That’s important: “was on first name basis with VP and loan officer... “
You gotta get a local bank, stick with it and get to know them and them get to know you. Makes a huge difference. From: Jaime Solorza Sent: Thursday, February 3, 2022 5:30 PM To: AnimalFarm Microwave Users Group Subject: Re: [AFMUG] Ot: business loans When I started my company in 1992, I had some large purchase orders from Johnson & Johnson plus GE Capcom which I used to receive loans from bank. Had to get them signed over to bank at first but after a few large orders, the bank gave me a $100,000.00 credit line to get ramped up...Always paid on time and never abused it...was on first name basis with VP and loan officer... Not sure if banks are this open to help small businesses anymore...can't hurt to try....good luck On Thu, Feb 3, 2022, 3:18 PM Steve Jones <thatoneguyst...@gmail.com> wrote: Ive never done business loans before, just mortgage and personal. Do lenders consider contracts to be future revenue? Where is the best type of lender to look for with no business history? The local lender with the mortgages and local personal loans? National lenders? What about if 2021 deatroyed your personal credit to a fair rating, is a business loan even an option even with a contract exceeding the loan amount by 80 percent? Is the sba an actual resource to invest time into for starting something up, or is it like BBB. Aside from the loan question, when getting into underground work (laying pipe, and cablework) what expenses outside labor, insurance, maintenance(vehicle, equipment, staff lodging/per diem, fuel, etc), tax/workmans comp, etc do you come across? If you dont own the duct. -- AF mailing list AF@af.afmug.com http://af.afmug.com/mailman/listinfo/af_af.afmug.com -------------------------------------------------------------------------------- -- AF mailing list AF@af.afmug.com http://af.afmug.com/mailman/listinfo/af_af.afmug.com
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