I own a small business on the south shore. I have been trying for the past six months to get a $27,000 loan for a new platemaker. I was told my bank had to turn me down before I could apply at SBA. That was 4 weeks ago. I have tried every site on Mass.gov that is suppose to help you find financial help. I have been told I am asking for too little or my company (5 employees) is to small (micro is what they called me).
The equipment loan I am seeking is to save my company money, time and is more environmentally better than what we are using now. The bank explained that since personally I have a little credit card debt. I paid a few vendors to keep peace. That they do not take the equipment as collateral any more,the industry I am in is failing. To many printers have closed. They need to make sure I can personally pay off the loan.
I was wondering if any other small business was having this kind of trouble or a suggestion. I have been offered a lease but their cost, interest is way off the mark.
I have been with this bank for 25 years and has never missed or not paid one loan with them. I have my savings, business checking and I had a commercial real estate mortgage paid in full with them. What happened to loyalty. Thank you for reading
