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Anyone ever have a Credit Card Business loan?

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royster13:
A friend of mine who is a lender for a Community Futures operation here in Canada said it is easier for them to lend to startups (based on a solid business plan and government incentives) than to going concerns…And the longer a business is in business, the harder it gets…Good luck…
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Wow, that is completely opposite what we are experiencing here. I have a fistful of rejection letters just like that on our startup.
 
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In Canada there are quite a number of government programs to help folks become self employed…Unemployed, natives, women, etc…In some areas there are so few folks wanting to become self employed they approve almost anything that looks half decent…
 
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Integraoligist,

I’m sorry to hear this news. If your business tax return (I’m assumming you are an S or C Corp.) is showing a loss another bank is not going to be much help. If you are truly losing money, there is not much you can do through traditional banks, however if you are making enough $$ to make the payment, and just not showing it, you need to have a talk with your CPA. Explain your dillema and see if there is a way for you to show profits enough to repay a loan of this size and that’s all. Of course you do not want to pay Uncle Sam more, but yes indeed it is a catch 22. You have to live and die by the sword.

Oh by the way, one thing on my earlier advise. I was disapointed that you went back to this bank. Man they sound as impersonal as it gets. I would not be happy at all with the way they handled this for you. You deserve better treatment than that. Hopefully you will start showing a bottom line soon and then please look for another bank. In the meantime start paying this debt down as quickly as you can (I know easier said then done). Hopefully the lending market will open up a bit more, but '09 is going to be bad as well.
 
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Yes I’m setup as an S Corp. I’ll ask my CPA what my best coarse of action is on the 2008 taxes he will be doing shortly. And yes, once everything is figured out I’ll be switching to another bank. I can’t handle the ignorance at the one I’m at now. The reason I stuck with this one is because of the convenience… they have a branch close to my home and another close to the business. However there are about 6 other banks in between that I can choose from as well. Well see how they feel once I pack up all my accounts and ship off.
Thanks for all the help!
 
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Great ! Service and care for you & your business is more important than convenience. Keep in mind also that your CPA should serve as a financial consulutant to you and not just count the beans. He or she will likley be able to recommend a bank for you. In fact, CPA’s are probably our biggest referral source. Bankers will be more responsive when a referral is involved.

I was also thinking that maybe you should apply for a smaller amount (maybe 10 or 20K) and once approved, establish a good payment history. Then down the road ( a year or so) maybe ask for an increase. See what your accountant says.

Good luck. You’ll get there.
 
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Yes I talked with him the other day and he did referr me to a bank (about 30 min away) i’ll contact them and see what they have to say.
Thanks again!
 
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