How to obtain a line of credit for your Business in CRISES!
Then it says we're going live so. I want, to we're. Live here we go, I'll. Probably have to trim that video but whatever. Just. Sit here and look at stormy, sky come on you guys look how beautiful, she is. Thank. You and. I'm super excited to be back with you guys I know you. Watched the podcast, so you, see me at least once a week but I kind, of missed you guys I, was live, every. Day about, five times a day for three weeks in a row so. I feel, like I haven't been out here in my community, in a while so I'm back. And. I'm. Back with amazing. Resources. Today, that. I know all of you out there in our community will, find resourceful. I'll tell you why if, you've been watching the news I believe it's four hundred and eighty two, billion, dollar. Bailout. Again for the PPP, loans and, I. Don't. Know about you, with. A small business but I can tell you that there's. Been a, little, tension in my house with my husband owning his own business as well, not. To mention. Several. Women. That I've spoken to that their, financial, institutions, are dragging, their feet they're. Very. Overwhelmed. Right now, and so what stormy, and I want to talk to all of you about today, is how. You. Can gain a line, of credit and. Get credit for your business in a crisis, I don't. Know that you I would. Call this a crisis, would you know, yeah. Yeah. So, I'm. Gonna have stormy, talked a little bit about her. And. Why, is she so passionate. About what. She's doing and then we're gonna talk a little bit more about, how you can. Gain. Credit. For your business, meaning. Let's. Say you don't qualify for a PPP which everybody, should but. Your financial, institution is dragging their feet you. Don't you're overwhelmed, by the paperwork, we're gonna kind of go through some of those pieces today, so, I really feel like this is an important Facebook live if you've not watched any of the. 31, that I did over the last three, weeks watch. This one because it is gonna help you get cash for your business stormy, welcome. Thank. You no thank you so much for having me on today, Colleen. And I connected, very fast and we immediately, wanted, to get my message out here to all of you that are listening to. Help all the businesses that are struggling in this crisis so I'm so happy to be here top talking, about this topic and share. My knowledge from my banking days this is great, so. You were a banker, and started, like as a personal, banker right like a teller many many many years ago and what I love about Stormies story which I know that we're not going to get into her story today however I'm. Stormy. Is going to be a member of lead up for women and what's awesome about that is we're gonna have her on the podcast we're, gonna be featuring her on this right Thursday newsletter so, you will see this beautiful, redhead and you will recognize the name stormy, all over, the lead-up for women community, and she's. A valuable. Resource, talk about an expert, she, worked her way up, you, know that's the other thing like I think we should be giving her kudos right now what, a success story to, work your way up from being a personal banker and. From. You, know starting, at the bottom at Wells Fargo. That. Wells Fargo young. Three. Children work at Wells Fargo just oh wow I didn't know. To. Get into finance and. You. Know now she works, for the, company, oh I did my saying it right when I say leverage right the kind of leverage yeah, what I love about what she does is she's taken, all of the fundamentals, and the principles, and the foundation. Of, Finance. And the needs of the small businesses, which was her favorite place to work in and, what. She didn't like about, about. The banks is if, many. Of you know when your applications, have been kicked back it's like this system, of you. Don't, fit, in this box that's an oh I'm sorry we can't help you that's not a yes by this level. Or, you, know they can't. Find you so. Restore. Me is working with leverage and this company. Helps. You qualify. And know how to qualify prior. To walking into a bank so then all you have to do is show. Up with, your paperwork and say oh I'm, well-qualified, and that's. Somebody. Getting. The. Cash goes, from this, or maybe, not getting it at all to like this, right. Or maybe even that so, tell, us a little bit how you, know. You. Know it's difficult, for for owners to get financing, but tell me why today, is it, difficult, for owners to get financing, what because, with koban 19 and, everything, going on with what the government's, you know the Care Act talk a little bit more about why.
