Forums: Discussions for entrepreneurs and small business.

You don`t get it do you. If it is a scam I`ll expose the persons name, address, phone number, website anything that will help the public from getting screwed by SIF!

I took your name off, but if i find out this is a scam, I`ll expose everything!!

I am not trying to correct you or anything but I just want to make sure people have the correct info, They didn`t just go into business on 3/6/09. They only changed their name. The LLC was in business since 2004 as Bankers Funding Group, then they changed the name on 3/6/09. On e thing is they never filed their annual statement which is not a big deal, I almost let it go for two years. If it`s used just as a shell corp sometimes you don`t pay attention to that stuff. What`s the link to the information you found pumpup?

I just did a simple google search ( is the secured insured funding group a scam) to research links that questioned and in some cases allegedly say it`s a scam.

I just don`t understand how a legit company would say that they don`t charge upfront fees on the first page then on the last page with the application they say they need to charge a $695 refundable reservation fee to show that you are serious about the program. I`ve always read that a legit lending company will never charge any fees upfront regardless if it`s refundable or not.

I would hate to differ with upfront fees I just did a program that worked and was funded and got 150k it took 30 days but I paid an upfront fee of 2500 but I also did not use my fico or use my personal credit it is under a business line of credit . Yes there are a ton of scams out there but not all are and if people did not charge an upfront fee that was not fico based do you know that is like causing a huge subprime issue all over again.

What program was this?  Did you already have a business?

Update on my experience:

I haven`t heard back on my email proposing a higher success fee or escrow of the up-front fee and I don`t expect to. I was told I would definitely get a call from the "program manager", but didn`t.

The people I was dealing with are Kamela Jacobs (introducing broker who sent me the initial email) and Norwood Hurst (program manager that asks for the up-front fee of 2% of either 150K or 250K).  I don`t know anything about a 695 fee; must be a different avenue or program. Also, Kamela said she gets none of the 2% up-front fee.  If I remember correctly, she mentioned their new program was through Wells Fargo.

I found another outfit at yournewfile.com that charges 499 up-front fee and "only" 18% on the back-end, but the whole site is generally unprofessional.

I have another resource that charges a flat 2,710 fee up-front, but provides a guarantee to refund after 120 days if the financing isn`t successful, and they take nothing on the backend.  They are a long established business services company in NV and I`ve used them to establish several LLCs over the years.  I feel most comfortable with them.  They help you establish 5 tradelines in your entity and refer you to their lenders or you can go to your own.  They point out that there is a push from the Obama administration to lend to businesses that plan to create jobs and the fact that the credit references don`t have to be long established, just 5 or more and paid on time, with a DB number and others. They help get those tradelines for you.

Interesting process with all these different avenues. 

 

I can tell you a red flag is wiring money to someones account, but my main source for funding does require funds wired to their account and Ive put many deals through them already.  On another note this SIF program sounds too good to be true, and no one has gotten funded yet. Yet if it`s a scam then why not make the program 60 or 90 days till funding and allow unlimited resellers to advertise the program(the reseller who offered me the program said he cannot advertise and theres only 5 resellers in the country). This would bring in 10 times the amount of reservation fees every month and would extend the amount of fees coming in for a month or two longer. If your going to take peoples money do it right and go big. We can go back and fourth all day I guess but the only way to find out is by waiting till the end of April...........

Hey everyone,

I just received a packet from a SIF rep.  Wow does this sound like a dream come true,

but...

1.  If you knew of a "secret way" to generate 10% interest a month on "investments" would you be looking for a loan or would you be looking for people to invest in your "secret" method.

2. They say in the whole sales letter that there are no up front costs...then in the application...they hit you with "The Refundable Reservation Fee" with this disclaimer/explanation:
 
Page 1:

SIF does not require any upfront fees to cover the cost of the program. However, in order to hold or reserve the corporation for funding we do demand a Refundable Reservation Fee of $1,395.00. SIF will automatically return this reservation fee to the client once the line of credit is funded. Because of the limited availability of corporations which can be financed monthly, we have implemented the reservation fee to assure interested parties are serious about participation. For us to simply take in the first applications without the client showing some form of sincerity could prove to be detrimental to the program in the long term.

Note: if there’s no up front $ requirement, what is this for?

 Ohh wait, its just to show that we "are serious"... ok, I’m down with that because its refundable!!  

...ohh wait... that’s only when my line of credit is approved.

So…. what if it isn’t...

Page 2

h) The client may request a full refund of the reservation fee if SIF fails to perform.  

So I can REQUEST that I get my 1400 dollars back.... gotta love that word "request"...

Conclusion:

Guys don`t bother.  This has Nigerian scam all over it.  This is a smash n grab SCAM.  They are going to scam every hungry person there is during the "waiting period" and then disappear...that just my prediction... Especially when you sign the contract and THEN and only then do you get to find out where you are going to have to WIRE your hard earned cash.  If they deny the person who offered to do this via escrow,  we all should run for the hills.

-TheChecksInTheMail



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Lies of Business:
1. I`m from the government, and I`m here to help you.
2. I just need five minutes of your time.
3. I`m sorry I`m late. I got stuck in traffic.
4. I`ll respect you in the morning
My Favorite is my user name!

who is the company in Nevada? Please let me knwo