Pictured: Julie Matzen, Team MayDay
Real American Express customer who was aware their testimonial may be featured by American Express.
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 Card1, including all our media buying. So, when my Amex rep told me about the American Express® Business Line of Credit2, I went online and filled out the application that day.”
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 Blueprint3,4 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, 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.
3 With the American Express Business Blueprint™ App, you can view your select business products. These products include American Express® Business Line of Credit, American Express® Business Checking, and American Express® Business Cards, and eligible external business checking and card accounts you choose to link to Business Blueprint. Additional terms and limitations may apply. Some app features may only be available on supported devices. The American Express Business Blueprint™ App is available on the App Store and Google Play. Message and data rates may apply.
4 American Express Business Blueprint™ is the small business digital experience that allows a customer to view on one digital dashboard summary account information for the following American Express small business products: American Express® Business Cards, American Express® Business Line of Credit, and American Express® Business Checking. The customer can also choose to link their third-party issued business bank accounts and business credit cards to Business Blueprint. Not all third-party accounts or cards can be connected to Business Blueprint. Business Blueprint allows the customer to view data insights and track their business cash flow and expenses by viewing reports that American Express prepares using the customer’s linked account information. While the cash flow management service from Business Blueprint is currently free, each of the business products from American Express that are visible in Business Blueprint has its own fees, eligibility criteria, application process and approval requirements. The Business Blueprint service (including any data insights provided to the customer) does not constitute legal, tax, financial or accounting advice, and is not a substitute for obtaining competent personalized advice from a licensed professional. You should seek professional advice before making any decision that could affect the financial health of your business. American Express makes no representations as to the accuracy, completeness or timeliness of the reports, data or account information that are available to the customer from Business Blueprint.
