1 00:00:00.810 --> 00:00:03.270 Sean Murray: Hello, everyone, and welcome back to deBanked TV. 2 00:00:03.300 --> 00:00:07.020 I'm Sean Murray. And today I have a very special guest. I'm 3 00:00:07.020 --> 00:00:10.890 here with Sonia Alvelo from Latin financial. Thank you for 4 00:00:10.890 --> 00:00:11.400 being here. 5 00:00:11.430 --> 00:00:14.070 Sonia Alvelo: No, thank you for the invitation, Sean, I can't 6 00:00:14.070 --> 00:00:15.330 believe that I'm here and thank you. 7 00:00:15.390 --> 00:00:17.400 Sean Murray: No problem. And you came all the way down from 8 00:00:17.430 --> 00:00:18.090 Connecticut. 9 00:00:18.120 --> 00:00:18.900 Sonia Alvelo: Yes, Connecticut. 10 00:00:18.900 --> 00:00:19.290 Sean Murray: Wow. 11 00:00:19.500 --> 00:00:22.320 Sonia Alvelo: Two and a half hours in traffic. Brutal. 12 00:00:22.350 --> 00:00:26.580 Brutal. Brutal. Well. No, no, no, I'm so glad that you know, 13 00:00:26.580 --> 00:00:31.320 the invitation. And your team is absolutely. Thank you for the 14 00:00:31.320 --> 00:00:31.860 invitation. 15 00:00:31.890 --> 00:00:33.660 Sean Murray: Yeah, no problem. Thank you for making the trip 16 00:00:33.660 --> 00:00:36.360 all the way down to New York and being here in Brooklyn. I know 17 00:00:36.360 --> 00:00:39.270 it's not Manhattan. So. Beautiful. For some people can 18 00:00:39.270 --> 00:00:42.360 be a little bit daunting coming to the outer boroughs. 19 00:00:42.360 --> 00:00:46.080 Especially Connecticut. Yeah. So I appreciate it. You know, but I 20 00:00:46.080 --> 00:00:48.930 want to talk to you about what you do, right? Yeah. Latin 21 00:00:48.930 --> 00:00:52.320 financial is a unique company in my in my opinion, and you've 22 00:00:52.320 --> 00:00:56.160 been around the space for a while. As a broker, right? Yes. 23 00:00:56.490 --> 00:00:59.460 So you know what it's like in the trenches? Yes. And so if you 24 00:00:59.460 --> 00:01:01.710 could, for those who might not know you, could you tell me a 25 00:01:01.710 --> 00:01:03.870 little bit about yourself and about Latin Financial. 26 00:01:03.930 --> 00:01:06.660 Sonia Alvelo: I would love to, what's not to love about talking 27 00:01:06.660 --> 00:01:11.430 about yourself? Yes, Latin Financial started about six 28 00:01:11.430 --> 00:01:16.560 years. I've been in the industry for 10 years. And I love what we 29 00:01:16.560 --> 00:01:21.900 do we actually help those businesses who speak Spanish, 30 00:01:22.410 --> 00:01:25.830 all over US and Puerto Rico especially it's something that 31 00:01:25.830 --> 00:01:28.800 is something very special for me, because I'm from Puerto 32 00:01:28.800 --> 00:01:32.940 Rico. So for me to go back and help those businesses over there 33 00:01:33.150 --> 00:01:37.470 is it's the best idea. It's the best decision that I ever made. 34 00:01:37.500 --> 00:01:43.380 So yes. And about me, I'm about to be 50 my birthdays coming, 35 00:01:43.410 --> 00:01:44.700 you are invited. 36 00:01:45.660 --> 00:01:46.590 Sean Murray: Really? I'm invited? 37 00:01:46.590 --> 00:01:46.950 Sonia Alvelo: Yes. 38 00:01:46.980 --> 00:01:47.310 Sean Murray: Okay. 39 00:01:47.310 --> 00:01:48.180 Sonia Alvelo: You gotta come to Connecticut. 