Robert Barney

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Real American Express Customer who was aware their testimonial may be featured by American Express.

American Express^® Business Line of Credit^¹ Helps Family Business Thrive

For Bob Barney and his wife Tammy, Tamco Paint was a family affair from the start. After graduating from the University of Connecticut, Bob moved to Florida in 1980 where his cousin helped him get a sales job at a local auto paint store. “I really enjoyed the business right from Day One,” he says. He and Tammy also liked the family-oriented nature of that store and they decided to start their own automotive paint business based on that model. Affectionately named after Bob’s wife and daughter, Tamco Paint was founded in 1989.

Tamco started small yet by 1996, Bob had opened a small plant to make solvents and clear paints in Virginia, where he worked part-time and on weekends. By 2000 he was able to join Tammy in operating Tamco full-time, where they were eventually joined by two daughters and a son-in-law.

Tamco grew slowly but steadily until 2008, when the recession hit the company hard. Bob discovered the former Kabbage line of credit, now American Express^® Business Line of Credit, in 2015 and Tamco was approved for a $10,000 line. “That first line of credit saved us from going out of business,” he says.

Managing Supplies During Shortages

By 2021, Tamco’s business was going strong, and they were even sourcing raw materials directly from overseas in bulk. With their American Express^® Business Line of Credit, along with their own funds, Tamco could pay to fill their own shipping containers. “Given the pandemic, there are greater shortages of raw materials, so you buy as much as you can, when you can,” says Bob. “We bought three container loads last year and we couldn’t have done it without American Express^® Business Line of Credit,” says Bob.

With the ability to stock up on supplies, Tamco has been able to continue its upward trajectory right through the pandemic-related shortages. “American Express has been there for me. That’s why I’m still a loyal customer. American Express understood my business and supported me—plus the rates are competitive.”

Furthermore, Bob now looks forward to benefiting even more from American Express to which he’s loyal—he’s been a Card Member since 1981.

Story Footnotes

¹American 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 how quickly to post a payment.

If eligible, you can be approved in minutes for a line of credit from $2,000 to $250,000 when we are able to automatically obtain your business data and verify your bank account. If a manual review is required, it will take longer to provide you with a decision.

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