SVB Refused to Lend to Miller Because He Lacked VC Backers
Brad Miller · Masters of Debt: How I bought a $5m SaaS Company Using Debt, Grew to $20m, Then Flipped for a Huge Gain · Dec 14, 2023 · at 14:54
SaaS operator Brad Miller recounts attempting to secure debt financing from Silicon Valley Bank for his cash-flowing, bootstrapped business.
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“They were one of our banks, but they never lent us money. We flowed all our credit cards through them. And, ah, they would come to us all the time and ask if we wanted to borrow money from them. We'd say, sure. And, you know, we were the only company they had that was making money, and they'd say, but who's your named VC, and when was your last raise? I'm like, well, here's the thing. We don't need that because we make money, so we don't have to fund our losses with a VC.”
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