We have a local bank that was willing to do a 5 year loan for working capital on a fiber build that was partially grant funded. 5% interest. Maybe we got lucky but we had our books in order and had done a projected cashflow study as part of the grant and they easily understood why the project and loan made sense.
On Mon, Feb 7, 2022 at 9:51 AM Josh Luthman <[email protected]> wrote: > > There's only one business loan writer at the "local" bank here (Wright Patt > Credit Union). We went to baseball games, we'd talk when we walked past each > other, done several vehicle loans, had a line of credit for years after it > was supposed to have closed. > > She went from $30k unsecured for a building loan to getting it rejected by > the committee. She was clearly upset with them and was debating about > leaving them after the last ~18 months. This was the middle of 2021 when > they had a huge hard on for PPP loans. They didn't even want to lend money > to buy land and a building. > > Even if you know them personally, there's some sort of stop gap. > > Moral of the story, fiber building means Live Oak Bank and maybe CoBack in > the future as far as I'm concerned. > > On Fri, Feb 4, 2022 at 3:15 PM Chuck McCown via AF <[email protected]> wrote: >> >> OK, my “local” bank is pretty large. Zions. But we do know the local >> branch manager, and all the employees. I don’t deal with the small truly >> local banks. I will amend this to you should get to know your banker. >> >> From: Mark Radabaugh >> Sent: Friday, February 4, 2022 12:47 PM >> To: AnimalFarm Microwave Users Group >> Subject: Re: [AFMUG] Ot: business loans >> >> 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 >> >> >> ________________________________ >> -- >> 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 >> >> >> >> ________________________________ >> -- >> 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 > > -- > 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
