In this episode of the Fresh Shift Podcast, we have a special guest in the house, Andrew Mbessi. Andrew is a serial entrepreneur and has helped over 3000+ people get $110M in funding for their business. We talk about how he started his company, how he got started, and how he's been able to grow it to where it is today. We also talk about the importance of an org board and how important it is to know where people are in your business when you grow and expand your business. We hope you guys enjoy this episode and that it gives you some insight on how to grow your business and get your business funding. If you like the show, please HIT SUBSCRIBE and leave us a rating and review on Apple Podcasts and other podcasting platforms. We'll see you in the next episode! - The Fresh Shift Crew Subscribe, Like, Share, and Retweet this Episode! Have a question or suggestion for our next episode? ? E-mail us and we'll get a shoutout! ;) Timestamps: 4:00 - How to get your stuff funny 5:30 - What's funny? 6:15 - What do you like about your business 7:20 - What are you looking for in a business? 8:40 - How do you want to expand? 9:00 10:00 | How to start a business with someone else? 11:30 | How do I grow my company? 12: How to grow my business 13:00 // What do I want to win? 15: What are your biggest challenge? 16:30 17:00 / 16: How can I expand my business with money? 18:00 + 17:40 19:00 Can I help someone else win more? 21:00 How to help more people win my business ? 22:00 What s your business grow? 23:00 Do you have a team? 25:00 Is your business model? 26: What's your biggest problem? 27:00 Are you going to win my company or do I need to win more money 24:00 Should I win a competition? 29:00 My goal is to help someone win a business or a better business 30:00 Does my business grow faster? 35:00 Will you win a customer?
00:06:21.000I think we're going to host a Zoom call probably after this show with you guys as well to teach you guys about some more sauce when it comes to getting your business funded.
00:06:28.000But anyway, without further ado, man, we've got a special guest in the house.
00:06:54.000We focus mostly on 0% interest business credit cards.
00:06:58.000We've helped over 3,000 people in the last two and a half years get more than $110 million in funding from the bank, so that's what I've been doing.
00:07:07.000It was something that worked very early on for me when I got started with entrepreneurship, funding different businesses and investments, and it just became something I started Yeah.
00:07:34.000And then I started helping some other people because at the time I was doing sales and I was a closer for another company.
00:07:41.000And people were trying to buy this $10,000 mentorship, $25,000 mentorship.
00:07:46.000So I started showing them the tips that someone had shown me.
00:07:50.000And then I started seeing a lot of people doing this funding business.
00:07:53.000And I said to myself, while I'm doing it myself, I might as well help more people with it because it's something I enjoy doing.
00:08:09.000I started, I've been doing funding for four years and I started my business, like the first successful business I had, I started it in January, 2022.
00:08:51.000I knew a little bit about business organization, different divisions on an organizing board, which is so important for anyone watching if you're wanting to start a business.
00:09:01.000You need to know where people are in your company when you grow and expand your business so that way you know where to hire inside your business.
00:09:07.000So I was able to sustain a one-man operation for quite some time.
00:09:12.000And I think the thing that really motivated me to expand was my brother and one of my best friends, Paul, who were working for me at the time.
00:09:21.000And they just were not making like enough money.
00:09:24.000It was like me winning and the clients winning, but I wanted them to win too.
00:09:28.000So that really gave me that motivation that, okay, I want to expand my impact.
00:10:09.000I run into a lot of people interested in real estate, trading, e-commerce, a lot of the surface-level stuff that you see online, but I've worked with companies in construction or event planning.
00:10:20.000Just any business can really get their hands on the kind of funding that we offer.
00:10:25.000I think a lot of the business credit gurus out there really can be a little deceiving sometimes.
00:10:31.000They're saying, oh, this industry is risky.
00:10:34.000That matters when you're going to get bigger lending products like business loans.
00:10:40.000But when you're getting a business credit card at a 0% interest rate, A lot of the time, the banks don't really care as long as it's not something completely risky.
00:10:52.000By that, I mean it's not really going to cash flow.
