In light of the past month’s unsavory news highlighting Wells Fargo’s unscrupulous business practices, many consumers are closing their accounts. But what about businesses that bank with, have revolving lines of credit, or use invoice factoring services with Wells Fargo? It’s too early to tell the full effect this scandal will have on the country’s second largest bank. We encourage businesses to become less dependent on big banks for business financing; here’s why.
Millions of Dollars Not Helping Businesses
We all witnessed Senator Elizabeth Warren lambaste Wells Fargo CEO John Stumpf and demand his resignation, which finally came. The bank was fined $185 million and may be in violation of federal racketeering laws; the issue has been referred to the Department of Justice for further investigation. While Stumpf forfeits a $41 million dollar clawback, he still walks away with a $400 million bonus. The Wells Fargo customers were refunded $2.6 million in fees. All the while, Wells Fargo has been acquiring GE Capital’s domestic and international assets.
How exactly does any of this money shuffling help businesses? It doesn’t.
Universal Funding Corporation has spent the past 20 years providing business financing that has fewer limitations on how you spend your money, faster approval and funding times, and we don’t have the overhead of a large bureaucratic bank that is set-up to line the pockets of their shareholders. Our goal is to help you become profitable so that your business can continue to grow.
Break Free of Big Banks’ Regime
While we realize most businesses will never be completely independent of bank financing, our invoice factoring services allow businesses to be less reliant on a bank line. If your business is entertaining the idea of shifting where the bulk of your financial services reside, give us a call at 1-800-405-6035 to see if Universal Funding can assist you.