Pictured: Bob and Tammy Barney, Tamco Paint
Real American Express® customers who were aware that their testimonial may be featured by American Express.
For Bob Barney and his wife Tammy, Tamco Paint was a family affair from the start. After graduating from the University of Connecticut, Bob moved to Florida in 1980 where his cousin helped him get a sales job at a local auto paint store. “I really enjoyed the business right from Day One,” he says. He and Tammy also liked the family-oriented nature of that store and they decided to start their own automotive paint business based on that model. Affectionately named after Bob’s wife and daughter, Tamco Paint was founded in 1989.
Tamco started small yet by 1996, Bob had opened a small plant to make solvents and clear paints in Virginia, where he worked part-time and on weekends. By 2000 he was able to join Tammy in operating Tamco full-time, where they were eventually joined by two daughters and a son-in-law.
Tamco grew slowly but steadily until 2008, when the recession hit the company hard. Bob discovered the former Kabbage line of credit, now American Express® Business Line of Credit, in 2015 and Tamco was approved for a $10,000 line. “That first line of credit saved us from going out of business,” he says.
Managing Supplies During Shortages
By 2021, Tamco’s business was going strong, and they were even sourcing raw materials directly from overseas in bulk. With their American Express® Business Line of Credit, along with their own funds, Tamco could pay to fill their own shipping containers. “Given the pandemic, there are greater shortages of raw materials, so you buy as much as you can, when you can,” says Bob. “We bought three container loads last year and we couldn’t have done it without American Express® Business Line of Credit,” says Bob.
With the ability to stock up on supplies, Tamco has been able to continue its upward trajectory right through the pandemic-related shortages. “American Express has been there for me. That’s why I’m still a loyal customer. American Express understood my business and supported me.”
Furthermore, Bob now looks forward to benefiting even more from American Express to which he’s loyal—he’s been a Card Member since 1981.
Story Footnotes
¹ American Express® Business Line of Credit offers access to a commercial line of credit ranging from $2,000 to $250,000, although some customers may have access to a larger line of credit. Decisions regarding the line of credit amount, loan fees and available installment term options are based on a review of your and your business’s overall financial profile, which may include your credit history, your relationship with American Express and other financial institutions, and other factors. The line of credit amount, loan fees, and installment term options are each subject to review and may change for future loan activity. A review of the line of credit may result in a suspension at any time, accompanied with or without a closure of the line of credit. Not all customers will be eligible for the lowest loan fees or all installment options, and not all industries are eligible. All loans are subject to credit approval, are secured by assets of the borrower, require a personal guarantee, and may be subject to late fees. Loans are issued by American Express National Bank.
Each draw on the line of credit results in a separate installment loan with monthly installments which may include 6, 12, 18, or 24 months, subject to eligibility. When you request a loan, you will be presented with the available installment option(s) and the monthly loan fee for that loan amount. The monthly loan fee is calculated as a percentage of the original principal amount of the loan and is charged monthly during the term of the loan along with a portion of the principal. Currently, the monthly loan fees may range from 0.55% to 1.55% of the original principal amount, but the loan fee offered to you for future loans may change at any time. You will be charged monthly loan fees only for months in which the loan has an outstanding balance.
If you repay the total principal of a loan early, you will not be required to pay the loan fees that have not posted for subsequent months. American Express may offer promotions and may reduce or waive loan fees from time to time.
