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No Husband, No Loan

Is this a mistake or is the bank blatantly sexist?

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This story appears in the November 2000 issue of Entrepreneur. Subscribe »

Q: I've run a successful company for the past 20 years. There's a new bank in town offering me a line of credit to attract my business. I was both floored and furious when the loan officer told me that my husband would need to guarantee the loan. I explained that my husband is an employee of the company and has no ownership, but the bank still insists that he guarantee the loan. They're offering me a great deal, but how can I convince them that this is a ridiculous condition?

A: You've made a great start. You should not only object, but object strongly. However, make sure that all your facts are on paper and before the officer. This could all be the result of a simple error on the bank's part. Reiterate that your husband has no ownership in the company, that his guarantee has not been required in the past and that you would like to know what's changed in your financial picture to require it now.

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