03/14/2023
Underground Burrito’s would like to thank our devoted Customers, Wholesale Partners RT’S, The Buzz Coffee Shop in Palmetto Bluff. The Grind Coffee Roasters, Hilton Head Brewery. In order to continue to build our company we needed capital and a debt restructuring and below is what happens when miscommunication happens and although Banks can Fail and get Bailed out a small business like Underground Burritos had to contend with this. Although offer was made to little to late and we’ll just read below.
Thanks to a wonderfully complicated four years.
Jimmy
To: Patrick King Interim Chief Credit Officer
Shelley Hough Senior Lending Officer
South Carolina Community Loan Fund
Good morning Shelley and Patrick
Jimmy with UndergroundBurritos. I am sending this email this morning with a heavy heart,much thanks and even a lot more confusion.
1. The heavy heart is that I had to file bankruptcy and am now in the guidance of my BK Attorneys.
2. Thank you for offing the approval loan for less then half of what was needed to help with my debt swap.
3. Confusion comes with a mind boggling start to this whole process that starts back in November with your then representative Jospeh Dukes. While I was assured by Mr. Dukes that we could get this done, I immediately notified Friends,Family and Mr Bill Herbkersman that the loan would get done. Had I been made aware back in November there was no chance to obtain the loan I would have tried diligently to apply elsewhere. But because I was reassured over and over again that this was going to get done I continued the process with Mr Duke and put myself further into debt as I was waiting for this loan to be completed. Meeting you and Ms. Hough was a pleasure and a huge shock as I was told the process must start over, and well we know where we are now. Again I thank you for your offer to help but $63,500 makes no sense. When we spoke on the phone you said you would do something and explained reducing factoring and high end payments. In duress I was glad to hear that, but $150,000 was what was needed and this partial loan actually sets me up for failure. After reviewing the offer with a BK Attorney he said he did not understand and it looked like I was being set up to fail as well.
So here we are, I am simply sharing the fact though I created my debt by trying to build a my company over the last 4 years and it is a great concept, I had to finance with credit cards , and other notes but this was explained up front with Mr Dukes from the beginning, so when asking for $150,000 it was to swap all the debt and based on what Jospeh Dukes told me, he assured it would get done!
This has cause irreversible harm to myself and Underground Burritos. I am passing on the loan because in all good conscience should we have completed this loan I would have put your Bank in a bad position as I have been placed in now. BK with the $150,000 would have not occurred because the loan payment was more than manageable based on the proposal that Mr.Dukes-shared with me in December.
Small Business is the backbone of the American Spirt and mine has been crushed because as you stated I would not have even been granted the loan should this loaned been presented to you back in early November. Again I appreciate your offer and thank you for your consideration.
Because of bad communication I want everyone I forward this to, to be aware of what happen to me and that this should never happen to a small business owner ever again.
I am forwarding this to Representative Bill Herbkersman ,Congress Woman Nancy Mace, Senator Tim Scott and the Banking Commission because I feel it is necessary so others might not have to go through this.
I expect nothing to come of this but it is how I feel.
Now closed and dreams wiped out!
James Soules
Underground Burrito’s
