Sounds like you have a good viable business and are familiar with 1099 vs real employees. I don’t see anywhere where you say what type of business you have ?
RE: the business plan - I’ve never had a bank ask for one either (usually only investors) however, the info that goes into a business plan can at times be essential even if just in a cover letter or some other format.
Sitting across the desk from a typical banker is the way it used to work. Seldom these days do you get a chance to meet the person who gives the nod for your loan so having a good presentation is important. Even loan officers in banks are a joke these days as either an underwriter or board has to review your viability. That’s why it’s good to take the time to write something out that says who you are, education, your age, experience, how you started your business, it’s performance and growth, profitability, competition, a comment or two on other emerging markets that may affect you, your goals and objectives for the business, how long you want to stay in or a plan to pass to one of your kids, why you need the money, how it will be disbursed, how you arrived at the amount you need and other such things to not only paint a good picture of you and the business but show them you can read and write effectively, deal with the burdens of government regulations (Don’t let them know your a renegade Freeper) lenders like conformists even when that may not be who you really are.
Again I suggest a small local bank - you can usually sit face to face with someone who can take measure of who you are and what you’re trying to do.
OR consider this:
Different banks, credit unions and savings in loan, pursue different markets ie auto loans, mortgages, commercial loans etc. If drift diver is not a hobby but is tied to your business you may want to pursue lenders who specialize in your market.
The big banks - BofA, Citi, Wells are F’er’s to the small guy.
Regional and local banks are the way to go but it has to be the type of loan that fits their portfolio.
In my area of California I have started several business ventures for example a farm I own - to borrow $ I use banks that specialize in Ag loans and lines of credit, I had to go to a small bank that was about 2 hours drive but got the $ no problem.
I had an engineering firm for many years that got one of the local banks in my town. I started a gas company and went to a lender that makes loans only in that market - again, got $ easy.
The same for buying insurance. different carriers specialize in specific businesses,
Thanks for the suggestions. I own a business the banks don’t really understand which I suspect is part of the problem. We do IT Security and Compliance consulting. Risk assessments, security testing (hackers), and breach response type work.
A big part of our business is helping hospitals figure out their HIPAA compliance. We work with hospitals, federal govt agencies, and a few financial firms although we started in the financial sector.
