Yes I am too honest and yes I believe in people! After the last email blast that was sent out I have gotten great constructive feedback that I very much appreciate.
I believe this will be the last time I visit financials in my blog but just wanted to clarify the reasons for not being able to obtain a loan for the business. It's real simple, this is how the last 2 years have played out for this small business:
October 2007-New owners for Cruiserworks
February 2008- Applied for a small business loan. Denied/no credit history for the company due to new ownership, no finacial history.
October 2008- Applied and denied because we need 2 full years of financials.
August 2009- Applied and denied because we now need 3 years of financials and we are cash sales.
February 2010- Applied and denied because we are cash sales and the bank can not accept the over $400,000 of manufacturing equipment as collateral.
AS we all now know the banks can make up whatever rules they want when they want. They like net 30 invoices to loan against! So for all you know everythings that obviously have the Midas touch who think we do not have a good business plan, you are very wrong! We are moving forward!
I have a USA made sample boot here and it looks fabulous!!I am currently communicating with the manufacturer to see how small our orders can be. Again we have to pay for everything up front so this is where it gets complicated. We may just produce 2 styles in the begining. We do have a few options even with no money.
Ride Safe!
Cara Crawford
President,
Cruiserworks
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