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gotmike

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    saint petersburg, fl
  1. Just an FYI on Accion (http://us.accion.org / 866-245-0783) - talked to them today. they don't offer LOCs, only term loans. So depending on your need, they may work or not. Also, Lendio seems to be an "aggregator" which is less useful in my mind and goes down the path of the "online lenders" which tend to have crazy high APRs and are closer to loansharks than anything else.
  2. I have searched and don't see much on this board about getting Small Business Lines of Credit (LOCs) or even term loans. A few mentions here and there, but nothing substantial. For virtually all small businesses (under $5mm revenue) I imagine there will be some level of a Personal Guarantee required, but I feel like this community can add more to the transparency of the process. There are lots of national banks that have programs in the $50-100k range which are great tools and way cheaper than using credit cards. I'm headed down this road now and it would be great if some people could share their successes and failures with different banks so the rest of us can be more efficient in our processes. Here is what I've found so far... Bank of America - If you bank with BofA, they will offer you a LOC up to $100k and only require ONE PG, which is a substantial difference from virtually every other lender. The application is extremely simple, takes less than 5mins but you have to do in the office with a banker. This is a streamlined product and any additional docs required will be specified by the underwriter, but is essentially a stated LOC with minimal/low documentation. IberiaBank - They apparently have a "stated LOC" as well and will fund up to 10% of your revenue, up to $50k under this program. Rates are a bit higher, Prime + 3.75-4.75%. Other than stating income, they require no docs. They will pull credit on any owners over 20% but didn't share with me any score requirements. Thus far, most lenders have told me "high 600s" is kindof the floor for a traditional bank unless it's a relationship/local bank that will buy-in to your story. I've got calls into some other folks and will try to update this thread with what I find out, but these are the two best options I have found thus far. So far, almost every lender I have talked to will: - need 2-3 years of company and personal tax returns from all 20%+ owners - run credit on all 20%+ owners, and must be in the 700-ish range - require business AND PERSONAL financial statements on all 20%+ owners - not care about "co-signers" or "managers" of the biz, but instead are concerned with "owners". this may be a problem if you have investors >20%. The documentation can be extensive. In the sub-$250k range, they all seem to consider these loans more personal loans than business loans. I'm not exactly sure when it becomes a business loan, but probably when it's unreasonably large to expect someone to pay back personally. Maybe $1mm or more. I also read that with banks, PGs can be negotiated at some point. Instead of just "yes" or "no" you can put limits on them or have them burn off after a certain number of payments. Again, that's probably not true for the big national banks and a $25k loan, but as you go up the ladder it will probably work. I also ran across Accion, which is apparently a non-profit alternative lender that attempts to keep entry-level loans affordable. I have not talked to them yet. Also read some good things about Lendio. Again haven't talked to them.
  3. do any of these sources report on-time payments to D&B or other bureaus?
  4. they look to have an extensive selection, but our peeps specifically wanted under armour. alphabroder doesn't have the UA stuff.
  5. I was close to buying at Amsterdam Printing but was kindof turned off by the $55 PER ITEM equipment setup fee. I wanted to buy a few shirts for our peeps with our logo on it and this was going to cost me an extra $200 or so just to order. I did a little poking around and found a company called Merchology that seems to have a better selection and they also offered Net 30 terms. They ask for your DUNS number on the super-simple app, so maybe they report? Figured I would pass along b/c they have been very friendly thus far. Good selection of Under Armour stuff and no BS fees. http://www.merchology.com I would attach the app, but can't seem to find how to do that. I have it in PDF, but you can easily request from them directly.
  6. come on, somebody help me out!! whether it is the capitalists or the communists, i gotta know what to do!!
