless drone of course you have no negotiating opportunities as you are not even talking to someone.<br /> <br /> If you have any collateral (a home for example) and you go in and talk to someone at your bank with whom you have a mortgage, that&#039;s going to increase your chances in a big way. <br /> <br /> It may be you have to personally guarantee it or provide some other collateral, but at least you have the opportunity to talk and negotiate.</div>

 

[Scot]

<div class="bbWrapper"><blockquote data-attributes="member: 33894" data-quote="IGP" data-source="post: 710070" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=710070" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-710070">IGP said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> Are you actually going into the bank to talk to a banker or are you applying online?<br /> <br /> If you are applying online to a faceless drone of course you have no negotiating opportunities as you are not even talking to someone.<br /> <br /> If you have any collateral (a home for example) and you go in and talk to someone at your bank with whom you have a mortgage, that&#039;s going to increase your chances in a big way.<br /> <br /> It may be you have to personally guarantee it or provide some other collateral, but at least you have the opportunity to talk and negotiate. </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> Chase doesn’t have in house underwriters. I had meetings with the area business liaison and the local branch business banker. The banker actually uses my dressing and is on my diet. Trust me, they were sold. But then LoC gets handed off to a random processor who hands it off to the underwriter. No one that I’m actually able to talk with has any influence on the decision. <br /> <br /> I personally guaranteed the LoC. But time in business and revenue were cited as the reasons for denial. <br /> <br /> I guess I need to start talking to local banks that only have a couple of branches.</div>

 

[IGP]

<div class="bbWrapper"><blockquote data-attributes="member: 41048" data-quote="Scot" data-source="post: 710075" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=710075" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-710075">Scot said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> Chase doesn’t have in house underwriters. I had meetings with the area business liaison and the local branch business banker. The banker actually uses my dressing and is on my diet. Trust me, they were sold. But then LoC gets handed off to a random processor who hands it off to the underwriter. No one that I’m actually able to talk with has any influence on the decision.<br /> <br /> I personally guaranteed the LoC. But time in business and revenue were cited as the reasons for denial.<br /> <br /> I guess I need to start talking to local banks that only have a couple of branches. </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> Ya, that&#039;s probably a good idea. Another alternative is personal lending if you know any one that has a private equity company maybe they will give you a shot, although they typically look for juicy deals.</div>