Bank may force successful Woodstock business to close
, Just that easy. Just pulled out from underneath you."For eight years, Becky and Barney Wentzel have worked to make Hot Dog Heaven in downtown Woodstock a success.
It sits at the intersection of Main Street, Town Lake Parkway and Arnold Mill Road.
"It's a prime location," Becky said, pointing out that it is just across Main Street from the park and the site of a new amphitheater.
But their business loan was with a bank that failed in November, 2009 -- the Bank of Woodstock, just down Main Street.
And the bank's successor, Ameris Bank of Moultrie, Ga., last week unexpectedly called in their loan, and told them to pay $250,000 or get out, despite their good payment history.
"Every three years it comes up for renewal," Becky said, "And you just go in every three years and re-up, no big deal."
But this month was the first time their loan had come up for renewal since Ameris took over the bank.
"If they can do it to us with good credit, what are they going to do to other people?" Barney Wentzel wondered.
They said someone from the bank called them on the telephone and told them they'd have to re-pay the loan in full; they demanded the reasons in writing.
"They told us we're not viable," Becky said. "They think that we're bleeding money," or will be, before the next three years are up.
"They're figuring that somewhere down the road that [since] we're not making a million a year, we're not going to be able to make our payments," Barney said.
But their track record is "perfect, perfect, never missed a day, never been late" with payments, Becky said.
The City of Woodstock is about to begin a one-year road widening and street-scape project at the intersection where Hot Dog Heaven is located.
"We're prime property," Becky said. "How would we not do well" in the future? "If I'm making it in this economy, what will I be doing three years from now, with an amphitheater and a new road in front of me?
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Photographer: Dale de la Rey/ Hong Kong's “rapid” credit growth has increased the risk that banks make bad loans as the city faces a potential recession if the European crisis deepens, the International Monetary Fund said.
"This bank was so bad with loans, I'm lumped in with all the bad loans the bank made." They're coming to terms with the idea they may lose a business they've made a success -- losing it, as Barney said, through no fault of their own.
China's banks are seen as among the world's strongest after they avoided the credit problems that battered Western institutions. But industry analysts say they face a possible rise in bad loans due to heavy lending during the crisis.
(MTG) and Radian Group Inc. (RDN) have said they will forfeit some rights to revoke coverage under a plan that gets borrowers into less expensive loans. President Barack Obama has said expanding the HARP program will make cheaper credit available to
In addition to the depreciation of equity, bad credit is still a major obstacle for small business owners. The majority of merchants approaching BCA are not even applying for bank business loans. A merchant cash advance, loan alternative has become a
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