Did Yes. It's. Like manic, manifesting. For finances, right now yes, so, I think that the two biggest problem, for people that are coming into the bank and or speaking, to their lender virtually, because there's a lot of thoughts going on right now lots of email back and forth and the, one thing is just people are not prepared they're, not prepared to have that conversation and, they they don't know what they need. You. Know a credit line is always a great. Great option and, they go to their London lender, and they're like hey I've been with you guys for many, many years I've. Been with you since I've opened my business I am great credit and I need a credit line to weather this storm well. They're gonna need a lot more than just that relationship. They're gonna need to look at your business finances and see where, your revenue is to be able to see if you can obtain a credit line and you're. Right if you don't fit in your lenders box unfortunately you will get declined. But. Like you said there's, many, different lending, institutions, out there and there's many different boxes. And other boxes that you can fit and to qualify it's, just finding the right lender that is going to work with you so it's one finding, that lender, it. Maybe you, have your credit score they, may be requesting, at 680, and you may have a 620, well guess what that other financial, institution, can, offer it at a 620, credit score or maybe, it's how long you've been in business what, your revenue is and so forth there's all these different qualifications, so start with your research. To. Be, prepared walking. Into that financial, institution, that you choose do your research and two people are walking in, and. I always say walking in and we're not doing that these days. Computer. You're, sending, in an application or. Write called, and made an appointment you're talking with someone over the phone there and they're asking, these similar, questions. Yes assist you in filling this out and I can tell you more today than ever you're, generally, not even getting to a person, you're, just dealing with this. Autobot. And that's, even, worse. Right. Okay can. You guys all see stormy, space we can tell from her face it's, bad, it's. Automated, I'll give you an example, the unemployment, opened, up and modified, itself, they said.
Unemployment. For small business, owners that, are self-employed, and, have lost money or if, you're a contractor, never, before have they done this I can, tell you from, speaking, to all of my friends and family that. They've, not been able to modify the system fast, enough. Autobots. Are still throwing out all these letters to. You that you're not qualifying, because you don't fit in this box. Because, it's not taking, into account that. You're self-employed because. It's all automated. Right. That's. The issue we're having and what stormy is talking about is, nobody's. Coming. I have said this a thousand, times over there's, no one on a white horse that's. Going to come up and bag a cache so. You, have to give yourself the permission to. Go. Get, your, stuff together, I say get your house in order know, how much money you need and if you can't get the PPP, loan because. You've a tried and the finances, haven't come through and this second, wave comes through and maybe you get less of what you needed or not any at all that's. Why I love this solution, because this solution isn't just in a crisis, but, for now it's. A waited for, you to like put your big-girl panties, on and do, it yourself, yes. Perfect. So, talk, a little bit more stormy, real quick so that week I can we, can draw a very clear picture of what, leverage does, and what they don't do. Right. Yes. Okay so, the. Problem right like I talked about is being prepared, and you, need to communicate effectively, with the, borrower you need to be very direct. So what leverage does, is that you go in and you input your numbers, the thing that I love about it is it it cuts all of the questions that we're asking you I can't tell you how many times that I sat down with a business owner and I started asking them questions and the answer always started with well. I think. You. Know I estimated, my revenue was probably, at this. When. You go in and use leverage you were already prepared you've already looked into all of that so you can input the correct information into, the software it's, going to analyze the information you, put it's going to ask you how long you've been in business what, do you think your credit score is and. Your revenue your expenses, and it is going to pre, qualify, you for, the. Credit line that you're needing or turn, loan whenever you're looking for, and it. Analyzes. Your. Information. That you put in again standard, common, commercial bank guidelines, and, what happens at the end is the best part you get told yes, you, can get this credit line or no you can and if it tells you no you, go back in the software, and you check. Yourself and see what, needs to improve to realistically, be able to move forward to obtain this credit line and you. Know maybe I need to improve. Increase. My revenue, I need to cut back on some certain things and then BOOM I can get the green I can, go get my line of credit that I need and what, happens, is when you get that go you, get a one sheet piece of paper and this, one sheep hit a piece of paper we call it the leverage report and oh. My goodness if somebody, would have walked into the bank with one sheet of paper saying, hey. I just reeked wallah find myself against. Common, commercial bank guidelines using a third party software and it tells me I am a go to a branch manager someone, comes in and hand sack to a branch manager I mean. I would have been full Ord cuz. You just cut, and you just saved so, much time because I can see on that one piece of Oh, boom. These are the qualifications. I'm thinking as a lender these are the qualifications, I need this one sheet to tell me if I can do this deal for you or not and. Then I can automatically see oh you've, only been in a business for a year and a half unfortunately. You have to be in business for two but. You as the borrower you, feel empowered and you say that's fine I know I can get this line of credit I'm gonna go next, next. Lending, institution, and continue. That conversation, that's. What it does it's amazing. Very. Good point which I just learned the other day did not know this for. The PPP, loans they're asking, that you utilize, the lender that you bank at for your business, you. Don't want you cross going to other lenders. Unless. You're just going straight into like sba.gov, right. They want you to work with your lenders first what, you're saying is I don't have to go with my lender that. I currently have my business bank account with I can, go to any lender, I want until. Someone says yes especially. When I know I'm qualified, it. Gives me a way better chance and the. Process is faster, so I want to just kind of think about what we're saying here, if. You if everyone's. Just focused on PPP, Lunger everyone's just focused on what the government's, giving so you made a good point stormy. If you, can't. Cut expenses which you probably have already cut expenses so that will help you a lot.
