GeneraLogistics

Patrick of Verona, WI, writes:

In September 1999 I contacted this company for financing of my small business based on reviewing their Web site. After submitting initial information, I was advised that I was approved for an $80,000 loan but there was a $4,500 "facilitation fee."

My entire file would have to be reviewed to totally understand what happened over the next six months but I ended up foolishly paying over $50,000 in "fees" to this individual all the while being told the financing (up to $500,000) was "just around the corner." He even provided a "formal commitment letter" via fax (not mail) that I furnished to my bankers and vendors.

I lost over $50,000 in funds, causing economic and reputation damage to me and my business.

The Web site for GeneraLogistics promises "creative financing" for small businesses unable to qualify for a "conventional" loan or investment. Whenever you hear "creative" and "financing" in the same sentence, it's a good idea to go read something else.