Tried that myself, in the end it wasn’t worth a shit. Probably spent 15 years grooming a local bank. They were more than happy to take our deposits, give us auto and real estate loans but when it came to fiber it was a completely different story.
In the end they were worthless. Ended up going with Live Oak, who has been great to work with. Skip the local guys - they don’t understand anything that isn’t real estate or vehicles. Get your books in order, do proper accrual accounting, quit expensing everything, and go find a bank that knows the industry. Stop wasting your time with the idiots. Mark > On Feb 3, 2022, at 9:00 PM, Chuck McCown via AF <[email protected]> wrote: > > 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 <[email protected] <>> 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 > [email protected] <> > http://af.afmug.com/mailman/listinfo/af_af.afmug.com > <http://af.afmug.com/mailman/listinfo/af_af.afmug.com> > > -- > AF mailing list > [email protected] > http://af.afmug.com/mailman/listinfo/af_af.afmug.com > -- > AF mailing list > [email protected] > http://af.afmug.com/mailman/listinfo/af_af.afmug.com
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