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I won't bother you guys with a long sob story. As we all know, business has ups and downs. Right now, business is down. I have no clients, no money coming in. I need to pay for insurance, and other operational costs till I get at least one client which can be huge. My only option is to use my AMEX business gold card which is a charge card. There is a possibility I will not be able to pay it back in full by the time its due. What will AMEX do if I cant pay it all back? I've already tried to get the pay over time option. They told me it was invitation only. I dont know what else to do.
What are your prospects for closing a deal and getting paid in the short term? Sounds grim based on your description.
The reality is that you need an operating loan if you're going to stay in business. Getting that without a personal gaurantee or sufficient collateral is impossible at this point; revenue would be required to have the business secure it. Are you sure you want to stay in business? No clients at all is a bad place to crawl out of, and the likelihood of tanking your personal financial situation while trying to float the business is very high.
Though I don't want to hear any pie in the sky opinions/solutions and appreciate honesty, I didn't expect you guys to just tell me to give up.What successful business person gives up? As far as my spending habits with my Amex it's always been light use (less than $200) and paid in full obviously. I've had it for 6 months.
@Anonymous wrote:Though I don't want to hear any pie in the sky opinions/solutions and appreciate honesty, I didn't expect you guys to just tell me to give up.What successful business person gives up? As far as my spending habits with my Amex it's always been light use (less than $200) and paid in full obviously. I've had it for 6 months.
If you don't mind me asking, what is the business about?
I would not borrow against your charge card since you have to pay in full and there's no guarentee you'll have mone to pay it back.
Have you consider maybe using a CC? If not available, have you tried applying for like a Capital One Business card and use that instead?
Have you tried a different approach to advertising and getting more customers? Facebook, newspaper, website, craiglist etc.
I hope everything works out!
What are your scores?