00:11:48.000And, you know, there's different ways that we work with people if they don't have a 700 plus credit score.
00:11:53.000If something like credit card debt is the only thing stopping them from having a 700 plus, we have private lenders that pay down their credit cards temporarily.
00:12:47.000Proof income, you gotta have two years of employment, et cetera.
00:12:50.000Every time I apply for a mortgage, guys, when I buy a house, I gotta give them so much goddamn documents, because the housing crashed or whatever, and they're sensitive to lend money.
00:12:58.000I gotta give them so much documents to be able to go ahead and get that loan to buy a house.
00:13:01.000However, on your perspective, where it's like, look, you can get up to 150K, Off a credit card, which will allow you to get your business started.
00:13:10.000And I really like the fact that you mentioned like, yes, a lot of these credit cards give you 18 months, 24 months, 0% interest.
00:13:17.000So you can kind of, I don't want to say let the debt build up, but like you can let the, you know, Balance go up a bit, become profitable, and then start paying it back.
00:13:25.000And then you also mentioned that you guys have, which is wild to me, you guys have private lenders that will temporarily pay their credit cards off so that they can get their credit score up to that 700 plus, apply to get the credit card, and then begin the process.
00:13:39.000Yeah, I have a really good friend, his name's Curtis, and he has a debt fund.
00:13:43.000So this is like his business is doing bridge loans.
00:13:47.000They're very common in real estate, doing bridge loans.
00:13:50.000And he has a different twist on it, doing it for credit cards.
00:13:53.000And it's a huge opportunity for people that want to start a business.
00:13:57.000They maybe don't have that much money in their bank account to get started.
00:14:02.000And the only thing stopping them is getting the funding, but they have all this credit card debt.
00:14:08.000I think the most important thing for someone like that, too, is say if you're one of those people who, you know, you're behind on some credit card bills and you don't have like a lot of money, but you want to invest in yourself.
00:14:18.000The biggest thing that I've seen with just and you've probably seen a lot of the same thing is with entrepreneurs, with people who want to be successful.
00:15:24.000I knew that I needed to learn skills like sales, marketing, how to run a business, because these are all fundamentals of growing and scaling a business that's successful.
00:15:36.000So I think mentorships is just like the best route to go.
00:15:39.000Like if you're watching videos, you can only get so far.
00:15:42.000But when you're actually working one-on-one with someone who's done the things that you want to do, it just makes the path so much easier for success.
00:15:50.000Because looking back now, what I would do, just start over.
00:15:52.000I would have the idea, find a mentor in that space, get the funding, pay the mentor, and then teach me all the shortcuts that he would have went through in the past.
00:16:02.000Not to mention you get to utilize their network a lot of the times because they have masterminds and meet other people that are like-minded, etc.
00:17:21.000So take us through, I guess, the process of how one can do this.
00:17:25.000We got a little bit of your background, the importance of getting capital to start up a business, especially in today's day and age.
00:17:32.000How could someone go about doing this?
00:17:35.000Yeah, and I like what you say there, too, because I've been working a lot with the Cardone guys, like Brandon Dawson, and this guy is so smart.
00:17:43.000He said that 97% of businesses fail within 10 years, and there's three reasons why they fail.
00:17:52.000It's number one, it's a lack of good people.
00:17:54.000So there's a lack of good people inside your business, or you can't find good people, they're disengaged, they're not really there for the mission, vision, values of your business.
00:19:07.000You know, pay a little bit back and then all of a sudden like the numbers like reversed after a few months and now I had like 50 grand in my bank account after a few months and no credit card debt.
00:19:25.000No origination points, didn't have to show proof of income, none of that.
00:19:29.000Just had to have a 700 plus credit score.
00:19:31.000A lot of people don't know that the banks are giving out free capital at 0% interest rates because it's an offer that's very often overlooked.
00:19:40.000Everyone thinks about credit cards and thinks cashback, thinks travel points, but they don't see the 0% offer and they don't think that they can liquidate the credit too.
00:19:48.000You could actually charge the credit card as a purchase, get the money out, and use the money for real estate deals and all this different stuff.
