Working Capital and Business Line Question

[forwardprogression]

Hey guys long time no chat! So a burning question here... I have a couple of current working capital loans, 25k PP Working cap, and 16k Kabbage. All paid as agreed and lots of successful cap. loans with Paypal working capital over the years. Business is growing fast and we need more staff which means more tools, equip, etc. we are new with Kabbage so we did not get exactly what was needed, thus we need to gain access to additonal funding for a few months. Are multiple loans possible? Any reccomendations as to who does not frown of this or pays little attention to the other two if they even see them at all? 

Thanks for your feed back !!!

[bizcredit11]

@forwardprogression

I don't have any experience with multiple loans. Does it have to be a loan? How about a LOC?

PNC has a new LOC based on your personal. With a strong business banking account/history too I'm sure you're qualified. Check out the thread if you have not already. It's titled: I just got 66k LOC...

Also, I have never used Kabbage (higher interest), but I have a Fundbox LOC for the business. Very easy and there if you ever need it. 

Hope this gives you some more options...

bizcredit11

[forwardprogression]

Thanks a LOC will do fine, I don't have a relationship with PNC as there are none in the area. But I have looked at Fundbox, do they consider our paypal revenue as well as bank account? 

[bizcredit11]

You don't need a relationship with PNC. I am in CA and normally this LOC is not available, but this is a new LOC offer from PNC. My state now qualifies. 

Fundbox is normally either accounting software (Quickbooks etc.) or business bank account. I don't run payments through PayPal. You should speak with Fundbox. 

bizcredit11

[forwardprogression]

Update: Fundbox was approved, initially denied through QuickBooks, I could not figure out how to link the correct QB account and it ran an account with no info, that is awaiting a bookkeeping client (oops!) so I ran the bank account which has small amounts of our 200k in rev./invoices as we use PayPal business for most everything. Also could not figure out how to add our other accounts at well? Will try to call before drawing to see if there is an alternative to add other information. looks like they did a soft pull Experian as well, all is well there. but gratefull for the soft vs a hard. 

[bizcredit11]

Since you run the large majority through PayPal can you get 30% of revenue loaned to you? Heard this is possible.

Unfortunately, you can only add 1 account to Fundbox either business banking account or accepted accouting software. Obviously, you want to use the most revenue/invoices possible.

Soft pull is awesome. No reporting for Fundbox on either personal/business. It's completely hidden.

bizcredit11 

[forwardprogression]

Yes, you mean through paypal working capital correct (on the 30% loaned to me), if so yes we have had a great history with paypal working capital and they are wonderful on the lines and ease of use.