If. You're not able to increase your revenue because you're closed down or, some other things are happening right we all know it's opening back up this is an opportunity, for you to get different cash than. What we're talking, about with the PPP, loans and from the government we're talking, about getting a line of credit that, can be open to you immediately, for. You to start using in your business, to be able to do more online marketing for. You to still promote, your business and promote, your menu of items because. I'm hoping, you've. All pivoted, in your businesses, cuz this is the time to do it because, you need to understand, these crises, mean that. Moving forward this type, of thing could happen again where. You. Need to be able to be visible. For people on and, not just only in person, right there's other ways for you to make money Oh Colleen, you made a really good point see you going, to the lender and you say you literally say hey like here's, what my business looked in February, obviously. I do not look the same due to due to the virus or, maybe you do I don't know what business you went you're in but, here's what it looks before the virus hit which means I'm, going to look like this once the virus is controlled, and I need a credit line right now to weather the storm. So. We. Wanted to bring this to you today because. This. Is a very valuable resource so, stormy. Talk to our. Viewers. Today a little, bit about how. They can access this software, what. It costs. You know what, the, your, generously, offering, a discount to, our lead, up community, so let's get into that to, help them understand, how to take action, now yes. So you can go to our website which, there will be a link in a comment later on after the Facebook live so you can click on the link and go right to our website it's, leverage, calc calm. Sea al, sea calm, and. It's. Funny that you brought the pricing, you know the. Pricing. For the software is is awesome, it is so you can do an annual subscription where. You have access to a dashboard, of all your transactions. That you're doing and you're able to go in and edit as many times so let's say you're doing a deal with the lender and the lender comes, back and wants to offer a higher rate well, what does that mean for your business go back in the software, change, the rate in there and see what happens, so you, can go in and sanity check yourself all day long and so for the annual subscription, it is 197, and then, for the person who is like I want to do one transaction, and be done we do have offer, a, monthly. Package, which is $57 month. And. I want to make sure we got that right stormy, for. An entire year. Yeah, is a hundred, and ninety seven dollars I'm pretty, sure that works out to be about seventeen, dollars a month that. About, right when you break it down that's, how she does it it's like 50 cents a day maybe, is what, I'm thinking or. Two. Coffees, a month. Honestly. And with, all the money you guys are saving right now in gas alone. 197. Dollars to invest in having. This. Software, for, you to be able to not only today, in the crisis, but moving, forward for you to be able to obtain credit this.