00:19:57.000But that's step number one is having the 700 plus credit score.
00:20:29.000Like, the minimum requirements we usually see for people is, like, 700 credit score, less than, like, 20% or 30% utilization per credit card.
00:20:39.000Ideally, they have no late payments, but I've still been able to make it go right for people that have maybe one or two 30-day late payments.
00:22:03.00010 minutes later, we're applying for a business credit card and they'll get like a $2,000 or $25,000 limit just depending on their credit and their bank relationships.
00:22:13.000So that's step two is just having an LLC, an S Corp, a C Corp, right?
00:22:18.000Just having those articles of incorporation or an EIN. And an EIN letter.
00:22:24.000What's an EIN number just for the audience?
00:22:25.000An EIN is like your social security number for your business.
00:22:29.000It's just an identification number for your business.
00:22:52.000Because they'll have different offers there and benefits in different states that you might not necessarily have available to you in a certain state.
00:23:08.000They're only in the southeast area of the country.
00:23:11.000So someone who lives in Oregon or Washington or Idaho, they aren't going to be able to apply for Truist unless they have a southeast LLC. And even more, you've got to know how the banks work.
00:27:45.000That could work anywhere, whether you're in Texas, Florida, California.
00:27:49.000Let's say, because you mentioned something about regional banks, which I think would be, I don't know if that's too much sauce for the people.
00:27:54.000That might be for the private Zoom call.
00:28:35.000With my Chase relationship manager, and oh my goodness, we wrote a...
00:28:40.000They recently just actually made the policy a little bit stricter with our relationship manager that he can only take clients inside his footprint.
00:28:48.000So he was in Kansas, but he was helping us with all 50 states.
00:29:34.000You're going to run into some awful bankers that aren't really too friendly, and you'll just have to pick up the phone and call a different branch.
00:29:43.000Just out to your point as well, I've seen it where the not-so-conventional things that they can't really do, if they're cool with you, they'll say, you know what, make a phone call, bend some rules for you.
00:29:52.000Obviously, legal rules, but the best rules for you make it happen.
00:29:58.000I mean, look, they're totally open to explaining not, like, every single detail about their underwriting process, but they will tell you what credit score you need, do you need to have a bank account, like, very simple stuff.
00:30:10.000Can you tell the audience how they should build that relationship with that banker?
00:30:13.000What's, like, one of the best ways to do that?
00:30:17.000And I think sales is a really important skill, too.
00:30:19.000Not that you need to sell the banker, but just practice your communication.
00:30:23.000You know, just know what you want to say when you hop on the phone or walk into some place, right?
00:30:28.000Like, hey, my name is Andrew, and I have a business that, you know, we help people grow and expand their businesses using funding.
00:30:36.000I was looking to get a business credit card and just want to know what are the requirements needed so that way I could, you know, get approved.
00:30:50.000Because you mentioned some of these banks are regional, etc.
00:30:52.000You mentioned Truist, where you have to go in person to go ahead and open a bank.
00:30:56.000Would you say that's the best practice for some of these other banks as well as going in in person and saying, hey, I want to open up a credit line with you guys?
00:31:35.000There's the relationship manager and then there's the business banker.
00:31:39.000These are two separate job occupations.
00:31:43.000So you want to get in touch with the relationship manager, not the business banker.
00:31:47.000The business banker is good, but they may just simply do an...
00:31:50.000Online application with you, which is kind of a disservice because there's some banks out there where you could do the online application, get $10,000, or you could do relationship manager and get $50,000.
00:32:02.000So it's very important to actually study and research.
00:32:05.000And sometimes the bankers- Will they let you talk to that relationship manager though?
00:32:08.000Or would you have to show proof that your business generates a certain amount of money for them to even let you have that conversation with them?
00:32:13.000So the trick there is that you just have to call more banks to get in touch with the people you want to get in touch with.
00:32:37.000When we got that news from our Chase relationship manager, Gabe, as soon as we got that news, within a few hours, we had like 15 more lined up.
