I should not be surprised, but my company was denied a line of credit again from a bank because gun shops are too risky (even if the funds are used for purchasing something else like flashlights, equipment, or whatever)
Where is the precedent that if a gun shop is sued that they went after any bank that loaned any money to the company for any reason?
:mad:
Good credit? Doesn’t matter.
Good income statement? Doesn’t matter.
Using the money only for parts, not guns? Doesn’t matter.
Using the money only on as needed basis for government contracts? Doesn’t matter.
Is this a local bank or a big bank? If a big bank, try a local home-grown bank where you can walk in and talk to the loan officer yourself. Make sure you can answer any questions (in person) on things like liability insurance being in order, plans for the money, govt contracts you have in hand, etc.
Local banks or CU is probably a lot better shot. If you keep your company accounts the bank that denied you, move them. And let them know why.
Tell us too if it is a big one so we can avoid them
There is a big difference between credit card processing and a line of credit. They might also be worried about what might happen after the election, just like we are.
But, yes, by all means, go to a local community bank instead of one of the big guys. Wow, I just checked Tuscarawas County and there are no banks locally headquartered there. Makes it hard, sorry.
That’s a pretty big assumption, don’t you think? I mean, you don’t even know which bank it is or who made the decision.
Credit is tight all over right now. Even gold-plated high-income borrowers are having problems getting jumbo mortgages for their residences. There are lots of credit problems around the US banking system at the moment, our economy is slowing and unemployment hit a 5-year high today. That’s enough to make any banker risk adverse!
Yes, no local banks in my county. And the local CU’s were no help.
I got really far with this bank, as the locals were all for it. They helped me meet with the regional manager and they got it approved through underwriting because I educated them on how gun sales really work (they, of course, were clueless).
I am not going to name the bank. I try to remember that vengence is better left in God’s hands. I’ll trust that the unfair practice will come back on them.
Not really, “gold plated borrowers” aren’t having trouble getting loans, they’re just not getting as much money. Don’t believe everything you hear. It’s really not that hard for most with decent finances.
Banks are in business to make money through loans. Though bottom rung types are having problems, most people don’t have that problem.
We just got a nice loan to renovate our kitchen. Our credit is solid, but not outstanding with my wife’s student loan debt, and our income is decidedly middle class with me going to school full time and working part-time.
Given what Roxanne said, they should be easily able to qualify for a LOC which is a lot easier to get than an outright loan.
The decision had nothing to do with financial reasons. They told me why I was denied (But wont put it in writing)! Even though their policy only said you cannot loan money to a company that sells guns online (which I don’t cause my CC processing company wont let me).
IIRC CDNN runs a huge “bank awareness ad” on the back of their mailers letting consumers know just how discriminating banks and the financial industry as whole can be.
It is possible to get a merchant account for “online” guns sales. I can refer people who want to inquire (no I get nothing from the referal) about it if they PM me. I cannot make promises but I know it is possible.
