Will Work For Business Loan

Reflecting over the last few weeks since I started this campaign, I have gained a lot, both in business and in life. Here is my TOP 10 THINGS I learned standing on a street corner…

1. When you are seeking out a loan, find the right person to talk to… you will know who they are because they make the decisions or have pull to get things done. If you don’t know who to go to then ask, ask, ask until you get a good referral!

2. Start ups are bad!! I know, I’m not saying this because it’s true. Start ups are NOT bad, but in the eyes of lenders they are considered lottery tickets… we get excited because we think we’re a winner, but odds are we’re not and the money spent is lost. The less risk for lenders the better the chances of getting a loan.

3. There is a new kind of lender, or what I call “facilitators”, that have found a niche in today’s market. These facilitators are people who have found a gap in the lending market and with their knowledge and contacts are stepping in to help business owners, like myself, find a funding source. For me, my time and resources were limited in finding those that were lending, but because I was put in contact with Sue and Will they were able to go to their vast sources and find someone who could help with what I needed and save me a lot of time and agony of rejections.

4. Getting a “yes” on a loan request is easier when the loan application is presented in the most appealing way. Through this process of talking with many lenders, I have found that there is a certain amount of creativity that goes into presenting yourself or your business in a way that looks attractive to a potential lender. This is where the knowledge of someone like a facilitator can really help out.

5. Don’t take anything personal… it’s just business!

6. Most importantly, ask, ask, ask, keep asking until you are satisfied with the answer. Persistence beats resistance.

7. Banks are scared. The government in D.C. is saying “we want the banks to lend more” , but the truth in the situation is that if a bank has too many loans that go into default then the government regulators will take away their FDIC insurance. At that point, the bank is screwed.

8. Stop and see the person that is homeless, you know the ones that we try to avoid eye contact with. Take a moment and see the person behind the clothes or the toothless grin, you might meet a pretty cool person. I know I have met some, like Rooster, his nickname because he has no arms, Benjamin, he sells the “Homeless Paper” and was the first person to greet me. I always looked forward to seeing Ben every morning. and of course, Doc, the guy who couldn’t be on the “Apprentice” because he didn’t have enough teeth!!

9. Putting oneself out in the spotlight also opens you up to criticism. This is the part that I have hated the most. I got some comments, thankfully not much, but why people, who don’t know the situation or the person, feel like the world needs their approval to rotate is beyond me.

10. Check the weather before planning to stand on a street corner every day AND make sure your sign looks better than the homeless guy’s on the other corner! (Note: “God bless you” does help. I should have used that line on my sign.

For all of you who have been following my journey to find the money and are wondering what happened….. did it work? YES on many different levels… I got great news coverage, my story got told to thousands of people I do not know personally, small business America was represented, Urbandillo got a great plug for it’s upcoming launch…. yes, I know, the real question everyone wants to know is… “DID YOU GET THE MONEY?!” As I am writing this post, I have received a micro loan from the SBA Express Loan Program –  thanks to a wonderful person, Sue Malone from Superior Financial out in California, who heard about my street campaign and wanted to help.  Sue is the leading lender for the SBA Express Loan program and a great supporter and advocate of small businesses. She went above and beyond to help and was very supportive in my endeavors. Thank you Sue!!

The next source of money for my business is coming through a referral given to me by a gentleman who saw my story in the newspaper and took the time to contact me (see post “A Stranger Gets Involved”).  As a result, I was put in contact with Will Mulligan of Diverse Funding Group.  A couple of years ago and beyond, when banks were still lending money, there was no need for someone like Will, but now that it has become increasingly difficult to find loans, WIll is the kind of guy to go to. He has the knowledge of who to go to and who is lending money, and then on top of that, he knows how to package a loan request in the way that appeals most to the lender. He is currently working on acquiring a line of credit for my business and feels confident that he can get what I need. I will have a future use for Will when it comes time for factoring my PO’s, that is an added bonus from my campaign I wasn’t expecting. I will report once I get final word from Will on my line of credit and who it is coming from.

Everyone that has contacted me, gave me referrals and passed my story around, have played an important role and to you all, I am truly grateful and blessed. As my grandfather told me years back… “Don’t tell me thanks. You show me.” It’s time for me now to show you my thanks. Keep watching, you haven’t seen the last of me yet!

This morning I am outraged at the level of sleazy legislation being flaunted in the view of the public, but labeled as a “victory for the American people”. This morning, I want to know what did each one of the 219 voters receive in exchange for selling away my future? Was it worth it? and as a business owner, what inspires me anymore to achieve success when my hard work is going to be penalized with future taxation from this legislation?

A last-minute “promise” by President Obama to enact an executive order preventing federal funds from being used to pay for abortions has given pro-life Democrats the cover they need to vote in favor of a health care bill requiring every man, woman and child in America to obtain health care coverage — whether they want it or not.