00:33:48.000And so I got $6,500 per card, and then a couple months later, they shut their systems down online because everyone was taking advantage of this loophole.
00:33:57.000So I was even doing some online business card applications with people, and that stopped too.
00:34:02.000So I had to start sending them all into the banks.
00:34:05.000And there's really no one who's doing it remotely right now for that bank, for example.
00:34:09.000So you have to walk in, and sometimes you run into bad people there who are not very helpful.
00:35:19.000No, it's just funny because I remember my first time walking into Chase, right, I was almost like, damn, am I going to get approved for this card?
00:35:26.000And funny enough, they gave me my first personal credit card, Chase Freedom.
00:36:54.000So we got here basically how to – the things to have in place, right, is 700 credit score.
00:37:00.000Get your business EIN, and then you can go ahead and, depending on how much money you need, we talked about with Amex and Chase, if you want to get like, you know, 10,000 or whatever, and then we also talked about Truist.
00:37:37.000Some banks are only going to be willing to give you up to $25,000.
00:37:41.000Some banks are only going to be willing to give you up to $50,000.
00:37:43.000Some banks may only come back with $3,000.
00:37:46.000And if you're someone who's really trying to stack, like maybe you're trying to flip properties or maybe you're trying to, you know, do Amazon or something like that.
00:37:55.000Something that's super heavy cash flow and you need money.
00:38:07.000Look, the big key here is that you just really need to be well equipped and know the best strategy for each bank.
00:38:17.000Normally, someone's funding plan consists of six to 12 different banks.
00:38:22.000And, you know, there's a certain order you apply.
00:38:24.000There's, you know, there's different strategies for each place.
00:38:28.000So, you know, and sometimes I think for a lot of people, when they start doing it, and I'm a victim of it myself, you get a little nervous because maybe the first card you try, you're like, oh, I did all this research, I'm going to do it.
00:38:41.000And you apply for that first card and you get denied and you're like, oh, what's going on?
00:40:11.000It's just really knowing the best strategy for each place.
00:40:14.000It sounds very simple, but it's very important.
00:40:20.000Would you suggest, because you mentioned like, you know, kind of credit stacking, applying for different cards, right?
00:40:25.000And this is probably all gonna be done during a period of time where, you know, you get one hard inquiry, right?
00:40:29.000Like you're applying for multiple cards at the same time.
00:40:32.000Like, would you suggest like that people should implement a strategy where it's like maybe one in-person credit check, one in-person credit application here, another one online, maybe another one here.
00:40:45.000Does it trigger certain things in the algorithm if you do everything online and none in person?
00:40:49.000How should people go about this if they're trying to stack getting their credit cards where they want one card here for $5K, one other one for $10K, another one for $50K? It's knowing what you're going to get from each place and what bureaus they're going to pull from.
00:41:04.000The best way to answer that question, because it's kind of like, I think, in my mind, two questions in one, right?
00:41:09.000So it's like, how do I know how many banks to go to and what do I do?
00:41:14.000So each bank pulls from a different bureau.
00:41:17.000So normally we like to stick to around two to three inquiries per bureau.
00:41:22.000And for the people who have really good credit scores, they can go and hit four inquiries per credit bureau, right?
00:41:27.000Like this bank will pull Experian, this bank will pull Equifax, this bank will pull TransUnion.
00:41:31.000And that stuff is very important to know.
00:41:34.000You know, because in understanding the credit score requirements, things like that, understanding the exposure that each bank is going to give you.
00:42:01.000I had someone who taught me a very simple strategy in the beginning, and then I just expanded on that strategy.
00:42:08.000It was a very simple personal credit card strategy that I expanded into a business credit card strategy, and then I just got resourceful on my own to figure out what's the best strategy for each place.
00:42:20.000It's not even just simply maybe one in-person, one this.
00:42:26.000The best way to go about doing it is figuring out what do you need and if you don't want to open up a ton of credit cards, how many places do I need to go to?
00:42:34.000Which place is likely going to give me the most here, the most there?
00:42:38.000Oh, maybe not this place because it's not going to give me a lot.
00:42:41.000So it's really just planning around what are the best places to go.
