Small businesses should leave Chase bank
COVINA, CALIFORNIA -- This is to show everyone how Morgan Stanly Chase Bank cares and helps small businesses. You have seen their advertisements on how they love small business and how they help small businesses. Helping small businesses my A@#$% . My story will shed some light on this matter. I own a small manufacturing company manufacturing writing instruments and personal care products in southern California. We used to have over 25 employees but are down to 11 mainly due to the imported product from China. Several times, I was approached by Chinese businessmen wanting to move my production to China and get a lower price, but I wanted our products to be molded and manufactured in our factory in the good old USA. Though I knew it was financially not a smart decision.
I have lost money in the past two years but things are beginning to look better but I am still not making money, so I decided to sell my industrial building we occupy. I have about $600,000 equity in it and Chase is the mortgage holder. So I asked Chase to let me slide and not make the monthly payment for a few months until the building is sold. Then you will get your money plus interest, and this would really help my company a lot. After submitting tons of paperwork including my next years projected sales and profits!!! , a Ms. Kathy called and informed me that Chase would not go along with my need and that they would have to foreclose. I said you will get your money for sure plus interest, I just lowered my building to $1.3 million (down from $1.9 million 4 years ago), my mortgage is around $760,000; you will get your money first, so there is no risk for you. You are guaranteed to get your money, guaranteed. So what is your problem? I am one of those small businesses that you say you love to help. Her answer was for me not to pay other bills and to pay Chase instead, otherwise they will foreclose.
I was so revolted by her mannerism that I hung up on her. This woman had no feelings about small business, 11 employees losing their jobs, 11 additional manufacturing jobs lost. She did not give a damn. She wanted her $5000 per month.
Ladies and gentlemen, this is JP MORGAN CHASE, a bank that loves to help small businesses succeed, the one that we, tax payers, bailed out; and this is how they return the favor. SHAME ON YOU. I WILL SPEND 100’s of hours pasting this on web sites. It will not have any effect on a giant like you, so you will not give a damn, but it will make me feel better.