Known for their witty anti-Obama signs, Tactical Firearms is now in need of some help.
Tactical Firearms has prided itself in being honest with our customers from our first day in business. That’s why we are alerting you today to a situation that we believe to be unjust and punitive against Tactical Firearms, and this is a situation that threatens to put us out of business on July 1, 2014.
Tactical Firearms has just been given notice that our loan with Icon bank has been called in. Not because of no payment, as we have never been late or missed a payment, but because the board of directors has chosen to not renew the loan. Deciding to call a loan which has a perfect payment record and is profitable to the bank is almost unheard of in the banking industry. This is why we believe Tactical Firearms is being specifically targeted with punitive actions in an effort to put us out of business.
But there’s even more to this situation that you need to know:
Back in 2012 Tactical Firearms purchased the land next to our existing facility. Icon Bank suggested an interim loan at 7% interest and then to refinance all of our loans together into one loan at a lower rate of 3.579%. At that time we had a fixed, long term loan for the building and the construction of the range. By purchasing the land, it cross collateralized the loans and put us in a situation (unknown to us at the time) that could threaten our entire business.
When it became time to refinance the loans, one of our owners (30%), Steven Coe Wilson, decided to back out. It is our belief based on what we have since learned that Steven wished to seize control of the company. We have substantial reason to believe he recruited some of our longest and hardest working employees to overbuy, to overspend, and to bury Tactical Firearms in debt to the point that we could not pay our bills. His grand plan appears to have been to swoop in and buy up the loan when the bank foreclosed on us for failure to pay. Perhaps to his disappointment, not only have we successfully paid our loan notes, we have also cut the unpaid bills by over half.
Sadly, because Steven did not sign the loan refinance that he had previously agreed to, the short term loan for the land has now matured. By default, our primary business loan is now in jeopardy.
Find out more: http://tacticalfirearms.us/