Originally Posted by Gabe Boehmer
My name is Gabe Boehmer, and I'm a Wells Fargo spokesman. The customerís claim that Wells Fargo rejected his request for credit based solely on the industry heís in is simply untrue. We do not have a credit policy that prohibits financing for arms or armaments. In fact, Wells Fargo has several relationships with business banking and commercial banking borrowers in firearms-related industries. In this particular case, the customer requested a type of credit with terms we donít offer. We discussed other options with the customer, which he declined.
Gabe - wait a second! There is no way you are a Wells Fargo spokesman, they would never allow you to discuss the specifics of my case in a public forum. Although, I can discuss and will outline the specifics of my loan process below. I have had several reporters contact me and I have explained to them the same situation noted below....
My business banker was:
Amange Q. Aware
Wells Fargo Bank N.A.
101 N Phillips Avenue
Sioux Falls, SD 57104
I am buying a building for my business (Dakota Silencer), cheapest money is a home equity loan because secured by a tangible asset. I applied for a home equity loan increase at Wells Fargo. I was advised the home equity loan increase approval might not be approved before the closing date on the new building. Wells Fargo suggested the home appraisals in my state of SD are really backed up due all the refinancing activity.
Wells Fargo suggested I apply for a backup funding source through their business division as a backup plan if home equity loan increase was delayed. The business line of credit only takes 2 days, so this appeared to be a great option.
I met with two business bankers, main one noted above. I explained the entire business model and my two locations for selling firearms, specifically silencers. Both Wells Fargo business bankers did say they have corporate policies related to firearms businesses and they were upfront that this might not get approved.
I received a call a week later with 100% denial based on business type, firearms industry. There was no discussions on others business packages, etc. The only discussion was create a new LLC with no firearms business and try applying for a loan through a different LLC. I was advised my credit as a business and as an individual was excellent, the firearms was the sole issue at hand.
I recommend calling Amange for specifics if you truly work at Wells Fargo, he will explain exactly as I have outlined above sir.
Brandon L. Maddox