I've been trying to add a couple of crews to my company over the last year. The work is there, but we've been trying to fund the expansion ourselves, and just don't feel comfortable using all of our saved cash, as it is kind of an emergency fund, and expansion is not an emergency. So we applied for a $15k loan.
We went through Comerica to apply for a small loan, we have banked with them since we started the company in '03. We only needed 15k to fund what we're looking to do and those buttholes turned us down unless I would put my house up for collateral (not going to do it). We own over 15k in assets, my business partner and I both have credit scores in 700's (i bought a personal vehicle for the same amount no problem), and if they looked at our account, they could see that we have plenty of cashflow to easily pay it back quickly, so it didn't really make sense to me why we got turned down.
I have gotten some advise that maybe a line of credit would be better. Anyone on here get or try to get a loan or line of credit? What are the best avenues for getting them? Or are you totally opposed to the idea of getting them and only use your own profits to grow? I'm wondering if Comerica is only looking to get involved with bigger business. We never wanted to get a loan, but we feel like the time is right now, and we could probably fund it ourselves after a year or two, but we don't want to wait that long.
We went through Comerica to apply for a small loan, we have banked with them since we started the company in '03. We only needed 15k to fund what we're looking to do and those buttholes turned us down unless I would put my house up for collateral (not going to do it). We own over 15k in assets, my business partner and I both have credit scores in 700's (i bought a personal vehicle for the same amount no problem), and if they looked at our account, they could see that we have plenty of cashflow to easily pay it back quickly, so it didn't really make sense to me why we got turned down.
I have gotten some advise that maybe a line of credit would be better. Anyone on here get or try to get a loan or line of credit? What are the best avenues for getting them? Or are you totally opposed to the idea of getting them and only use your own profits to grow? I'm wondering if Comerica is only looking to get involved with bigger business. We never wanted to get a loan, but we feel like the time is right now, and we could probably fund it ourselves after a year or two, but we don't want to wait that long.
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