Small local bank: “We do a lot of lending to small local businesses! But we’re suspicious of software companies. It’s not just that they don’t have collateral, we’ve also had trouble with them paying us back compared to other businesses. I don’t know why.”
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Similar experience - even profitable at $2m ARR with 10% MoM growth we couldn't get a loan to cover cashflow without a personal guarantee (isnt avoiding this why we invented limited companies?). We raised angel money instead. It left me genuinely wondering what banks are for.
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