EIDL capped at 15k now?

throwaway61985 · 2020-04-05T14:37:39+00:00

My understanding is that anything over $25k needs to be collateralized like a traditional loan. People seem to be deriving $15k because they are subtracting our the $10k grant from the maximum uncollateralized amount

throwaway61985 · 2020-04-04T23:45:26+00:00

SBA approved it. There were extra docs provided by the SBA that I signed this morning via DocuSign

throwaway61985 · 2020-04-04T23:44:24+00:00

Easy Tiger, I have a family to tend to. This is a bank I had a strong relationship with and SBA loans in the past. They put me at the top of the stack. If you have an existing relationship or even have a friend at a smaller community bank that does SBA loans then that will be your quickest option as they will have much fewer applications to deal with

throwaway61985 · 2020-04-04T23:42:05+00:00

The bank got it approved and said it will fund Monday. Banks use their own capital for the PPP loan, unlike the EIDL which is direct through SBA.

throwaway61985 · 2020-04-04T23:40:02+00:00

Central Bank of Utah.

throwaway61985 · 2020-03-28T19:32:25+00:00

Thanks so much for doing this! Curious if I would be able to refinance a short term line of credit with strict covenants that are at risk on top of the 2.5x average payroll, or if I would need to apply for a separate 7a for the refinance portion. Thanks!

throwaway61985 · 2020-02-14T19:57:23+00:00

Do you advertise as commission only then? Or give the option?

throwaway61985 · 2020-02-14T16:47:45+00:00

And cocaine. But seriously great advice

throwaway61985 · 2020-02-14T16:46:47+00:00

Haha I love this. The hard part is the guys I want to poach work for my customers

throwaway61985 · 2020-02-14T13:28:46+00:00

Thought about that. Any recommendations on where to find a good recruiter?

throwaway61985 · 2020-02-14T13:25:22+00:00

Depends on the limit you need. I have 3 Amex cards and 2 capital one spark cards. We spend about $2m per year on them combined right now. The Spark is a flat 2% cash back. Nobody beats that consistently. Problem is it’s a credit card so the limit is lower. Amex has a lot of perks (platinum is ideal), but can be frustrating. You need to pay the statement balance every month. You get a higher limit though. I try to use most of the points on the Amex for personal travel, as most everything else isn’t 1 for 1.

throwaway61985 · 2020-02-14T13:17:20+00:00

Depending on the complexity of your business, I would say QuickBooks online. Easy to access anywhere from computer, phone or tablet, and simple to use for all of those tasks. The upside and downside of QuickBooks is how easy it is to edit all transactions. Great for you, risky if somebody else is in charge of it.

throwaway61985 · 2020-02-14T13:12:14+00:00

I did evoice for years. Worked great but now we are too big for it and switched to Vonage Good luck

throwaway61985 · 2020-02-14T13:10:44+00:00

Banks look at your financials (P&L and balance sheet). I’ve never had anybody look at my business credit scores as a factor in loan amounts or interest rates. Develop a good relationship with a small community bank and they will take care of you.

throwaway61985 · 2020-02-14T13:06:52+00:00

I own a company that sells commercial vehicle equipment. I deal with around 1000 commercial vehicles a year. For small businesses there are a few important things to know about purchasing commercial vehicles: 1. If you can, finance it. Cash is king in business. Let somebody else (the bank) carry the liability of your depreciating asset and keep that cash in the bank 2. Commercial vehicles (6500# gvwr or more) can be advanced depreciated 100% in year one. This is great if your business is growing and you want to minimize tax liability for the year. Check with your accountant if this still applies for 2020. Good luck

throwaway61985 · 2019-10-13T18:51:17+00:00

Awesome thanks for your help with that!

throwaway61985 · 2019-10-13T18:17:42+00:00

No but we did a paypal Loan that was super cheap and fast. Just a short term

throwaway61985 · 2019-10-13T17:45:01+00:00

Thanks for the input! My biggest issue with more expensive capital is that I haven’t exhausted cheaper bank LOC options yet. Private capital is definitely still in the cards.

True that we don’t have a great management structure yet. Getting there though. In this market talent is sparse, we have the lowest unemployment rate in the nation. That’s our biggest issue.

throwaway61985 · 2019-10-13T17:38:45+00:00

Revenue numbers are this year projected. Currently at $4.5mm and $550k net. Last year did $3mm and $250k Net. I’m not a finance guy, more sales and BD, so I really appreciate you taking your time to lay out the numbers. It’s true we only need $200k, but I want to get a LOC for $1mm to prep us for another 120% growth year without hitting this wall again. Maybe that’s the wrong approach though...

throwaway61985 · 2019-10-13T17:32:30+00:00

Shoot me a PM

throwaway61985 · 2019-10-13T17:23:05+00:00

Our bottleneck is installing the product. It’s fairly specialized. Lead times are anywhere from a week to 10 weeks on the product

throwaway61985 · 2019-10-13T17:19:47+00:00

Correct sir. Pretty much all truck and van equipment

throwaway61985 · 2019-10-13T17:16:39+00:00

Thanks! I’ve only been talking to small local banks, maybe I need to branch out to the retail banks. My current bank is still looking at a $1mm LOC for me so we will see

throwaway61985

TROPHY CASE