40 00:01:48.210 --> 00:01:49.350 Sean Murray: I'm gonna take you up on that. 41 00:01:49.740 --> 00:01:54.540 Sonia Alvelo: Okay. And no, it's we got the company in new into 42 00:01:54.540 --> 00:01:58.350 Connecticut it's growing. I love my team. You know, hi to 43 00:01:58.350 --> 00:02:00.990 everybody. I know that you guys are watching. I'm paying you to 44 00:02:00.990 --> 00:02:05.670 watch you know, to watch today. But um yeah, we super proud of 45 00:02:05.700 --> 00:02:08.910 what we do. Sharp Capital is another side of the company as 46 00:02:08.910 --> 00:02:13.140 well. And Latin Financial, it just that's exactly what we do. 47 00:02:13.140 --> 00:02:16.440 You know, we are broker, we are proud to be a broker. We are 48 00:02:16.440 --> 00:02:21.210 small company. And we love what we do. You know, especially, you 49 00:02:21.210 --> 00:02:23.970 know, it's something that I'm doing in Spanish too. That's 50 00:02:23.970 --> 00:02:25.680 something incredible. So, yeah. 51 00:02:26.310 --> 00:02:28.200 Sean Murray: I want to ask you about that because you have 52 00:02:28.320 --> 00:02:31.470 Latin in the name of your company. Yes. Latin Financial. 53 00:02:31.560 --> 00:02:34.590 Yes. Born and raised in Puerto Rico. Yes. All right. You're 54 00:02:34.590 --> 00:02:38.040 speaking Spanish on the phone a lot. Like, like, talk to me 55 00:02:38.040 --> 00:02:42.630 about that? Like, how important is it to be part of the of the 56 00:02:42.630 --> 00:02:45.510 Latin American community, like in this country when it comes to 57 00:02:45.510 --> 00:02:46.890 funding their business? 58 00:02:47.130 --> 00:02:48.960 Sonia Alvelo: Well, it's, it was really interesting at the 59 00:02:48.960 --> 00:02:54.990 beginning, when I started doing the funding for Puerto Rico. And 60 00:02:54.990 --> 00:02:59.130 it's a lot different than funding in US in the US there 61 00:02:59.730 --> 00:03:02.070 there are a lot of lenders there are, there's a lot of 62 00:03:02.070 --> 00:03:05.880 opportunities, people, you know, call them a lot and they don't 63 00:03:05.880 --> 00:03:08.610 understand, you know, but in Puerto Rico, there were some 64 00:03:08.670 --> 00:03:12.750 lack of understanding what it was a cash advance. And when I 65 00:03:12.750 --> 00:03:17.250 started, it was a good opportunity to let them know, 66 00:03:17.280 --> 00:03:20.070 what is the process from the beginning to the end. For them, 67 00:03:20.070 --> 00:03:22.590 it was completely new, remember, and we're talking about six 68 00:03:22.590 --> 00:03:25.590 years ago, and then like, no, this is this is too good to be 69 00:03:25.590 --> 00:03:30.720 true. So I think that that's why we growing in the community so 70 00:03:31.080 --> 00:03:36.000 fast, and so good, because they we take our time to explain how 71 00:03:36.000 --> 00:03:40.440 is the process, or you know, to renew, or paperwork for some 72 00:03:40.440 --> 00:03:43.740 reason, lenders at the beginning, they they're not 73 00:03:43.740 --> 00:03:46.380 wanting to actually give the opportunity to funding in Puerto 74 00:03:46.380 --> 00:03:50.310 Rico, for different reasons. It could have been because they 75 00:03:50.310 --> 00:03:53.850 thought that that they don't, they don't run the business, 76 00:03:53.910 --> 00:03:59.130 like here in the US. And thank God that that has changed, you 77 00:03:59.130 --> 00:04:02.700 know, my relationship with the lenders are really close. I 78 00:04:02.700 --> 00:04:05.700 explain if it's a problem I explained, you know, obviously, 79 00:04:05.700 --> 00:04:11.190 Puerto Rico has been through a lot. But what I'm committed, you 80 00:04:11.190 --> 00:04:13.800 know, I'm going to continue not only for Puerto Rico but you 81 00:04:13.800 --> 00:04:17.730 know, for all the businesses Latinos as well, you know, in 82 00:04:17.730 --> 00:04:18.930 the US so. 83 00:04:19.410 --> 00:04:21.690 Sean Murray: You mentioned I think the term cash advances 84 00:04:21.690 --> 00:04:24.960 like what what type of products are you helping business owners 85 00:04:24.960 --> 00:04:28.290 get sois it merchant cash advances is it unsecured 86 00:04:28.290 --> 00:04:30.630 business loans like what what's your kind of your product 87 00:04:30.630 --> 00:04:31.230 wheelhouse? 