Quote:
Originally Posted by Shaun @ Tru6
Your customers have access to cheap money. That's what you've been experiencing. Your customers have access to cheap money. They buy equipment from you. They hope the increase in production will cover the debt.
Your LOC rate going up makes no sense. I've never had an LOC rate go up, Fed rates increase or otherwise. And interest rates are at an all time low. You may want to use another bank.
|
Your LOC is fixed rate? I want to do business with the bank you're doing business with. Put the name and number on here and I'll call them. But before I do, I'm willing to put the $500 I'm gonna take from Denis this fall on the line and say your bank's LOC's are based on prime plus and when the fed increases rates, their LOC rates change too. You game??
What you need to do is turn of the TV, disconnect your wifi and spend more time prepping and coating parts. You've bought into the fear.
FWIW, the majority of my customers have paid cash from their business savings thanks to an economy that has their income skyrocketing.