00:42:46.000Should people be aiming to go to the big banks, you know, the Chase's, the Wells Fargo's, the Bank of America's, et cetera, or should they be going to try to go to these smaller credit unions like a Truist or whatever that might give better terms?
00:43:04.000Because some banks are not going to take people who have those bare minimum requirements that I mentioned earlier, right?
00:43:10.000Like a 700 plus, one year of credit history.
00:43:13.000There's many banks that will not take that.
00:43:16.000So it's important to understand what each bank will want.
00:43:19.000So there's some banks that are going to be stricter than others, and some will be more lenient, of course.
00:43:25.000Can you give us one bank that someone that has these bare minimum requirements can go to and at least have a decent chance of getting approved for a business credit card?
00:43:39.000And that will give them somewhere between $5,000 to $20,000 capital, depending on what they apply for, what offers they got going on at the time, etc.?
00:44:18.000And it can be very tricky because we've had people that have gotten results with an ITIN. And we've gotten people who have not gotten results with a niatin.
00:46:19.000Hey guys, get your questions in now while you guys can.
00:46:22.000We're going to go into a Zoom call here as well where we're going into way more detail with some of this stuff.
00:46:26.000Yo, Myron, do you think it's a good idea to get a business credit card and use that money to invest in an ATM? Okay, that's a good question.
00:47:47.000So, I mean, you can go ahead and get a business credit card, fund that, and you'll probably, within 12 to 18 months, which is the intro period for a lot of these APRs, you could pay that back depending on where you put that ATM and how profitable it is.
00:50:01.000Red Pill Overdose says, I plan to freeze all three of my credit bureaus to accept pre-approvals for the Capital One, Quicksilver, Saver One, and Venture Rewards at once within seconds, so it won't be a hard inquiry.
00:50:23.000Well, you can speak to it, but I think that avoids you having to deal with issues for your credit in real time, but you can tell them about it.
00:50:30.000So you can actually freeze your credit, you can lock it, so that way no one could, say, take your social security number and start applying for things without you knowing, right?
00:50:39.000Because if you freeze your credit, the bank can't pull your credit and they can't make a decision on whether or not to lend money to you.
00:50:47.000Yeah, so whenever you want to get a loan or get something done, you call them to unfreeze it, and then you go do it, and then freeze it again.
00:50:58.000If you got doxed or some shit like that, you would want to do that.
00:51:02.000Happened to me, I had my car parked at my old spot in the hood, and then broke into my car, stole my social security number and everything.
00:54:01.000Okay, yeah, and that's why temporarily paying it off or bringing your utilization down is so powerful, especially if you're going to get ready to apply.
00:54:07.000And then I think that's also why it's so important, like, when you have that window where you're applying, like, do that application with all these banks and or credit cards in that time period, right?
00:55:05.000But he's trying to, I guess maybe he wants to start a business or whatever.
00:55:08.000Should he use his own money or should he apply for one of these business credit cards or go to one of these banks and get money versus using his own capital?
00:56:09.000Well, bro, those four houses are gonna give you- More depreciation.
00:56:12.000Yeah, more depreciation, more cost segregation.
00:56:15.000So, though you might not get as much cash flow because you only put a portion of what's required to get the property, the tax benefits that you get are, you know, almost four times as much.
00:56:25.000And that will, in the long run, save you more money.
00:56:53.000They don't see the fact that you could actually charge that credit card as a purchase through someone's payment processor.
00:56:59.000I'm sure they have balance transfers and stuff, but you could charge your credit card as a purchase through someone else's payment processor.
00:57:06.000Number one, you're getting that purchase now at 0%.
00:57:08.000You're getting the cashback bonuses too.
00:57:11.000And you just simply have that person wire the money back to you.
00:57:14.000All you've got to cover is the payment processing fees, and that's not even money that you're putting up front like you would for a traditional loan.
00:57:21.000For a loan, you're paying those origination points up front a lot of the time, or at least in my experience.
00:57:29.000The way I've always seen it is doing the balance transfer way, which typically for the audience that might be, you want to explain to them what a balance transfer is?
