So now BofA is my company’s bank, and at the end of the year we asked for a $500,000 overadvance on our $15,000,000 credit line to buy raw materials to ramp up production in our 200 employee facility, after the disaster that was the 4th quarter of 2008. We have a lot of orders but couldn’t buy the raw materials we needed because of our cash starved condition following the 2008 end-of-year order stoppage.
They said no, so we are in Chapter 11 hoping for a financial bailout. Not a great time to be looking for financing or an equity player. Chances aren’t good we’ll make it. The bank will get their money from our collateral but the employees will lose their jobs if we don’t.
Don’t see anything in the bailout package that helps us at all, and we are the kind of business where real jobs are made and lost.
Jean, you may have already tried but, if not, this may be the time to show your Senator/Congresspeople this story about BOA giving money to ACORN but turning down your company request which would help keep jobs...
or maybe a call to BOA headquarters....
.....may be pie in the sky but...timing may be right...never know.
Best wishes to you and your employees!