BMADDOX ENTERPRISES recently decided to expand operations by purchasing a new building, trying to capitalize on the industry's continued growth, especially with the oil field boom in western North Dakota near their location. Application was made at a local Wells Fargo bank for a business loan for a new building acquisition. With a sterling credit record, no personal or business debt and a sound business plan, the loan approval looked to be a no brainer, until it was discovered this business was part of the firearms industry. BMADDOX ENTERPRISES holds two Federal Firearms Licenses and two Class 3 SOT licenses for selling firearms, with locations in both SD and ND.
Vice President of Business Banking at Wells Fargo, called Friday Nov 2[SUP]nd[/SUP] to alert Mr. Maddox, owner of BMADDOX ENTERPRISES, that Wells Fargo would not extend business credit or loans to any firearms related business, period. "Your credit is impeccable and your business model is sound, but our corporate legal department will not allow us to extend credit to any business related to firearms. We understand you are fully licensed under federal and state law, although…the corporate directive is still no."
PR Newswire (http://s.tt/1sJzf)
Vice President of Business Banking at Wells Fargo, called Friday Nov 2[SUP]nd[/SUP] to alert Mr. Maddox, owner of BMADDOX ENTERPRISES, that Wells Fargo would not extend business credit or loans to any firearms related business, period. "Your credit is impeccable and your business model is sound, but our corporate legal department will not allow us to extend credit to any business related to firearms. We understand you are fully licensed under federal and state law, although…the corporate directive is still no."
PR Newswire (http://s.tt/1sJzf)
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