All, On Thu, Apr 25, 2013 at 3:42 PM, Jerome Chang <[email protected]>wrote:
> Oh, I of course totally agree we aren't just a subleasing businesses but > banks and govt policies do not understand us. And we all know to convince > those two institutions to update their policies will take forever. > >From a dollars and cents perspective however that is exactly what most coworking does. Sublease real estate to business. While many facilities do a lot more than that in reality on paper as a business the bank sees where revenues come from and expenses go to only. Gangplank did a sizable SBA loan through Wells Fargo to purchase a building. It is imperative that you have a solid, knowledgeable banker as well as good business advocates to lean on. We spent an enormous amount of time with our banker getting them to understand what we do. If he had not spent a lot of time with and in our space it would have never made it past the banks internal team. Once they were able to grok it they helped coach us the right words to use and those to avoid in dealing with the SBA approval. It was a grueling process and more than once we thought it was going to fall a part before it all finally came together. Moral of the story get good partners who want to understand you and do NOT give up. Wells Fargo was chosen out of about 12 different bank we interviewed. We knew we needed someone that would be going to bat for us. -- Derek Neighbors http://derekneighbors.com Mobile: 480-335-9746 Connect With Me Linked In : http://linkedin.com/in/dneighbors Twitter : http://twitter.com/dneighbors -- Visit this forum on the web at http://discuss.coworking.com --- You received this message because you are subscribed to the Google Groups "Coworking" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. For more options, visit https://groups.google.com/groups/opt_out.
