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any thoughts about check cashing businesses?

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The BAF Group LLC
MD

BIG business. You absolutely HAVE to know what you are doing. Big issue right now is that many, perhaps most banks are refusing lines of credit for these businesses, in Maryland. I am uncertain whether it is following that course in other states. In Maryland, there was a mammoth, legal problem with one of the largest in the area that caused the banks to back off. Then the credit crunch hit last year, which all but killed the business here. One friend of mine just bought a Liquore Store with the largest Check Cashing operation in the state, but had to go out of state to get funding for the Check Cashing portion.

My suggestion is that you be exceedingly careful with that end of it. If the funding is tenuous, you could get into a lot of debt and find that you have no line of credit to support it, even after you have it apparently locked in. Be very certain about your bank!

Oct 30, 2009

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