88 00:04:31.290 --> 00:04:33.120 Sonia Alvelo: Well, you know, what with the Latino is a little 89 00:04:33.120 --> 00:04:37.260 bit different? I you always see the regular cash advance, we got 90 00:04:37.260 --> 00:04:42.120 the weekly the daily, but lately in Puerto Rico it's been allowed 91 00:04:42.120 --> 00:04:48.570 with collateral. So we've seen a shift in deals coming in, say 92 00:04:48.570 --> 00:04:53.400 about the of of US as well, you know, obviously we, since COVID, 93 00:04:53.400 --> 00:04:57.840 we've been helping all the merchants apply for the SBA as 94 00:04:57.840 --> 00:05:02.220 well completely free. We just we I think that that's I know that 95 00:05:02.220 --> 00:05:04.680 that's one of the reasons that we are so good, you know, we 96 00:05:04.680 --> 00:05:07.590 take our time. And I know, you know, you know, I see all the 97 00:05:07.590 --> 00:05:11.460 companies that they charge, my goodness, a lot of money shows 98 00:05:11.460 --> 00:05:13.920 the help for the SBA, do it for free, you know. 99 00:05:13.920 --> 00:05:16.410 Sean Murray: When you say you're free, you're not charging to 100 00:05:16.620 --> 00:05:18.690 help them go through the process, or. 101 00:05:19.350 --> 00:05:20.070 Sonia Alvelo: The application. 102 00:05:20.070 --> 00:05:21.690 Sean Murray: You're just you're doing it out of the goodness of 103 00:05:21.690 --> 00:05:22.080 your heart. 104 00:05:22.110 --> 00:05:24.000 Sonia Alvelo: But you know let me tell you those merchants, 105 00:05:24.000 --> 00:05:27.390 they come back, no, they're waiting, you know, obviously, 106 00:05:27.390 --> 00:05:30.870 the process is not easy. It's not, it's not quick. So they 107 00:05:30.870 --> 00:05:33.270 have to wait for the process, and they come back and they, you 108 00:05:33.270 --> 00:05:33.480 know. 109 00:05:33.480 --> 00:05:34.680 Sean Murray: And now they know you already. 110 00:05:34.680 --> 00:05:35.070 Sonia Alvelo: Yes. 111 00:05:35.100 --> 00:05:35.820 Sean Murray: Okay, I see. 112 00:05:35.820 --> 00:05:37.920 Sonia Alvelo: So they feel comfortable. And they, you know, 113 00:05:38.250 --> 00:05:41.010 any, you know, obviously, it's a client, they, they are clients 114 00:05:41.040 --> 00:05:45.360 now, so it works for me, but that free information. And trust 115 00:05:45.360 --> 00:05:48.930 me, you know, I was doubting myself, you know, for, you know, 116 00:05:48.930 --> 00:05:51.630 for trying to contract my my goodness, how am I going to 117 00:05:51.630 --> 00:05:55.350 survive, but it was the right thing to do. So, I got them 118 00:05:55.350 --> 00:05:55.680 back. 119 00:05:56.310 --> 00:05:58.320 Sean Murray: I like it. That's a good strategy, because you're 120 00:05:58.320 --> 00:06:02.700 right, I have heard of a lot of people who are charging to help 121 00:06:02.700 --> 00:06:04.650 people. And they've said, they've said they've made a lot 122 00:06:04.650 --> 00:06:08.370 of money doing that. Yeah. But I guess it would, it would remain 123 00:06:08.370 --> 00:06:12.300 to be seen whether or not those those people come back, when 124 00:06:12.300 --> 00:06:15.240 they actually have a need outside of that, you know, maybe 125 00:06:15.240 --> 00:06:17.790 they kind of already made their money. And that's the end of end 126 00:06:17.790 --> 00:06:19.650 of the relationship, that's to be determined. 