Our small business has been open for approximately 8 years. We sell building materials and have struggled a great deal due to the volatile market and economic conditions. BB&T has our credit line and other commercial property financed. When it came time to renew our credit line, they would only do it by putting all the loans together, but they assured us that if they decided not to work with us, they would give us plenty of notice to attempt to secure alternative financing. They would only renew in 30-day intervals, and on January 7th our credit line expired.
We were successful at leasing one of our buildings (this was their suggestion), and we emailed them and kept them updated on where we stood. We have made several changes in our business and had several lay-offs. We also put all of our property on the market and sent them evidence of this so they would see our effort to meet our commitments and reduce our debt. We had to go out of town to assist our immediate family with needs they had due to medical issues.
We received a call 3 days ago informing us that BB&T had posted a foreclosure notice in our local paper, even after they knew we had leased this building and would be able to make the note payment. We were not even 30 days past due and were quite shocked. We have had messages from customers informing us they do not intend to pay now since they have seen this posted. We have made several attempts to contact the bank to at least allow us to locate an alternate source of financing, but to no avail. They will not call us, email us or discuss this in any form or fashion.
If they do not allow us time to do something else, this will send the rest of our staff to the unemployment line, and it does not have to be this way AT ALL! We have one facet of our industry that is doing well in spite of the market conditions, and if given even 6 months we are confident we could turn this around. I am not even convinced the actions they have taken are legal. If the lessees see the foreclosure notice, BB&T may also cost us the rental income, not to mention the accounts receivable they have already cost me with their notice. I understand that there are times when there are no other options but foreclosure, but this is definitely poor judgment on the bank's side.
Our goal now is to attempt to secure alternative sources of financing and seek assistance to find out what we can do to stop the bank's actions. It seems unfair that BB&T was the recipient of over 3 billion and has done nothing to assist small businesses! We would also like to run a full page ad in the local area papers explaining to our community what BB&T has done to many of their local families in these most difficult times. I think everyone who has suffered from the actions of BB&T should unite and fight! Any options anyone knows of where we could possibly seek assistance would be greatly appreciated.
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