ONLINE GUN STORES SAID TO BE HIGH RISK TO LENDERS

[jonbearman]

The fdic has announced that online and regular gun store's to be at high risk to lender's. Even store's with good credit are being dropped by lender's and the justice dept is doing nothing to stop it as it is purely political according to Fox news just moment's ago.It is a way to drive online and regular gun store's out of business by making it really hard to get loan's or refinancing. This purely is a political move just in time for midterm election's. The justice dept should be going after these bank's for discriminating against seller's purely by what they sell.

 

[dragman]

Happens all the time. LGS had a store card that was through GE money. the last time they reviewed it they pulled the credit card option from the store as GE says it's not a gun friendly company. Lots of lenders are backing out against companies that deal with guns.
Kind of like the banks in California closing accounts of "Porn stars" (just heard that on the radio) because they don't want to do business with them.

 

[vtmarmot]

Yeah, we can't access (most) firearms sites from our work internet. We were told that they are a higher risk for viruses and such. Of course they had no such evidence, nor did they make any pretense to. This is the same outfit that told us that people who like to hunt and have beards are a high risk to become workplace shooters.

It's OK to discriminate and display prejudice in this country as long as your discrimination pleases the politically correct crowd.

 

[jonbearman]

Are you serious about being a hunter with a beard makes you someone to be watched or actually discriminated against in the workplace? So where is the good old ACLU on this one?

 

[watercam]

They're too busy skulking around police stations making sure violent offenders have all they need to be comfy while in custody. They never seem to be at the hospitals making sure the victims and their families are comfy (or alive).
Sorry, personal story from a friend of mine.

 

[Grimstod]

It's pure extortion. Obama can't get his way so he tries something els dirty.

 

[ARshuter]

That statement doesn't make any sense. Gun sales at it highest in history, you have to look for weeks to find powder primers and bullets. Prices are going up daily, if not hourly. Do these reporters have any idea of whats really going on in life?

 

[stubbicatt]

I realize that my comment may be unpopular, but it is quite possible, since most small gun stores are thinly capitalized that this is purely a business decision, based on a lower than acceptable performance of businesses in this industry?

 

[dabibbee]

Another way for big government progressives to control us.

 

[John from MN]

If there's money to be made by lending to firearm based businesses, I'm guessing banks will step up and replace those dropping accounts.

I'm certainly not trying to downplay what's going on, just sayin'.

 

[dragman]

I realize that my comment may be unpopular, but it is quite possible, since most small gun stores are thinly capitalized that this is purely a business decision, based on a lower than acceptable performance of businesses in this industry?

Credit lenders call my dads business (housing) all the time.to test what I was told I said we deal in fire arms sales too they then say in sorry the lenders we represent don't deal with fire arm companies

 

[Grimstod]

This really is a serious thing. If a companies credit line is downgraded or labeled as risky it does the fallowing, to name a few.

1. Makes it harder to get loans.
2. Loan rates go up, that means you pay more interest thus hurting profitability.
3. It lowers your EBIT and again makes you less profitable through damage done to your contribution margin.
4. It becomes more difficult to purchase B to B with credit.
5. If you have bad credit it also makes IR (internal rate of return) drop and thus slows the growth of your company.

All these gun companies that need to buy new equipment for new and more production have their hands tied (are at least limited) by this. Companies don't have petty cash laying around in the amount of $1m to buy that new CNC machine the get them on credit for rates like 2/30. That means you pay the bill in 30days and get a 2% discount. This is yet another way that Obama is attempting to stop the increase in production for Guns. Without good credit it becomes very difficult to grow your business. It is this very reason that many businesses in the Gun industry start fast but then grow slowly after they exceed the investment capabilities of there original owners.

 

[Lapua40X]

Had two small shops ("regular gun store's") open locally in the past two years so I don't see any evidence of lender discrimination around here.

 

[vtmarmot]

Jonbearman, they even had a picture in our online training course. The guy was scotch-irish looking and he had a reddish beard. We didn't have that course the next year, so I don't think I was the only one to complain. HR departments do seem to attract the autocratic liberal types.

 

[itchyTF]

This may go along with Jon's OP...
Looks like it's part ad and part info.



