Last week I mentioned that I was applying for a bank loan (The Green CPA: Local Banks Still Making Loans) and that I would report back on my results.
I stopped by my bank this morning and found out my new business was approved for a VISA card as well as a $10,000 3 to 5-year fixed rate loan to acquire equipment. The loan fee was 1% with a 10 percent rate. This feels a bit steep but there you have it.
I'm sure I could have gotten approved for more but I'm not likely to use this loan since I have access to cheaper sources of money. The point of the story remains the same - local banks with whom you have a relationship are making loans, even in this uncertain market.
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I was at a client's on Tuesday who was closing on a $150,000 refinancing loan.
My client had purchased equipment a few years back with 60-month repayment terms and by restructuring these loans to new 60-month amortization schedules, they were able to free up over $5,000 per month in cash.
Again, know thy banker and have a solid plan for repayment and loans can be had.
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