Business Development Finance Corporation
Client Reviews on Business Development Finance Corporation
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We appreciate the relationship with Business Development Finance Corporation in our cooperative efforts to assist businesses whether starting out or expanding. The professional and efficient process is diligently provided with each client. Thank you BDFC as we look forward to continued success in helping businesses achieve their goals.
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I have been teaming up with Geoff McGivern of BDFC for over 10 years and have only experienced positive results. Geoff is knowledgeable and thorough, he (and his team) make the process easier for all parties (borrowers, bankers, escrow, appraisers, environmental, etc). Thank you Geoff and BDFC and we will continue to do business together.
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Geoff McGivern is about the most unprofessional person I have dealt with in my 30 plus years of business. Who waits until 2 days after the expiration of a Phase 1 Environmental report to alert the buyer that a new one is needed? Geoff does. It was also 5 days before escrow was to close also. Extending escrow cost $20K. Not his money, he did not care. I would not use this company nor would I work with Geoff McGivern again at any price. Bad news here.
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Horrible, they have no idea how to do their job or what documents they need ... 6 month into it and not moving anywhere. Communication is non existent, you call them and nobody calls you back ... ever ... they just don't call you back ... they don't email back either ... they email just to tell you they need another 1 last document and then another one ... just stay away. 0 stars
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My experience with BDFC exceeded my expectations! Not only were Ashley & Gary responsive with updates but they also readily answered emails/calls regarding any questions or concerns so the application and funding process was seamless. I highly recommend using BDFC as their support helped ensure a successful start for my business!
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Great Business. Everyone works hard to get the clients taken care off. Geoff McGivern is the man. He knows his stuff and can take care of you.
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HORRIBLE! These people are experts at wasting time. They ask for weeks and weeks of your time and make you jump through unending hoops just to tell you they are not interested in loaning you any money. I passed all credit checks and SBA check with high scores, had a co-signer and showed more than $300,000 in cash and collateral for a $60,000 loan and after 7 weeks of going blind on paperwork and playing all their games they said no. AVOID this company like the plague they are. There are so many better companies to work with out there that are better, faster and more professional and reliable.
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I approached this company to finance a business acquisition and after outlining all the key facts over the phone I was told that I would qualify for a loan. I then submitted all the information they required and I was told I would obtain an approval answer within a week. However, after 3 weeks of waiting due to their delays I still didn't have an answer and I lost the deal as the Sellers got frustrated with me and accepted a back-up Offer.After complaining to their top management I finally got a answer that my application was declined and I was told that the business was not profitable. I found this quite strange as I supplied them 3 years of Tax Returns showing the business clearly making $ 80,000 a year and the loan repayments would have been $ 22,000 a year. I also had solid plans to increase profits to at least $ 120,000 a year. In addition, they incorrectly assumed I was taking-over the Seller's debts and liabilities and they factored these repayments into the forecasts and they didn't realize that my Wife is employed at a Law Firm earning good money and that I only needed a very small salary from business. The facts were stated several times in my Business Plan and in their Application Forms which they clearly didn't read or understand. I have been self-employed for 20+ years and I have substantial financial experience and I couldn't see any legitimate reason why my loan application would be declined, so I wouldn't recommend dealing with this company as they will waste your time and possibly harm your deal.
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