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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 Mar 21
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      PSA in entirely personal capacity: if you are a small business with a credit line and you think you may need it, you may want to draw in advance of need to maintain optionality. Some lenders are actively reducing their books due to the perception that credit quality is impaired.

      9 replies 34 retweets 250 likes
      Show this thread
    2. Patrick McKenzie‏ @patio11 Mar 21
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      • Report NetzDG Violation

      One lender, who I won’t name because this is likely much broader than them, extended my LLC a line of credit approximately 8 years ago and was trying to up sell me as late as February 20th. They just sent me notice today that they’re applying a “draw hold.”

      3 replies 8 retweets 61 likes
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      Patrick McKenzie‏ @patio11 Mar 21
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      They have made a boatload of money on my custom, got $20 a month for keeping the line open, and charge a 30%++ APR, and even with that they’re like “Nope, odds are if he saturates the line this week that means extremely bad news for us.”

      6:14 AM - 21 Mar 2020
      • 67 Likes
      • josh Dio John Weir Mark Did Well Henk Poley Darin Hagre 🏳️‍🌈MrsAllnut🌈 Etienne Neveu
      4 replies 0 retweets 67 likes
        1. New conversation
        2. Laszlo Sragner‏ @xLaszlo Mar 21
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          Replying to @patio11

          An insurance policy that only works when you don't need it.

          1 reply 0 retweets 3 likes
        3. Patrick McKenzie‏ @patio11 Mar 21
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          Replying to @xLaszlo

          I think it’s easy to take sideswipes like that but they were willing to do the line of credit when eight banks in two countries were not, and it paid an employee when revenues wouldn’t, and allowed me to grow and sell the business. I don’t begrudge them the decision.

          0 replies 0 retweets 6 likes
        4. End of conversation
        1. New conversation
        2. Jonah Crane‏ @JonahCrane Mar 21
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          Replying to @patio11

          Where is this bank located? Federally regulated banks, and many state-regulated, in the US are decidedly NOT supposed to be doing that—in fact the opposite.

          1 reply 0 retweets 0 likes
        3. Patrick McKenzie‏ @patio11 Mar 21
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          Replying to @JonahCrane

          Not a bank.

          1 reply 0 retweets 0 likes
        4. 1 more reply
        1. sam‏ @sammarelich Mar 21
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          Replying to @patio11

          We had a $50k line reduced to $2.5k this week! 😯 Wasn’t planning on using it, but amazed at how quickly they pulled it.

          0 replies 0 retweets 3 likes
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        1. Adam Smith‏ @LaissezWhere Mar 21
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          Replying to @patio11

          Anecdotal, but my CC issuers were each physical mailing me weekly touting balance-transfer-to-checking w/ 8-18 mo 0% APR offers until 3 weeks ago. Those offers now seem to be off the website entirely.

          0 replies 0 retweets 0 likes
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