Large Financial Institution Snubs Firearms Business, says FFL123.com, as Obama Wins Second Term in Office Wells Fargo Bank has denied a firearms business funding based solely on the industry in question, as the Obama Administration enters its second term midst plentiful fears of harsh new gun control laws.
SIOUX FALLS, S.D., Nov. 9, 2012 /PRNewswire-iReach/ -- BMADDOX ENTEPRISES, LLC, doing business as FFL123.com, South Dakota Silencer and North Dakota Silencer, has been banking with Wells Fargo in South Dakota since inception. Over the last few years, the firearms industry has experienced unprecedented growth. This growth can be partially attributed to the NRA (National Rifleman Association) and NSSF (National Shooting Sports Foundation) working on public relations to enhance public opinion related to firearms ownership and the hunting sports, although a significant impact can be attributed to the left-leaning Obama Administration and gun owners' fears of harsh new firearms regulations.
Despite prolonged economic turmoil, gun sales have skyrocketed, with both Ruger and Smith & Wesson operating at maximum capacity and struggling to keep up with demand. With Ruger's sales up 86% since Obama took office, the company's previous quarter sales demolished all expectations, with sales totaling $118 million dollars.
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 2nd 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."
Is this surprising from a company based in San Francisco, CA?
When asked about his reaction, Mr. Maddox replied, "The Wells Fargo response was a real punch in the gut! We are accustomed to being discriminated against by the online search companies, online payment companies, and online social networks for sales and marketing of firearms, but were shocked when our own personal banker threw cold water on our business growth plan."
The governor of South Dakota, Dennis Daugaard, has consistently identified the firearms industry as having huge potential for economic growth in SD for future job creation. "Hopefully, Governor Daugaard is made aware that SD's largest bank based on the number of branch locations is not on board with his economic plan for the state's continued growth," said Mr. Maddox.
Maddox noted on FFL123.com, "We help new firearms dealers get up and running with their new business. We will definitely encourage our 50,000 active members to not patronize a bank that does not support our Second Amendment rights. We promptly decided to move all our personal and business assets to a Second Amendment friendly bank, First Bank & Trust, which is a locally owned SD bank."
To find out more about BMADDOX ENTERPRISES and the deterioration of gun owners' rights, visit http://www.FFL123.com.
About FFL123.com: Brandon Maddox founded FFL123.com with one purpose – to make it easier for anyone to obtain their Federal Firearms License and other licensing required to become a profitable dealer. With more than seven years in business, FFL123.com is rated "A+" by the Better Business Bureau, and is one of the most trafficked websites related to firearms in America. FFL123.com has been featured in the NRA's oldest and most popular publication, The National Rifleman, and has been reviewed by Guns & Ammo, ShotGun News, Gun Digest, Soldier of Fortune, Small Arms Review, and many other large firearms related print and web based publications.