Also, that's 80% of official applications. Countless others were given soft nos - "don't bother applying as a start-up/fico under 680/time in business under 3 years" etc.
Yup. Couldn't even get a LOC for $15k when we had cash reserves of $35k and 2 years in business making $250k/year because we wouldn't become personal guarantors on the loan and we were a risky startup.... that was cash finances, no debt....
Okay. I don't pretend to understand. (We wanted the line to service hard goods / inventory instead of cash servicing inventory, which is a standard retail tactic. Oh well.)
Okay. I don't pretend to understand. (We wanted the line to service hard goods / inventory instead of cash servicing inventory, which is a standard retail tactic. Oh well.)