Is The number one reason why we businesses, fail, the. Number, one reason. Why businesses. Especially female. Businesses, fail. Access. To, cash, yes. That's. Why this is important, because if I didn't think it was important, and I, didn't think you needed this resource, store me and I would not be here today. In fact I begged her the, day that we met on the phone I need you to do a facebook live with me because your resource, is so important. For, women to be able to have access to this software, for, that cheap, of an amount of money, so. And then stormy, you're offering, a discount I. Was. Just about to say and for, all of the listeners until. End. Of this Sunday you will receive 10% off. So. That so. I'm so happy that we're able to offer that in this crisis, yeah. Today. All, weekend to, make the decision, on this and and, go check out their website leverage, calc right. Leverage account calm and, I, want, to thank stormy for being with us today, it's, just a joy, that you are able how. Do you feel like how do you literally feel daily, knowing. That you're bringing. Like. Hope, and, these resources, to people that just. You. Know they're. Not necessarily. Well. Versed in that finance. Area and I say that because just. Because you start a business because you have a zone of genius and you're a magical, at it and you just kill it in business, doesn't, mean you know how to manage the finance siding you don't understand, some. Of the, the. Structures, that go behind how, to access. And that's okay you're, not supposed to be everything. In your business that's why there's software, but stormy how does it feel being. Able to serve so. Many people, in this capacity, know, it is such a good feeling that's. One of the reasons where I joined leverage just because like you said I was just so tired of, turning. Around and having to tell people no, like I always feel like I was delivering bad news and I hated that and and, this time right now something that I want to put in perspective really, quickly because you talked about the PPP, program. And the government, programs. That's out you know I. Think that I read that the first time around. 1.6. Million, businesses, got the first round of money from the PPP. Program, so. Let's say in the end three, million businesses, get, the money okay well. There's 30, million small, businesses, so, that means only ninety percent, I'm only ninety percent will not get it yeah. Ten percent get it and by, the way I hate to break it to you but many, of those were big box chains we're talking about they, sucked up thirty million, dollars. It's. Just like that awful, and. You. You know we just feel like this, tiny little speck yet, small, businesses, make up such like the largest percentage. Yet. They're getting the, lowest piece of the pie right. Which. Means nobody's. Coming, right. Yes. You, have to be proactive, we, know that businesses are needing help and leverage, is responding. You, know that's where you're able to you to utilize, it at the comfort of your own home your business you're. Able to put in your numbers and, communicate. Now with a lender who's gonna who's, bucks are gonna fit in one. Other thing that I want to quickly mention is, one. Thing that how we're responding, is we, actually, are creating a digital platform, in our software and it's going to be called leverage connect and you. Will have the, ability to connect, with a broker, who represents, over 120. Lenders. So. If you do connect, you take your leverage report and you do connect with your own lender and. I'm sorry to say this but lenders are changing daily on what they want like we don't know what the rules are we don't know who who's lending but, if your lender that you work with says no you, can digitally, connect with our broker, who, like I said represents, a hundred and twenty lenders, and that brokers gonna find that lender that's going to be able to find you really faster. So. Exciting for that and who doesn't, want to connect, with someone that can find them cash faster. Especially. Now. So. Again, if you don't know if you qualify that's, generally, what stops people from even trying, this. Software, is less than seventeen, dollars a month or I think whatever it works it's probably even less than that with the 10% off it's so, so. So so so cheap, and.
It. Gives you the peace of mind gives you the opportunity, not. Only now. But. The whole year. Right, and ongoing for. You to always be able to know where. You stand to be able to get access to cash and for you to have the confidence when you are when. We get out and we're able to walk into our lenders. Offices. For you to already have peace of mind to know okay, I'll give an example. When. You go buy a house. Do. You go look at homes and go to buy a house if you don't even know what you qualify for. No. Do you go buy a car, if you don't even know how much you can afford. No. So. Then why would you try to go, and get more. Cash than what a vehicle, costs for your business. Without. Knowing, if you qualify, for it I'll. Just leave that with you all, seriously. We, need to educate, ourselves and, we need to be prepared, because, no one's coming so this is all about you showing. Up for. Your business showing. Up to get cash and, leading. Without permission, like, I said the, government's, not going to give you permission no. One out there is coming you, have to take action today, and stormy, just gave you the, best, way to take action, that. Is going to help you get cash, fast. Thank You stormy, of course. Thank. You thanks. For joining us today you guys have a wonderful weekend, say goodbye to everybody storms yes happy, Friday bye everyone.