127 00:06:19.680 --> 00:06:22.290 Sonia Alvelo: I can't do that, you know what I listen to them. 128 00:06:22.740 --> 00:06:25.410 My conversations with the Latino regardless if it's in Puerto 129 00:06:25.410 --> 00:06:29.550 Rico, or in the US, the Latinos they tend to talk a lot. I'm 130 00:06:29.550 --> 00:06:33.570 gonna do that right now. But yeah, we express how we feel, 131 00:06:33.600 --> 00:06:36.660 you know, we let them know, whoever's on other side of the 132 00:06:36.660 --> 00:06:39.540 phone. Oh, my goodness, you know, this happened. And this 133 00:06:39.540 --> 00:06:43.080 happened. And we got a fantastic CRM, you know, in the company 134 00:06:43.080 --> 00:06:47.310 that we're so proud of it. And we put that much information in 135 00:06:47.310 --> 00:06:50.310 it. Because we, I want to remember, when is the birthday, 136 00:06:50.340 --> 00:06:53.490 I want to remember, you know, if it was something in the, in the 137 00:06:53.490 --> 00:06:57.240 family, I put little notes that not everybody will understand 138 00:06:57.240 --> 00:07:00.840 because I put I write everything in Spanish. But I make sure that 139 00:07:00.840 --> 00:07:04.020 you know, when I call them next, or they call the company, when I 140 00:07:04.020 --> 00:07:08.280 open I know who I'm talking to. So it's it we are different. 141 00:07:08.310 --> 00:07:10.080 Sean Murray: So you're remembering like their birthday, 142 00:07:10.110 --> 00:07:11.940 like little quirks about them. You're writing notes. The 143 00:07:13.740 --> 00:07:16.500 birthday, but who's wishing them the happy birthday? Not the CRM? 144 00:07:16.530 --> 00:07:19.140 Sonia Alvelo: No, no, no, absolutely not. I'm so proud. 145 00:07:19.140 --> 00:07:22.320 You know, since I started the company, we do we help a lot of 146 00:07:22.350 --> 00:07:25.860 you know, the community. First of all, Connecticut. I love 147 00:07:25.860 --> 00:07:29.580 Connecticut. You know, I moved from Puerto Rico when I 148 00:07:29.580 --> 00:07:33.270 graduated high school in Puerto Rico. And I moved to 149 00:07:33.270 --> 00:07:38.310 Connecticut, and I never left because I love it. And it just 150 00:07:38.310 --> 00:07:40.770 is. I don't know it's just the environment, I don't know, it 151 00:07:40.770 --> 00:07:44.400 just, it feels right what I'm what I'm been doing. So yes, 152 00:07:44.520 --> 00:07:46.530 sorry. I lost my thought right there. 153 00:07:46.590 --> 00:07:48.750 Sean Murray: I mean, it seems like you're like, it seems like 154 00:07:48.750 --> 00:07:51.270 you're kind of like that you really have like a relationship 155 00:07:51.270 --> 00:07:54.390 with like, the merchants? Yes. That that you work with and so 156 00:07:54.390 --> 00:07:56.520 I'm wondering you, you remember their birthday? Or at least your 157 00:07:56.520 --> 00:07:59.040 CRM remembers, but you're the one wishing them the Happy 158 00:07:59.040 --> 00:08:00.480 birthday, right? Yes. And I. 159 00:08:00.510 --> 00:08:03.510 Sonia Alvelo: We do send we do send, like I was saying before, 160 00:08:03.510 --> 00:08:07.710 I'm sorry, I lost my thought and my thought we do send a lot of 161 00:08:07.740 --> 00:08:10.410 gifts, you know. You do? A lot of little things for like 162 00:08:10.410 --> 00:08:13.890 financial, for different merchants, it doesn't matter if 163 00:08:13.890 --> 00:08:16.980 it's a $1,000 deal, or, you know, half a million dollar 164 00:08:16.980 --> 00:08:20.760 deal. We you know, it just, you know, in Christmas, you know, we 165 00:08:20.760 --> 00:08:26.460 send out a bunch of postcards, so we try for them to remember 166 00:08:26.460 --> 00:08:26.820 us. 167 00:08:27.180 --> 00:08:28.800 Sean Murray: Do you think the lenders are doing that too? 168 00:08:29.370 --> 00:08:31.980 Sonia Alvelo: I don't think so. I hope hopefully, they can get 169 00:08:31.980 --> 00:08:36.180 that idea from here. It means