Strip mining and those shark lenders22.08.2023
Strip mining is the practice of mining a seam of mineral by first removing a long strip of overlying soil and rock (the overburden); this activity is also referred to as overburden removal.
The strip-mining process can leave toxic chemicals in the ground, contaminating local water sources, agricultural land, and wildlife habitats. This contamination can negatively affect human health, natural ecosystems, and wildlife populations.
The same environmental effects can be seen when old-growth forests are removed; then, the soil is washed away, leaving – nothing.
Where fishing occurs uncontrollably, the fish balance is thrown as a specific species is chased, and our seas become near dead.
I think we have reached a point where there is no need for any of this to occur. Greed and a poor economy are probably the only reason.
There are dozens of lenders now that plague small businesses with appalling loans that then mine the businesses cash flow in the repayment stripe.
These are insanely high loans that a business owner applies for at an online website with the usual sappy pictures of clean, fresh young people in business or looking with heavy-rimmed glasses at laptops.
With a small investment or loan to a business, these lenders can then strip mine financial a business, leaving a business owner struggling more, more desperate and with stress on them and their families.
Lonas are always taken out when a business owner panics (see my blog “Fly the plane”). Like a junkie getting a quick high from a smack of the heroine when they receive the money, the pain of having money stripped out of the bank account daily or weekly kills off the business like heroin addiction kills off a body.
These businesses are financially strip-mining Australian Small Businesses under the disguise that they are offering a financial service.
These financial strip miners are destructive and are without morals or proper legislation to control them.
I have had a client take out the dumbest loan with a shark – $550k 18%, interest and fees up front, and then he only received $390k; in 12 months, penalty interest goes to 30%. His broker told him that the company could be the guarantor afterwards.
We ask Your Business Angels clients no borrow money from online lenders. Do not borrow money without talking to us. If you need to, there is a plan. We will introduce you to brokers we know who will start you clear of bad loans.
Need money. Need cash flow; please talk to your client coordinator.
Serviced by related company Fresh Number Pty Ltd