We had already used all our credit by January. The rainy day had come and it was still pouring. We used all the credit we had while doing painful restructuring. We were paying it back, interest-only as allowed in the contract. We were paying it back instead of taking paychecks for the partners in the firm. We were paying it back.

Citi gave us a shove towards the edge. The extra payments they are now demanding for early repayment of the loan will push us over the edge. We had just closed enough business to survive until June, now we won't make it beyond April unless we get some help.

I am about to lay off 15 people and close the shutters if our business can't get help. We bailed them out and they stabbed us in the back. Fifteen jobs lost because of their greed. When we needed them most they pushed us over the edge.

And then, another glimmer of hope...

Yesterday I visited a small local bank to ask for help. They don't do investment, or risky mortgages or credit-default-swaps. They've been here for 130 years. One state, a dozen branches. You've never heard of them (good!).

I went to them and begged them to help me save 15 jobs. I showed them how all the managers had taken voluntary pay freezes to save the jobs. How we had used credit cards to pay rent so as not to lay off any of our people. I showed them our billing and receivables that show we have turned the corner. I begged for help

As I was talking to the manager, a homeless man came in to cash a welfare check of some kind. He couldn't bring his dog into the bank and didn't want to leave it outside. They called the security guard. I expected trouble. The security guard arrived with a bowl of water and offered to sit outside with the dog while the man did his business. "You are not in Citi anymore Dorothy" I thought.

"We can help", the manager said.

Screw the big banks. I learned my lesson. The only question is:

Will you remember this lesson when times are good again?

I will.

Update [2009-3-27 11:56:10 by marvinborg]: Wow - Rec list in 10 min. Thank you all! Your heartfelt support and comments have given me new strength.

Update [2009-3-27 11:56:10 by marvinborg]: Many are asking about the local bank we are about to start working with

They are First Community Bank in Illinois:

http://www.fcbankgroup.com/...

Update [2009-3-27 11:56:10 by marvinborg]: Based on comments I changed the title to better reflect the "other" side of the story. Old title was "Citi just pulled our line of credit - killing our business". Now it's also about the local bank who might save us.