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 Loan Scheme Targets BC Business
BBB is warning business owners about a loan scheme targeting companies across the BC. A West Vancouver business was contacted by a representative calling from K2 Funding Network, which claimed to be offering Mastercard’s Moneris Solutions payment processing services to their company. The business owner initially appeared to be interested in the service, however, did not agree to sign-up for any service. K2 Funding Network phoned the business three more times by phone, this time not offering the payment processing services, but offering up to $20000 in loans to the company. In documents K2 faxed to the business, it included loan offers from "$2500 to $150000 for businesses in Whistler and surrounding areas" for things like "bulk inventory expansion," and "improvements to your business." Included in the marketing material was an application asking for a void cheque, credit card payment information, and copies of the business lease, driver’s licence and bank statement. K2 Funding Network is not a registered credit union or financial institution in British Columbia and is not eligible to offer loans. This company has no affiliation with Moneris Solutions. Offering information like a void cheque and credit card information can lead to financial loss, identity theft, or potentially high costs. Luckily the West Vancouver business did not give any personal information and instead contacted the Better Business Bureau. To check to see if a company is a legitimate broker, contact the Financial Institutions Commission at www.fic.gov.bc.ca If you are being solicited by a suspicious business or organization, and are concerned that it could be a scam, and would like other BBB Accredited Businesses to know, please forward the information to our Communications Specialist, Mark Fernandes at
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or 604-488-8701.
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