  7. ok, i got my credit reports into a pretty good spot (high 700's), but low and behold some weird medical bill popped up on my report. i disputed the bill online at experian, as "not mine" and (obviously) it was verified. i really don't think they even check anymore. All that showed up on my report was MBC with a physical address on Belcher Rd in Largo FL. I live nearby, so I was just going to go up there and talk to them about the bill. At any rate, about a week later I received a letter in the mail telling me that they verified my dispute and to call them. Ordinarily, I would NEVER call a collection agency, but I (wrongly) assumed this was a small outfit, and the amount is only about 300$, which I would gladly pay just to get it off my credit. So anyways, I called up and spoke with Rebecca Greene. This is obviously a fake name since she answers the phone "Ms Greene." The first time I spoke with her, she was very nice. I told her I'd be happy to settle up if they could provide me with some evidence that I owe them money other than just asking for a check. I also said that I would need something in writing that stated they would expunge the info from my reports. She told me that they don't do that, but to trust that she would. She assured me that she takes care of it personally, and that she would fax me the info. Now, what they faxed me looks like a bad photo of an old 1970s era computer terminal with my name, ss#, address, incorrect phone number, dob, medical diagnosis and some fees. There is no signature anywhere, nor is there anything that says Medical Business Consultants. All it says is the doctor's name. Under Guarantor Data, it is blank, with nothing other than the same phone number that they obviously thought was mine. The fax is sent by Rebecca Greene and she initialed the cover page. Fast forward about four days. She calls asking about the account. I say "great, I'll grab the paperwork" and continue to do so. I point out that I can't find anything on this printout that mentions them, and there is nothing with my signature to prove I am even liable. Now she just starts yelling at me. Fun things like "Are you gonna take care of this or not?" As if she's agitated that I am wasting her time. I calmly explain to her that there is NO way I'm paying some random bill unless they can prove that I owe it, and that they are the owner of the debt. She says that it is my responsibility to get that from the hospital. I asked for contact information for either the doctor or the hospital. She refused to give me either. I asked her to stop yelling and explained that I wanted to pay the debt, if it is in fact accurate. Every time I asked for proof, she just said "I just gave you proof. Now are you going to pay it or not?" To this I said, "I'm not going to pay it off until you show me a signature or something." She said "Well, we're gonna keep reporting it then," and hung up. Any ideas? I just read that I'm not supposed to contact them directly, which I should have known or checked on first. Truthfully, I just wanted to pay them to go away. It is worth more than 300$ to me to not have to argue with them and go through the hassle of writing letters and such. But, now I'm just irritated, so if there is any way to make sure that MBC doesn't get paid, I'm in. I am positive they will continue to report and verify as long as possible, despite whatever laws are out there. I don't know the SOL in Florida, but if it matters, the statement she sent me is dated 8/1/04 and 9/22/04. Keep in mind I still don't know if this was paid by the hospital, through the hospital, by me, or if it is even owed by me. I hear about doctors cutting off the wrong foot now and then, why would I believe that they can get the bills mixed up?
  8. i didn't ask directly, but i got the distinct impression that they were intending on checking my personal credit. it is possible that the person i spoke with handled the small biz corp cards as well and just assumed that is what i was applying for. i'm not sure.
  9. the card is on the way. the approval letter came already stating the limits. i paid the 300$ for the card b/c it comes with a membership to the delta crown room. i figure the crown room membership is the same price, so i may as well see what else i can get with the platinum card.
  10. ok, here's the next stage in the saga. after being "approved" for 20k t&e and 500$ in retail, i requested two cards. one for me, and one for one employee. the employee received 4k in t&e and 500$ in retail. i was declined because "your other american express account was cancelled for derogatory reasons." now, keep in mind i have a personal gold delta skymiles card with amex that has an 8k limit and has never been late. i called the sales guy and he said he didn't have access to that information and that i should call the number on the notice. i called them. they looked up the info and said i had an account 8yrs ago that was cancelled with a 160$ balance. i didn't even know i had an amex 8yrs ago that was cancelled at 160$. on top of that, i was applying for a platinum card which has a fee of 300$ to begin with, almost double what they are trying to recoup!! i explained the case, and they pulled another d&b report and b/c i was truly the owner/manager of the company, i got past this part. they told me that their underwriting guidelines had changed and they did not "forgive" this old debt, they just overlooked it for this application. they told me that there is no way i will get another corporate card without addressing it in the future. on top of that, they told me that they couldn't guarantee that i would get the card, b/c... THE APPLICATION HAD TO GO BACK THROUGH THE SYSTEM TO PROCESS MY PERSONAL CREDIT!! again, i thought the whole thing was that they weren't checking personal credit at all. i have an 80 paydex and a 93 experian. anyways, i didn't want to argue with them anymore, so i just let them go. if it gets declined this time, i'll be really pissed. watch out...
  11. i told them we had 600k in sales and i did not give them a net income figure. they told me that until that number rose significantly, they wouldn't raise the 500$ portion, but the 20k portion would remain the same.
  12. wells fargo required a copy of our operating agreement just to open a checking account. so, i don't think you have anything to worry about.
  13. i applied online, was approved. then a guy called me and explained the bank statements and lease requirements. since i didn't have them, i told him thank you, but no thanks, i didn't fit their underwriting criteria. then about 6-9mos later, i got a call from him again and he told me that based on the fact that my company was going to be 3yrs old soon and some "new underwriting criteria" he thinks we can get approved. i told him to go for it (no paperwork this time) and he called me back and told me we were in. i sent in a signed cardmember agreement and told him how many and what types of cards i wanted. easy as that. this all being said, i haven't received the cards in the mail yet, but apparently all the underwriting and approving has been done.
  14. "stated" as in a "stated" loan as opposed to "verified." i stated all my info on the app and they take my word for it without verifying anything. i did not supply any supporting documents at all.
  15. i did not have to submit any bank statements, tax returns, leases, or anything else for that matter. it was a completely "stated" process.
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