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Review by Richard Ponte8 months ago
This company is no different than any of their competitors. Our company took a line of credit to finance production and expansion of product offerings. The offer was only 10% of our gross revenue. After approximately 60 days, we took a position with another lender to pay for a specific expense, unrelated to the purposes we took the Idea LOC for. We also paid the balance of the Idea LOC, improving our cash flow in the process. When we went to access our paid off, but open ended line of credit, we were denied because we stacked a position. Stacking is an ugly word and the concern lenders have of stacking is when a company keeps borrowing high cost advances to fund day to day operations, increasing their operational expenses making the situation untenable.
To be clear, their contract had a clause preventing stacking. To be further clear, our revenue increased 37% in a pandemic and this was quantifiable. Unfortunately, Idea would not allow access to our line of credit. To summarize, they gave a low ball offer initially due to I am sure their risk models being adjusted for the events of 2020, and since that approval, our business grew, we made all our payments on time, improved our cash flow, and bought out a partner. This is not a line a credit and Idea is not a lender interested in fostering relationships with qualified, engaged businesses at a time when small businesses need lenders to work with them as many are failing. they aren't different from the predatory companies in their space that only care about their ROI. If you are thinking of applying here, I strongly advise you to view the relationship exactly as they do- it is transactional. They are not interested in growing your business with you.
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