In 2014, Julie Matzen decided to go for it. After decades of working at big PR firms and agencies, she knew she wanted to go into advertising, and on her own terms.
Years before working remote was commonplace, Julie sought people like herself who no longer wanted to work for big agencies, yearning to work from home and on their own schedule.
“I took a gamble and just started my own agency,” she recalls. With experts and senior-level contractors on hand, her new agency, named Team MayDay, began landing big clients. “I had this cool scalable team but with lower overhead, so I could offer great work at prices that were more reasonable than the competition.” Soon Team MayDay was doing TV commercials, media buying, and more for well-known national and global firms across multiple verticals.
Team MayDay comprises a core team of 10 professionals plus an in-house production company that includes producers, creators, and web developers. Clients include a global lock manufacturer, a well-known fitness company, and several other household brands.
Yet, while Julie has a high-risk tolerance for a small business entrepreneur, there is one area that always made her uncomfortable—the cash flow squeeze.
“If we do a big TV shoot, we’ve got to pay people promptly—we can’t just wait 60 days to pay them. And there are those times when I must juggle my cash flow—and for me, cutting it close does not feel good.”
American Express® Business Line of Credit to Help Bridge the Gap
From Team MayDay’s inception, Julie had used American Express products to help run the company. “I run bills through the Business Gold Card, including all our media buying. I use the Platinum Card®3 for my personal expenses, too. So, when my Amex rep told me about the American Express® Business Line of Credit, I went online and filled out the application that day. It was so easy.”
Since getting approved for her American Express® Business Line of Credit, Julie says she worries less about cash flow. “The peace of mind is priceless, knowing that money is there for us.”
Easy to Access
When Julie went to access her business line of credit for the first time, she was pleasantly surprised by how easy and intuitive it was. “American Express Business Blueprint was very clean and simple to navigate—things like that are important to me.”
She adds, “I especially like how the dashboard allows us to view the monthly payment schedule, based on how much you want to withdraw, before taking out the loan. And the business line of credit from American Express makes it simple to pay it back.” Julie envisions using her business line of credit when she needs it. “I plan to pay mine back and then probably take out more.”
“Team MayDay is not a big company, but American Express made me feel like I was a multimillion-dollar company—and that was a great feeling.”
Story Footnotes
1Individual Card Application and Approval Required
2American Express® Business Line of Credit offers access to a commercial line of credit ranging from $2,000 to $250,000; however, you may be eligible for a larger line of credit based on our evaluation of your business. Each draw on the line of credit will result in either a separate installment loan or a single repayment loan. All loans are subject to credit approval and are secured by business assets. Every loan requires a personal guarantee. For single repayment loans, we charge a total loan fee that ranges from 0.95%-1.80% of the amount you borrow for 1-month loans, 1.90%-3.75% for 2-month loans, and 2.85%-6.05% for 3- month loans. Single repayment loans incur a loan fee at origination and the principal and total loan fee are due and payable at loan maturity. There are no required monthly repayments for a single repayment loan. Repaying a single repayment loan early will not reduce the loan fee we charge you. For installment loans, we charge a total loan fee that ranges from 3-9% of the amount you borrow for 6-month loans, 6-18% for 12-month loans, 9-27% for 18-month loans, and 12-18% for 24-month loans. Installment loans incur a portion of the total loan fee for each month you have an outstanding balance. If you repay the total of the principal of an installment loan early, you will not be required to pay loan fees that have not posted for subsequent months. For each loan that you take, you will see the applicable loan fee before you take the loan. Once you take the loan, the loan fees that apply to that loan do not change. We reserve the right to change the loan fees that we offer you for new loans at any time. American Express reserves the right to offer promotions to reduce or waive loan fees from time to time. Not all customers will be eligible for the lowest loan fee. Not all loan term lengths are available to all customers. Eligibility is based on creditworthiness and other factors. Not all industries are eligible for American Express® Business Line of Credit. Pricing and line of credit decisions are based on the overall financial profile of you and your business, including history with American Express and other financial institutions, credit history, and other factors. Lines of credit are subject to periodic review and may change or be suspended, accompanied with or without an account closure. Late fees may be assessed. Loans are issued by American Express National Bank.
Single repayment loans may become available to eligible new and existing Business Line of Credit customers at different times.
If you elect to have your loan funds disbursed directly to a third party payee, you are required to provide accurate and complete payee information. Payees must be located in the US or US territories. The per transaction payee payment maximum is the lesser of your then available line of credit and $100,000. Not all payee industry types are eligible. We may refuse a payee in our discretion or for reasons beyond our control. Loan funds sent to your payee may take up to three (3) banking days to post to the payee's business bank account, although payments may be delayed for a number of reasons and the payee's bank may have their own policy regarding ho quickly to post a payment.
If eligible, you can be approved in minutes for a line of credit for $2,000 to $250,000 when we are able to automatically obtain your business data and verify your bank account. If a manuel review is required, it will take longer to provide you with a decision.