Phone scam preys on small business owners looking for a loan


There’s a new scam in circulation that businesses need to be aware of when criminals attempt to take advantage of small business owners who have applied for loans from the Small Business Administration.

An anecdotal report describes a business owner receiving a phone call several months after applying for a loan. The caller was a friendly woman who acted as if she had already spoken with the business owner, even though the business owner had not yet received contact regarding her business loan application. The caller informed the business owner that the loan had been approved and asked her to call back with information about the loan application.

Phone scam targets those looking for a small business loan

Fortunately, the example described above did not allow the scammer to acquire the information necessary to “steal” the loan from the Small Business Administration. However, it is important to let small business owners know that this scam is attempted by criminals looking for the information they need to redirect approved small business loans.

Many small business owners may be in desperate need of financial assistance and are therefore likely to hand over private information regarding their loan application, which would allow scammers to claim it for themselves.

Scammers capitalize on the need for financial support

Tiffany Bernhardt-Schultz, Southwest Wisconsin Regional Director for the Better Business Bureau, said, “We know consumers were asking for loans and business owners were asking for financial support. Scammers have found a way to capitalize and lure their victims into their tricks.

“The scammers have become very complex. They want you to feel that their offer is real. You shouldn’t base your decision on calling them back without doing research. »

Better Business Bureau Scam Tracker

Small business owners can report suspected scam attempts on the Better Business Bureau’s website, as well as read all the latest reported scams. Also, be sure to always research any person or organization requesting personal or sensitive information regarding a loan application before submitting it.

Image: Depositphotos


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