Banker is Killing my business
Hello , this is my 1st thread .
My brother and I are owners of a custom manufacturing business
( niche market - high quality team sportswear)
The business has been around since 1947.( 2nd generation)
We have endured many ups and downs .
Currently , our operating line is over the top , even though we met
with our banker a month in advance with cash flows , P.O.s from customers that we have insured with EDC.
to ask for a boost for 6 months ,
He came back with a minimal amount for only 2 weeks.
Yesterday , without notice several automatic payments were bounced from our account.
I know the bank has the right to do whatever they want , as per their small print in commitment letter ,
but I would think this move is bad for them as well as us , as it effects our ability to operate .
Of course a cash infusion would solve our situation , but we are cash poor .
I am just looking for any input .
We work too hard , to have it all threatened by a scared banker , additionally we have 25 employees etc...personal guarantees
My brother and I are owners of a custom manufacturing business
( niche market - high quality team sportswear)
The business has been around since 1947.( 2nd generation)
We have endured many ups and downs .
Currently , our operating line is over the top , even though we met
with our banker a month in advance with cash flows , P.O.s from customers that we have insured with EDC.
to ask for a boost for 6 months ,
He came back with a minimal amount for only 2 weeks.
Yesterday , without notice several automatic payments were bounced from our account.
I know the bank has the right to do whatever they want , as per their small print in commitment letter ,
but I would think this move is bad for them as well as us , as it effects our ability to operate .
Of course a cash infusion would solve our situation , but we are cash poor .
I am just looking for any input .
We work too hard , to have it all threatened by a scared banker , additionally we have 25 employees etc...personal guarantees