Fishermen's News - The Advocate for the Commercial Fisherman

Beware of Sharks: NY Banks Scheme to Take Your Business


May 1, 2019

A vast criminal enterprise, originating in the State of New York, has been growing across the nation and ensnaring countless small business owners and leaving ruined businesses and shattered lives in its wake. It is called the merchant cash advance industry and it is nothing less than state sanctioned loan sharking.

An Alaska business owner, who was recently a victim of the merchant cash advance industry provides a tragic example of the pernicious nature of this business. Joe, whose name has been changed to protect his privacy, ran a thriving refinishing and repair service catering to Alask...

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