Gun Owners of America
Obama finally moves to choke off
American Firearms Manufacture and Sales


We've heard it all a thousand times: Barack Obama's dubious claims that he believes in the Second Amendment -- that he supports hunting and fishing -- that he only wants to make “reasonable, common sense” restrictions on your Second Amendment rights.

And we've told you a thousand times what you already knew: The man is a liar.

Obama's goal is nothing less than to crush the Second Amendment movement -- and outlaw the possession of firearms in America.

Now we have the "smoking gun" (so to speak). Obama has now moved to shut down every gun dealer and manufacturer in America by cutting off all credit from any financial institution -- in addition to eliminating any ability of an FFL to process payments through the banks.

In a front-page article Monday in The Washington Times, reporter Kelly Riddell described this concerted effort by the Obama administration to choke off gun manufacturing and sales in the United States by drying up credit to gun dealers and manufacturers.

Obama using the FDIC to restrict Second Amendment rights

The effort starts with the Federal Deposit Insurance Corporation, which has lumped gun dealers in the same “high risk” category as pornographers. Coupled with Eric Holder's Justice Department Operation Chokepoint, the FDIC's action has encouraged banks to destroy the gun industry by dropping dealers, freezing their assets, and refusing to process their on-line sales. Already, thousands of gun dealers report being victimized by this administration effort to destroy the Second Amendment by regulatory fiat.

And, if the gun dealer near you has yet to feel the pinch, just wait awhile.

As Barack Obama no doubt understands, if American gun dealers and manufacturers can no longer get credit, the manufacture and sales of firearms in America come to a screeching halt.

As the owner of the gun manufacturer, the McMillan Group, persuasively argued in the Riddell article, this is nothing more than an “attempt by the federal government to keep people from buying guns.”

In fact, it's becoming increasingly clear that the Obama administration feels it can destroy a major political opponent of theirs -- namely, gun owners -- by destroying and demoralizing the Second Amendment movement.

Already, Gun Owners of America is encouraging Members of Congress to defund Obama's efforts to dry up funding for the firearms industry by regulatory fiat.
Congressman Steve Stockman put it this way: “It's pretty clear that, unless Congress uses the power of the purse to stop him, Barack Obama will use his ‘phone and his pen’ to ban guns by cutting off money for gun manufacturers and dealers.”

The Obama administration has done a lot of nibbling around the edges in its efforts to ban guns by the back door. But it has now taken us to the crucible of history. And Congress, by its actions, will show whether it is willing to take on the White House and the sycophant mainline press in order to save the Bill of Rights.

Legislators are proposing bills on a wide variety of fronts. Blaine Luetkemeyer, vice chairman of the House committee with jurisdiction, has called for legislation to block the FDIC's insidious scheme. And good for him! But, given that Obama will veto any free-standing legislation to save the gun industry, an appropriations rider is also necessary.

By the way, remember the Manchin-Toomey amendment from last year? It would have required private transactions to go through gun dealers. Now we know what that was about. If you have to go to a gun dealer to transfer any gun -- and Obama succeeds in shutting down every gun dealer in your state (or within 200 miles of your home) -- the Second Amendment, practically, ceases to exist.

While we must work hard to defund Obama’s backdoor efforts to impose gun control, there is also a free market solution that has sprung up. One company that was hit hard by this FDIC policy has created an answer: McMillan Merchant Solutions.

The McMillan family is no newcomer to the Second Amendment community, as they have been manufacturing guns and accessories since 1973.
A victim of the Obama Administration’s policies, the McMillans recently invented and implemented Pistol Pay -- a product specifically designed to handle legal firearms transactions between two individuals in a safe and secure method.

Now, McMillan Merchant Solutions can have gun dealers processing credit card orders inside of 24 hours.
If a gun store you deal with has been squeezed due to the President's administrative pressure, here is where they can get relief: http://www.mmsllc.com/
Finally, GOA has just learned that there seem to be other similar solutions. As we check them out, we will let you know about them.

ACTION: Contact your Senators and Representative. Demand that they adopt language on this year's appropriations bills which will stop Obama from bankrupting the firearms industry by cutting off credit to gun dealers.