Select Business Credit failed to provide financing in a timely manner and caused my franchise to fail due to a lack of funding. They agreed to return my deposit, minus a fee, in monthly payments. They have stalled and delayed the payments and have only sent three checks in the last seven months.
Here is my original complaint with the BBB:
SBC has taken too long to complete the loan process. I had a limited time frame to acquire funding for my business and the delays caused me to cancel a very costly and hard won lease contract with Simon Properties. I am now attempting to pay off the invoices for my rent and equipment construction.
I have many documented correspondences with SBC which show unanswered calls and emails. At each step in the process of completing the loan, I was assured there were no further documents needed and that I would receive a final contract quickly. [continued below]....
..... Those assurances were always followed by delays caused by the need for newer and more documentation. Meanwhile my kiosk construction vendor was told to expect payment within days.
The lack of guaranteed funding within my allowed time caused me to default on my business plan and cancel the project. I need the money paid in advance to repay the costs incurred by shutting down my business. SBC has offered to refund my down payments in monthly installments. I would like an immediate one-time repayment.
The BBB closed my case after Select Business Credit signed a written agreement to repay me my deposit. After months of delays and excuses, I filed a rebuttal to the case and once again, the BBB closed the case.
Here is my rebuttal:
After signing an agreement drafted by Select Business Credit to repay my deposit of $9495.00, four months passed before I received the first check. After the second check was not mailed the following month, I contacted Select Business Credit for an explanation and was told the check would arrive within days. The check finally arrived three weeks late.
When the third check failed to arrive I once again contacted Select Business Credit by email and telephone and did not receive a response until two weeks later. All correspondence for the last three months has been by phone conversation only, despite repeated calls and email requests for information and status updates. I believe this is because Select Business Credit does not want written evidence of my requests and their misleading and untruthful delaying tactics.
Two weeks ago, I received an immediate phone call after leaving a message that I would report them for fraud and begin legal actions. Again, I was told that there was an administrative problem with the "accounting people" and that the check was sent weeks ago. I have received the same explanation of why my payment was not mailed for three months now.
I believe Select Business Credit does not intend to pay me per our agreement and is stalling for time to gather funds from some other fraud victim. If this situation continues, my company will be forced to file a lawsuit to recover the funds owed us. I wish immediate due payment and timely payment from now on.
Resolution Sought: I would like Select Business Credit to immediately pay me for June, July and September, 2012 per our written agreement and make all future payments on the first of every month until repayment is completed.