ComplaintsforPACE Business Development Center
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Complaint Details
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Initial Complaint
10/14/2022
- Complaint Type:
- Customer Service Issues
- Status:
- Answered
Complaint of PACE's non-compliance with SSBCI's eased start-up, pre-revenue small business loan eligibility requirements - Maintaining their autonomous loan "5Cs" eligibility requirements Hello SSBCI, After a 10/5/22 11:00am "meet and greet" orientation Zoom meeting with loan counselor Elaine Pang of Los Angeles, PACE (Pacific Asian Consortium in Employment) program, I discovered that PACE is not familiar with nor are they implementing the SSBCI loan eligibility criteria. They are in fact holding to their pre-existing "5Cs" requirement. Elaine stated that "other applicants have indicated this" expressing their discovery of loan eligibility criteria conflict. I am a minority owned, pre-revenue startup. I am seeking approximately $20k to pay for CAD and Patent fees, as well as 3D printed mechanized "minis" of the appliance for promotional purposes. I have signed Letters of Interest - and have had up to 10 pre-orders equaling $5M in pre-orders. Website: Thetwistspiralescalator.com I was told that a "$20k loan with a 36 month loan term" was "realistic" at approximately $480 per month with no grace period. Elaine stated the "loan committee" would not extend the loan term beyond 36 months on such a "small amount." Additionally that a minimum of $5k was required in my business account as well as collateral, such as a car. I explained that SSBCI held a "Collateral Support Program" to underserved startups. Elaine/PACE entertained no awareness nor interest in adopting the eased SSBCI minority start-up loan collateral eligibility criteria, Therefore: I am asking for a full investigation of PACEs compliance with SSBCI eligibility criteria and for oversight of my application evaluation in accordance with the SSBCI start-up eligibility for minority owned start-ups. There is a part IIBusiness response
12/01/2022
Consumer Response /* (-5, 8, 2022/11/07) */ ***Document Attached*** Complaint of SSBCI vs PACE non-compliance - Attached PDF of complete (Same as initial complaint which was too large for submission. This is the initial email complaint in its entirety. Thank you.*******. -********************** - inventor founder The Twist Spiral Escalator, Inc. Business Response /* (1000, 9, 2022/11/11) */ On 10/5/22, complainant met with PACE Loan Counselor virtually. This was an initial meeting to share with complainant of existing PACE Loan Programs, including what to expect if complainant decided to move forward with a PACE Loan. Complainant stated interest in SSBCI funding. However, PACE is NOT a SSBCI lender participating in the Collateral Support Program.
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Customer Complaints Summary
1 total complaints in the last 3 years.
0 complaints closed in the last 12 months.