Real American Express customer who is aware that his testimonial may be featured.
When Victor Basso began working with his father at his family business, Elite Warehouse & Distribution Inc., the business had no credit and no credit history. At that time, all bills were paid with checks or debit. Like many from the next generation who join a business, Victor had new ideas and fresh ambition that he brought with him to their trucking and warehouse business.
Elite is a third-party logistics company that unloads shipping containers that come in from ports around the world, such as China, India, and Pakistan. They bring the goods to their 100,000- square-foot warehouse in New Jersey where they sort, organize, and label the items and then load them into trucks and trailers and deliver them to major retailers throughout the U.S., Canada, Mexico, and Puerto Rico. And they do it fast — sometimes turning goods around in a matter of hours.
A plan to build credit and grow the business
Victor dreamed of eventually buying Elite its own warehouse and expanding the business, and he knew the first step on that path was establishing a business credit history. He already had his own personal credit history and had been a Delta Skymiles® American Express Card Member since 2018. He was enthusiastic about applying for an American Express Business Line of Credit.1 “‘This is something I’ve been wanting to do — to establish a business credit record.’”
Elite applied and was approved for a line of credit. “American Express,” Victor said, “didn’t play any games. There were no hidden fees. I felt very comfortable.”
Discovering the peace of mind of added financial flexibility
Within a few months, Victor had drawn on the entire line for a 12-month term and was experiencing the benefits of having extra business capital to help with cash flow as needed, like paying workers, paying rent, or keeping his warehouse equipment in good working condition. He ticks off expenses: “Oil changes. Hydraulic fluids. Fixing the wheels. That’s a few thousand dollars a month right there. You hate having to worry about how you’re going to pay for this, how you’re going to pay for that. The business line of credit from American Express helped make things 100% easier,” he says. “My blood pressure is lower.”
Spreading the word
Victor became such a fan of American Express® Business Line of Credit he even started recommending it to customers, friends, and work colleagues. He has told many other business owners about business lines of credit. “They love it,” he says.
Going forward, Victor says that with the competitive pricing of American Express® Business Line of Credit, he is considering using it to help finance the purchase of Elite’s warehouse equipment, such as electric jacks, order pickers, and the big machines that load and unload pallets. These are major business expenses that they had previously financed directly with the seller at high interest rates. “With American Express’ pricing, we could save.”
Now that Elite is on its way to establishing business credit, Victor applied and was approved for a Business Platinum Card®2 account as well. “It’s beautiful,” he enthuses. “It came just when we needed computers for the office”.
“American Express is really there to help me and to help grow my business.”
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.
2 Individual Card product application and approval required.
