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Great credit, great collateral -- but no loans
Great credit, great collateral -- but no loans
Jim Craft
Owner, Craftmasters Grading and Excavating
Medina, Ohio
Business founded: 2007

I'd like a line of credit to hire a laborer and another operator, as I have a lot of contracts coming up in April and June. A loan could help me work more, work smarter, and carry me through the down months of January and February more easily. Even though the housing industry isn't doing well, my business is really growing.

I've got a great credit score -- I bought my equipment, a bulldozer and an excavator machine, and am making my payments on them responsibly. But Huntington National Bank just turned me down for a loan. Originally, we went to them because my prime contractors bank with them. So much for that strategy.

I can only attribute my declined application to the economy. Everyone told me that there were no loans available, but I thought I'd be different because I pay my bills and have equity. Maybe I'll try another bank, but frankly, this experience has left a sour taste in my mouth.

I'm not looking to become a millionaire. And I will survive without the loan, but it's a shame because my business can do much more with one.

NEXT: Big project, but no operating capital

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LAST UPDATE: Jul 27 2009 | 5:25 PM ET
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