I met in person with Community Bank just before we left for vaction. There have been hundreds (literally) e-mails over the past couple weeks about the documentation that the SBA (Small Business Association [a federal program]) has requested before they will provide us with, in layman terms, a co-sign. Holy hot dang!
It was actually nice to see that the Community Bank rep was as annoyed as I am with all these damn hoops! There is so much documentation that it makes me want to scream!! The rep even joked about how small of a loan this was to be spending all this time on. Honestly the amount of money the SBA and Community Bank has spent on the salaries for the people involved is probably more than what the loan is for.
Also found out that we have to “inject” all of our funds before they will give us ANY!!! I showed the checks we deposited into our business account and apparently that is not enough. It literally has to be spent… but they have designated the buckets that they want us to allocate the money they give us so we can not spend it in those bucket or we will not get the money we need. OMG I AM GOING TO GO CRAZY!! These are their buckets
- all of the to equipment expense we planned to spend
- 1/3 of the build out expense
- 1/2 of the inventory expense to originally stock the shelves
- ALL of the C license expense (of which we have already pd a down payment)
So now I have a puzzle to solve. How can I spend our investment and prove it but not spend it on the items they listed and still be productive. I need to keep things moving but this is just ridiculous!!
Ok. I like math…. I like puzzles… I can do this and I will…