The bill will expand an already bloated government, and even the Congressional Budget Office’s much praised cost estimates rely on perfect-world circumstances that don’t lend themselves to real-world scenarios. In fact, the CBO’s entire deficit-reduction projection relies on Congressional Democrats suddenly becoming fiscally responsible — a characteristic they’ve been unable to demonstrate since taking control in 2009.

As for the president’s executive order on abortion funding, Majority Leader Steny Hoyer and the rest of his pro-choice cohorts on Capitol Hill haven’t made a peep since the president made his promise and Stupak bought it. Wonder why? Because they know there is fairly clear and convincing legal precedent that the law of the land trumps any order issued by a president.

This abortion-funding “deal” with the president is just one more bribe to add to the pool of bribes Democratic leaders have had to pay to bring “on the fence” Democrats on board. If this legislation was truly as transformative as liberals claim, why are kickbacks and bribes necessary to move it forward? what has each one of these “on the fence” Democrats been promised to make sure their vote remains in the “yay” column? And what other last-minute legislative “earmarks” have been added and hidden to make the bill appear agreeable? This is what really scares me, as a citizen.

I leave you with these words:

“A government big enough to give you everything you want, is big enough to take away everything you have.” – President Gerald Ford

I came across this great video about my street campaign today on the internet. The  small business web television network, SBTV.com, liked my story enough to feature it on their “Small Business Blast” webcast as a top story. They called me a “human billboard”…. I love it when I find surprise media pickups and blogger links to my website. That is how social media helps spread my story. Hits are even being logged  to my website from other countries…. I love it! Keep spreading the story… Thanks!

http://www.sbtv.com/Topics/9234

(edited from an e-mail I received today… NOW I get it!!)

Heidi is the proprietor of a bar in Detroit. She realizes that virtually all of her customers are unemployed alcoholics and, as such, can no longer afford to patronize her bar.

To solve this problem, she comes up with new marketing plan that allows her customers to drink now, but pay later. She keeps track of the drinks consumed on a ledger (thereby granting the customers loans).

Word gets around about Heidi’s “drink now, pay later” marketing strategy and, as a result, increasing numbers of customers flood into Heidi’s bar. Soon she has the largest sales volume for any bar in Detroit. By providing her customers’ freedom from immediate payment demands, Heidi gets no resistance when, at regular intervals, she substantially increases her prices for wine and beer, the most consumed beverages.
Consequently, Heidi’s gross sales volume increases massively.

A young and dynamic vice-president at the local bank recognizes that these customer debts constitute valuable future assets and increases Heidi’s borrowing limit. He sees no reason for any undue concern, since he has the debts of the unemployed alcoholics as collateral. At the bank’s corporate headquarters, expert traders transform these customer loans into DRINKBONDS, ALKIBONDS and PUKEBONDS.

These securities are then bundled and traded on international security markets. Naive investors don’t really understand that the securities being sold to them as AAA secured bonds are really the debts of unemployed alcoholics. Nevertheless, the bond prices continuously climb, and the securities soon become the hottest-selling items for some of the nation’s leading brokerage houses.

One day, even though the bond prices are still climbing, a risk manager at the original local bank decides that the time has come to demand payment on the debts incurred by the drinkers at Heidi’s bar. He so informs Heidi. Heidi then demands payment from her alcoholic patrons, but being unemployed alcoholics they cannot pay back their drinking debts.

Since, Heidi cannot fulfill her loan obligations she is forced into bankruptcy. The bar closes and the eleven employees lose their jobs. Overnight, DRINKBONDS, ALKIBONDS and PUKEBONDS drop in price by 90%.The collapsed bond asset value destroys the banks liquidity and prevents it from issuing new loans, thus freezing credit and economic activity in the community. The suppliers of Heidi’s bar had granted her generous payment extensions and had invested their firms’ pension funds in the various BOND securities. They find they are now faced with having to write off her bad debt and with losing over 90% of the presumed value of the bonds. Her wine supplier also claims bankruptcy, closing the doors on a family business that had endured for three generations, her beer supplier is taken over by a    competitor, who immediately closes the local plant and lays off 150 workers.

Fortunately though, the bank, the brokerage houses and their respective executives are saved and bailed out by a multi-billion dollar no-strings attached cash infusion from the Government. The funds required for this bailout are obtained by new taxes levied on employed, middle-class, non-drinkers.

Now, do you understand?