00:58:13.000I'll go get my wallet for y'all and tell you guys what the card is called.
00:58:16.000But it's a card that will let you basically take the balance.
00:58:19.000So let's say you got $5,000, $10,000 limit.
00:58:22.000It will let you take that money on that credit card and put it into your bank account cash.
00:58:27.000And there's a transaction fee, 2% to 4%, depending on what it is.
00:58:32.000And you could go ahead and use that for other things because some places might not accept credit cards.
00:58:36.000They might say, hey man, we need cash for a Zelle or some shit like that.
00:58:39.000So that's another option as well as you can liquidate the credit cards that way.
00:58:43.000Yeah, it's pretty key, especially if you're doing stuff like trading or e-commerce.
00:58:47.000I even hear people in Amazon have this problem, too, because they have to wire their suppliers.
00:58:52.000And so the thing is, if you do it through the bank, you're going to be paying that cash advance interest rate, which a cash advance is usually 18%.
00:59:00.000But what you could do instead, and if you're doing the cash advance, you can only use maybe like 33% of the credit card.
00:59:09.000But if you have a friend or a company, we work with a law firm that does this.
00:59:14.000It's an escrow law firm that we work with and a couple other companies.
00:59:18.000But they will charge our client's credit card as a purchase and then wire the money back To the client.
00:59:57.000It makes it so much cheaper than a business line of credit or a business loan because a lot of people are looking for like a loan or something that they really only need for 12 months.
01:00:07.000And they think that a loan is the best way to do it or a business line of credit is the best way to do it.
01:00:12.000And if you don't need more than maybe $150,000 or $250,000, just go get a couple of business credit cards and it's going to be so much cheaper for you that way.
01:00:21.000Because they'll buy a watch wholesale from somebody and it's left for a higher price.
01:00:31.000And then you can use that for real estate or whatever.
01:00:33.000For example, if you want to invest in real estate, you're going to typically need bigger funds to be able to go ahead and help you put a down payment.
01:00:41.000So let's say you need an extra $10,000, $20,000, whatever to cover closing costs.
01:00:43.000You can liquidate one of your cards and then use that money to do a real estate deal.
01:00:50.000And then a lot of the times they give you, I know with this Bank of America card that I'm mentioning, you get like 18 months to pay it back, right?
01:01:48.000You could definitely try and apply, but you're likely going to get the message back saying that, hey, you have to unfreeze your credit.
01:01:56.000We run into this all the time with a couple of different banks.
01:01:59.000There's some banks that you could pull this little trick with.
01:02:01.000Maybe some people who are knowledgeable about credit here have seen You know, like the Apple Card trick where you could get the pre-approval, freeze your score, and then just accept the offer.
01:02:12.000It doesn't work every single time with every single bank, so a lot of the time you do have to unfreeze your credit.
01:02:41.000It's not even a big deal, especially once you start building these relationships with banks.
01:02:47.000I got denied for an inquiry one time, and all I had to do was open up a checking account and show a credit card statement, and a week later I had a $35,000 credit limit.
01:02:56.000But see, this is why it's important to you become cool with your either manager or your banker because they can tell you, listen bro, I have a feeling or I know this is why you got denied, just do this, you know, behind the scenes.
01:03:48.000Even if it's a purchase or a balance transfer, you could liquidate the purchase card and use that money to pay the other card if you can't do a balance transfer.
01:03:58.000It's an alternative way, and it's like the same price, basically.
01:04:02.000A balance transfer is usually a 3% fee.
01:04:04.000You could pay it back at 0%, and a credit card liquidation, like processing a transaction through a payment processor, is basically the same fee.
01:04:48.000If your business is over two years old, you're going to have a lot more opportunity to get more products.
01:04:55.000By the looks of your business, it looks like you have assets or collateral, things like that.
01:05:01.000Beyond business credit cards, you could go look into different business lines of credit.
01:05:06.000Half of these banks will do it unsecured and maybe give you a $50,000 line of credit offer.
01:05:13.000My suggestion to people is always this.
