• Report: #729137

Complaint Review: The Business Finance Store

  • Submitted: Fri, May 13, 2011
  • Updated: Mon, July 25, 2016

  • Reported By: Anonymous — Seattle Washington United States of America
The Business Finance Store
16480 Harbor Blvd, Suite 102 Fountain Valley, California United States of America

The Business Finance Store The Business Finance Institute Misrepresents, Oversell, Breach of Contract, Rip Off, Law Suit Fountain Valley, California

*Consumer Comment: BFS helped me when I needed It most. They are honest and ethical and I couldn't have done it without them!

*UPDATE Employee: Reply to this ad

*REBUTTAL Owner of company: Business Funding Available Now: How We Protect You... {Official BFS Response}

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We worked with Joe Wilkins and Jeremy Daggett at the Business Finance Store in California.  After weeks of taking some additional steps to ensure our credit was in order, we agreed to utilize thier services to obtain credit for our business. 

An agreement was  signed and a process was laid out to us for obtaining credit.  The process was not followed by the BFS and resulted in a very low amount of credit being obtained.  We were immediately sent a bill for nearly $3000 for thier services.  Upon our rebuttal, the BFS lowered that amount to $1,800.00.  The Consumer Protection Division of our state's attorney general's office is now involved.

The Business Finance Store is a service that promises a great deal, and delivers very little and then charges big fees to make a profit.  I was advised by the AG office that what they are doing is illegal.

This report was posted on Ripoff Report on 05/13/2011 09:09 PM and is a permanent record located here: http://www.ripoffreport.com/r/The-Business-Finance-Store/Fountain-Valley-California-92708/The-Business-Finance-Store-The-Business-Finance-Institute-Misrepresents-Oversell-Breach-729137. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 Consumer Comment

BFS helped me when I needed It most. They are honest and ethical and I couldn't have done it without them!

AUTHOR: J. B - ()

We came to The Business Finance Store after being in business for a year and we were able to get the funding required to build out our software and take us to the next level. We would still be struggling to get the funding the traditional way if it was not for The Business Finance Store. The service is incredible;you know what to expect every step of the way, there are no secrets.
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#2 UPDATE Employee

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AUTHOR: jwayne - (United States of America)

I would like to let people know more about this company. To whom it may concern, know the facts before you criticize. The Business Finance Store is a great company, that will give 100% effort to work with customers. I highly recommend this company to anyone, that seeking funding for their business.
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#3 REBUTTAL Owner of company

Business Funding Available Now: How We Protect You... {Official BFS Response}

AUTHOR: The Business Finance Store - (United States of America)

My name is Tim McCormack. I am the President & CEO of The Business Finance Store and I have decided to respond personally to this message. This will be our only response to this complaint.

First of all, let me assure you we are under no investigation.  You are more than welcome to call our company at (888) 777-7713 to discuss this issue directly with us. Additionally, feel free to call the Washington State Attorney General at (206) 464-6684 and inquire about our company.  That is the state in which the client above claims to have made this inquiry. I can assure you we break no laws in the course of our business.

Our company helps small businesses and startups obtain funding. This is a challenging process given the current economy, and I feel we do a pretty good job. While most of our clients are energetic exciting entrepreneurs looking to change the world or just launch a great business, there are always a few people who attempt to abuse the system to benefit themselves. The above complaint is one example of such a circumstance.

Here is how you can contact us:
Learn more about our company and services here. www.BusinessFinanceStore.com
Call us toll free at this number (888) 777-7713
Email us for further information at info@businessfinancestore.com

If you are seeking business funding its hard to know whom to trust.  To help you, weve built safeguards that leave you in control and set the correct expectations for how we will perform.  I will now describe some of the ways we help our clients while shielding them from any risks.

1.    To qualify for our program our only requirement is that you have a good personal credit score.  Normally lending institutions will pull someones credit to see if they qualify, but this damages their credit by placing hard inquiries on their reports. Alternatively, we ask potential clients to setup an account with www.TrueCredit.com, which allows us to pre-qualify them into the correct program without placing
any inquiries. By doing this we protect everyone we talk to, even those who dont become our clients.

2.    Once we review your personal credit we provide you with our own BFS Corporate Credit Rating (a 100% free report), which will tell you within a $25,000 range how much funding we believe we can get for you. By doing this our clients can plan for their businesses knowing how much funding we can obtain. This is how we protect every one of our clients from building their business too aggressively and then receiving inadequate funding to support their efforts. 

We are very effective in achieving our funding goals. Over 90% of our clients receive funding amounts either within or above the range promised. The above client who complained received our lowest acceptable credit rating, and thus was informed that the only funding available would total between $0 and $25,000. The above client states we didnt follow some type of process, yet we actually raised for them $23,500 in funding a great result in our opinion considering the limited credit profile we had to work with.

3.   We also allow clients to defer all payments for our services until after we have completed those services a practice designed to protect you from someone who cant deliver on promises. If our clients dont get any funding we dont get paid. There is no better commitment to our clients than that.

We have plenty of clients. We process over 100 new clients every month. We raised over $3.4 Million in funding for our clients last month alone (April 2011). We dont need to lie to someone with the lowest acceptable credit rating - in fact we almost didn't accept them as a client at all. 

If you need funding, understand that we would be happy to try and build that funding for you, but if we do so you should be prepared to pay based on the terms in your contract. Those terms specify that you will pay for the funding you receive, even if it wasnt as much as you wanted. Those are our terms, and if you agree to them we are happy to help you. We wish you the best of luck either way.

We have multiple ways we can verify our position in this situation should you like to see them. You can view the rating report given to the client that shows how much funding was predicted for them. We can also provide a copy of the signed and notarized contract, which explicitly states the accurate range of funding they should expect. Additionally, we can provide a recorded underwriting call in which our underwriter explains to the client in detail what will happen and gets their approval to proceed. 

Again, if you are seeking financing we are happy to help. We will treat you fairly and with respect, and we hope that you will do the same in return. While we are not going to post the above-mentioned verification information publicly, it is available to anyone who is interested in our services. We have no secret about our processes, and work hard to make sure everyone understands exactly what they are going to get before they begin working with us.

And if you own a business we wish you the best of luck. We love small business owners, we understand the unique difficulties the joys and pains that we all share. We are all in this together, and we are happy to support you in any way we can.


Tim McCormack
CEO / President
The Business Finance Store

One last note: We normally stay out of these Internet flame-wars. The possibility exists that this client will make all sorts of false claims in response to this post. We have no desire to continue to respond, and no one from our company will make any further comments. I can guarantee any lie that this client states is something you will never hear if you actually contact our company.  If you need funding, please contact us through the website or our toll free number (888) 777-7713. Feel free to investigate our company with anyone you like. We have nothing to hide.

Again, Here is how you can contact us:
Learn more about our company and services here. www.BusinessFinanceStore.com 
Call us toll free at this number (888) 777-7713
Email us for further information at info@businessfinancestore.com 
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