Monday, July 23, 2012
Waiting for karma
Let's review: July 2nd, I brought my business plan to Centra Credit Union. Met briefly with Kurt. Just a few questions and I was out the door with a "we'll call you". Not a word from him since. July 10th, I brought it to Kim at Mainsource Bank. Both banks asked for a thorough financial statement and a couple years' tax returns. Kim called me Friday the 20th asking if I could come up with more collateral, and would my husband sign the loan.
Well, no, I can't come up with more collateral, we had a very thorough discussion, and you see it all on the financial statement, and you pulled my credit. If I had more collateral, you'd have found it already. I spoke briefly with my dad, and he agreed that it sounded like they were trying to make it work as a straight commercial loan without going through the SBA. Yeah, that won't work because a commercial loan requires a lot more collateral. And duh, I came in asking about an SBA loan. I'm irked because she tried to tell me SBA will require more, too. My dad doesn't seem to think so. So now I'm still hanging on waiting. When I met with Kim (and Zach), they told me it would take about 4-6 weeks, max, but a no would be pretty fast. So it's not an outright no. They were trying to squeeze me through their in-house underwriters. It's been two weeks. Hopefully just a few more days from now, I'll be getting a call to come in and sign the papers.
I admit I'm disappointed that they want Rusty to sign--no offense to him, but dammit, I wanted to do it myself. I guess that would make it too easy to "hide assets" if the business goes under.
And in the freaking MEANTIME, I filed for unemployment on June 25th. They said it could take as long as 25 days to hear a final word. It's been 29 days. They sent me a form to fill out because I had been fired due to a policy violation. Boss had pointedly told me a few days before I was fired that the Bank fights unemployment. If there's any hope of it going through, it's because they didn't give me any warning, which was one of the questions on the form. But they're sure as fuck dragging it out as long as they can, aren't they? Bastards.
Well, no, I can't come up with more collateral, we had a very thorough discussion, and you see it all on the financial statement, and you pulled my credit. If I had more collateral, you'd have found it already. I spoke briefly with my dad, and he agreed that it sounded like they were trying to make it work as a straight commercial loan without going through the SBA. Yeah, that won't work because a commercial loan requires a lot more collateral. And duh, I came in asking about an SBA loan. I'm irked because she tried to tell me SBA will require more, too. My dad doesn't seem to think so. So now I'm still hanging on waiting. When I met with Kim (and Zach), they told me it would take about 4-6 weeks, max, but a no would be pretty fast. So it's not an outright no. They were trying to squeeze me through their in-house underwriters. It's been two weeks. Hopefully just a few more days from now, I'll be getting a call to come in and sign the papers.
I admit I'm disappointed that they want Rusty to sign--no offense to him, but dammit, I wanted to do it myself. I guess that would make it too easy to "hide assets" if the business goes under.
And in the freaking MEANTIME, I filed for unemployment on June 25th. They said it could take as long as 25 days to hear a final word. It's been 29 days. They sent me a form to fill out because I had been fired due to a policy violation. Boss had pointedly told me a few days before I was fired that the Bank fights unemployment. If there's any hope of it going through, it's because they didn't give me any warning, which was one of the questions on the form. But they're sure as fuck dragging it out as long as they can, aren't they? Bastards.
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