01:05:15.000Get as many 0% interest business credit cards as you can, and then after that, go for business line of credit.
01:05:23.000And for someone like that, you may have inventory, you may have accounts receivable, you may have something that half the banks are going to give you something unsecured.
01:05:34.000And then the other half are going to ask you to secure some kind of collateral to get a line of credit.
01:05:40.000And so this is like a larger strategy to go beyond just getting usually between $50,000 to $250,000 at 0% to then adding an additional six figures of lines of credit if you have a business that's over two years old.
01:05:56.000So your strategy is for people like this who might have a brick and mortar business that typically costs more money to run, etc.
01:06:01.000Because he has cash, but he just doesn't want to use his.
01:06:03.000So exhaust all the credit cards and banks that you can that give you that free, that 0% intro APR for whether it's 6 months, 12 months, 18 months.
01:06:14.000That will give you somewhere, depending on your credit score, somewhere between 10 to 150K. Then, if you wanna go ahead and get more, then we can go the business lines of credit, et cetera, where you're saying that you can get a good amount of that unsecured, where they'll just give it to you on good credit.
01:06:30.000And then the other part is they're gonna want some kind of security.
01:06:32.000So would it be tied to maybe How much cash you have or something like that?
01:06:37.000Are they going to want something where if you're not able to pay, they're able to go ahead and take it from you?
01:07:17.000That's where they're actually taking your documents and shit like that, which is why you said, hey, if you've got two years of business, then you can go ahead and go that route, which you'll be able to secure way more money to do what you've got to do.
01:07:26.000And especially with a concrete business, your overhead is probably through the roof.
01:07:31.000Yeah, and you probably have equipment, you probably have accounts receivable, you probably have something that you could use as collateral for that product, but the business credit card is the only product where you get a lot of money, don't have to show proof of income, don't have to show tax returns,
01:07:48.000don't have to show bank statements, and all you need is good credit score and you get approved for a lot of money, and it could be a day-old business.
01:07:55.000You mentioned that you had a client that was able to secure $180,000 with a business loan, but it was secured.
01:08:05.000Did they have to have $50K secured to get that $180K? What was the ratio breakdown as far as how much you can receive versus what needs to be secured to receive that?
01:08:43.000Which is why Andrew was so insisting that in the beginning, you want to max out, not max out, but you want to basically exhaust all options with the zero APR offers with these credit cards and then go the business.
01:08:56.000I think I'm going to get two more because of what he's saying now, bro.
01:10:23.000The bank really likes to see what kind of discretionary spending you do because the more discretionary debt you have where it's your own decision versus something that's very typical and most people have, that also plays a factor too.
01:11:28.000Yeah, so you can find me, Andrew and Bessie.
01:11:30.000And if anyone wants to, you know, actually get in touch with me and, you know, start working, you can send me a DM or you can go to my website, bowgroup.com, and you can get in touch with us there.
01:11:42.000Hey, man, I'm going to be in there, bro, for real.
01:11:45.000Guys, we're going to go into a Zoom call now where you're going to be able to get way more detail on some of these banks, et cetera, help you guys out with getting funding.
01:11:51.000A lot of you guys, I know, want to go ahead and start a side hustle and start a business or whatever.
01:11:55.000Instead of using the money that you make from your regular job to segue into entrepreneurship, now we're going to teach you guys how to basically keep that money and use other people's money and get your business started so that you can go ahead and keep more of your capital.
01:12:05.000I should've did that for the actual car rental company.
01:12:08.000I should've did that rather than my own money.
01:12:37.000We're going to go ahead and have a Zoom call on this, and we'll go into more detail for you guys, man.
01:12:42.000Like I said before, any of you guys that are thinking about starting a business, or maybe let's say you just started a business and you need help with getting money or acquiring capital, We're going to teach you guys how to do it in more detail, which banks to go to, credit cards, etc.
01:12:52.000We gave you guys a little bit of some sauce here on the show, but we're going to go into more detail.
01:12:56.000Also, real quick, congrats to Pressure Fit Money Clips.