Entered into an agreement for po financing - crossroads promised to loan money for production - they never did. But they did manage to rip-off our bank account for $52,000. $50,000 cancelation fee on a contract that was for only 48,000 that thay breached and then cancelled. We have talked with several people that they have done this to. So if you're a small business stay away from any factoring company with the name crossroads as they have agents in several states and do not even have a business licinse.
Did you know that anybody that can fill in the UCC for and pay 75.00 (of which they charged us 750.00) can rip you off for tens of thousands of dollars.
THE NATIONAL ORGANZITION OF FACTORING who has a code of ethics was no help. They just forwarded our complaint directly to crossroads. So much for policing your members.
We have talked to several State Attorney Generals and they and told us to have lawer advised us. We did and have now file a lawsuit against them.
So why do I have to have a business license when the crooks don't?
Why do I pay my Corporate fees when the crooks don't?
Obama keeps saying that small business is the back bone of our country. Yet the banks and government won't help small business out and forcing us to go to loan sharks that hide behind the "usury law". Usury law - Definition: Usury is defined as the act of lending money at an unreasonably high interest rate, this rate is defined at the state level. Repayment of loans at a usurious rate makes repayment excessively difficult to impossible for borrowers. This is also called "loan sharking" or "predatory lending".
And heres what are people in government office did to us. Since the passing of a federal law stating that the state usury laws do not apply to banks that label themselves with the words "national", these banks have been able to offer loans above the state usury limit. (35%). So much for the back bone of our country - no wonder so many small business fail in the first couple of years - no bank will loan you a dime till you have been in business for 3 years who need their money then. You needed it to get off the ground, if you're a small business in the us it's like being in a life raft with sharks swimming around you (ps it has a leak).
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