In today’s paper, the Press & Sun Bulletin in Binghamton, New York ran a nice size story on my “Will Work For Loan” campaign. Although, I will disagree with the opinon that Doug Boyce, regional director of the Small Business Development Center at Binghamton University gave in the article. He stated that part of my problem in not getting a small business loan maybe, in part, due to using my own money to fund it and not keeping that money in the bank. There are a few angles that I would have to disagree with Mr. Boyce on this one with. The biggest problem I find is that “experts” will most likely always find a way to blame the failure of finding  a loan on the person or business applying. When, in reality, blaming fingers need to be pointed at the financial institutions who are not being socially responsible in their actions along with the government regulators that force harsh restrictions on banks that are trying to help small businesses. In my case, my fault is starting a new business. In these new banking times we are in, a start up is considered too risky despite any collateral I have to secure a loan.

click here to read Press & Sun Bulletin article

http://www.pressconnects.com/article/20100313/BUSINESS/3130335/

Ok, this post is a bit off the subject, but I have got to stop and say “Happy Birthday” to my goldendoodle, Sachi. She is my BIG girl and turned two years old today. I just love her to pieces! She went shopping this morning at PetSmart and picked out this blue monkey for her present.

Before I started this “Will Work For Loan” campaign, I didn’t really have any possibilities or options. Now, almost 2 weeks into the campaign, I have possibilities and options!! ….. based on that one factor alone, I can say that my wild idea of standing on a street corner to let the world know my problem was a success. The campaign is not over, not until the funding needed has been secured, but the wonderful news is – I have options that are being worked on at this very moment to bring me to the final destination in this journey of searching for the money!

Besides finding funding options, I have learned a lot about the world of finance and where to go, as a small business owner, to find the money and an effective approach to get it. These lessons are invaluable. Probably the best lesson learned throughout this whole “social experiment”, if I can call it that, and the one to pass on to you is this: When you are in need of anything, NEVER be afraid or ashamed to ask for help. Liz Hughes, executive director of OfficeTeam, puts it like this, ”People often avoid asking for help for two reasons–either they are embarrassed at needing assistance or they feel they can ‘go it alone’ and succeed without others’ involvement. In this market every contact counts. Building your network is tantamount to building your professional marketability and visibility.”

Here are four tips for effectively tapping into your network:

1. Do the prep work. Give your contacts all of the information necessary to help you.

2. Don’t beat around the bush. Be direct rather than hinting at the help you need.

3. Return the favor. Your contacts will be more motivated to help if you seek ways to assist them and are responsive to their requests.

4. Say thanks. Acknowledge everyone’s efforts on your behalf with a thank-you note.

My “Will Work For Loan” campaign continues on. I was asked today how long do I keep it going? I can’t give an answer. All I can say is, I will keep the campaign going until all my goals have been met and interest wains. I am happy to keep it up if it helps bring the message home about the desperate need to help small businesses find proper funding so that they can stay open and grow.

Yesterday, I had an interesting conversation with someone who does a lot of micro loans for businesses. The government has come after them aggressively to shut them down because they are not happy with the amount of loans this organization is giving small businesses. The government told them they could only do 10 loans a month!! Thank God they fought back and continue to be a funding source for struggling businesses despite the pressures they are receiving. They are not lending public money. It is all private funds. The words coming out of Washington is just lip service to pacify us as their hidden agenda is pushed through under our watch. If truth be known, the guys who make the decisions don’t believe small businesses are worthy of receiving loans.

Through all of this, I have had the pleasure of meeting individuals from financial institutions who do care and are helping as much as they can. As I receive their permission, I will talk about each one here and how they are helping…. spreading as much good PR as I can!

Sorry, I have not been back out on the street yesterday or today. I have been out of commission with a terrible cold as my body is paying the price for standing outside in the cold weather all last week.

Today, I met with a man who had called me after seeing my photo in the Tennessean. He didn’t have to call and offer his help with my situation, but he did. During my street campaign, I have been grateful to the few who have taken the time to reach out to me and voluntarily “get involved” in my life. It is an act that will not go forgotten and probably will ultimately lead me to secure the funding I search for. The gentleman that called me to offer his help told me that another acquaintance of his questioned him on “why get involved” and told him not to, that it wasn’t his problem. Obviously, this man did not listen and I am grateful for the information he gave me and the time he took out of his own busy life to help me, a stranger. He said he did it because he wanted to to give back.

We live in a world that has become fearful or complacent about getting involved in someone else’s life or struggles. A woman can be mugged on the street as bystanders walk by without even an urgency to help for fear of what could happen to them. A fellow business man is committing fraud as he takes advantage of someone else for his own personal gain while those that know don’t blow the whistle because it’s not their “fight”. We must get involved and stay involved because in the end it does become our fight and our lives will become affected by the outcome. If you have the power within yourself to help someone else, why wouldn’t you? Do it! The reward goes first to the server.

On another note, I have already been to a couple of meetings as a result of my campaign on the street. These meetings have led me to other referrals and I strongly feel that a successful outcome to find funding will happen. I will keep posting as events unfold which bring me closer to that outcome.