a lot to them. So I'm going to 170 00:08:36.180 --> 00:08:38.970 continue doing it and my portfolio keeps on growing, I'm 171 00:08:38.970 --> 00:08:42.690 gonna start even, you know, doing it it's the right thing to 172 00:08:42.690 --> 00:08:43.320 do. So yeah. 173 00:08:43.590 --> 00:08:47.100 Sean Murray: Do you feel like that's part of the, the, of the 174 00:08:47.130 --> 00:08:50.280 broker relationship? Because I feel like, there's this old 175 00:08:50.280 --> 00:08:53.010 adage of, like, you know, cutting out the middleman. Is 176 00:08:53.010 --> 00:08:55.260 there this value to being a broker? You're, you're talking 177 00:08:55.260 --> 00:08:59.100 about gifts and happy birthday, and all that stuff like, do you 178 00:08:59.100 --> 00:09:01.950 feel like there's a value to the broker in the process of small 179 00:09:01.950 --> 00:09:02.610 business funding? 180 00:09:02.640 --> 00:09:06.030 Sonia Alvelo: I think so. I for so many years, when I started in 181 00:09:06.030 --> 00:09:09.570 the business, everybody was like, oh, your broker, you know, 182 00:09:09.570 --> 00:09:13.890 no, no, you know, I only do business with with the lender. I 183 00:09:13.890 --> 00:09:18.510 don't think that way. I think a lot of bad people put bad 184 00:09:18.510 --> 00:09:22.680 reputation on companies like ours, and they don't see us the 185 00:09:22.680 --> 00:09:27.300 same way. But, you know, if you are a good broker, you know, 186 00:09:27.300 --> 00:09:31.290 what to do you, you know what to do for your clients. I would 187 00:09:31.290 --> 00:09:34.590 love to stay broker forever, you know, that's, that's fine with 188 00:09:34.590 --> 00:09:37.320 me because I'm happy and my merchants are happy and they 189 00:09:37.320 --> 00:09:40.650 continue coming back. So you know, and other lenders are 190 00:09:40.650 --> 00:09:44.730 there, you know, hey, call me let's do something to help the 191 00:09:44.730 --> 00:09:49.200 Latino community you know, it is there. It is possible. And, you 192 00:09:49.200 --> 00:09:52.680 know, obviously, I'm going to make sure that they treat you 193 00:09:52.680 --> 00:09:55.830 right that they will pay that bet that they will come back as 194 00:09:55.830 --> 00:09:59.670 as a renewal. So it's a lot of misinformation. Obviously with 195 00:09:59.670 --> 00:10:02.220 the brokers, so. 196 00:10:02.520 --> 00:10:05.970 Sean Murray: Sure. So you said that you've, you've helped 197 00:10:05.970 --> 00:10:10.050 businesses get PPP EIDL. You didn't charge them. But what so 198 00:10:10.050 --> 00:10:14.220 what I'm curious about in all of that, right, is that you worked 199 00:10:14.370 --> 00:10:18.330 a lot with the, you know, the Latin community during COVID. 200 00:10:18.330 --> 00:10:21.720 And I'm curious, you know, and we've asked this question, I've 201 00:10:21.720 --> 00:10:23.670 asked this question a bunch of times, you know, what were 202 00:10:23.760 --> 00:10:26.280 merchants telling you? What were small businesses telling you, 203 00:10:26.340 --> 00:10:29.070 but I feel like I've never gotten that answer, specifically 204 00:10:29.070 --> 00:10:32.820 from the Latin demographic, likr, what was the Latin, what 205 00:10:32.820 --> 00:10:35.310 was the latin community telling you during COVID? 206 00:10:35.340 --> 00:10:38.040 Sonia Alvelo: They were devastated, you know, there's 207 00:10:38.040 --> 00:10:43.740 not a lot of information in the Latino community. In terms about 208 00:10:43.770 --> 00:10:48.450 well, nobody was expecting what happened. First of all, we as a 209 00:10:48.450 --> 00:10:52.260 company, we, you know, had a rough time as well as everybody. 210 00:10:53.640 --> 00:10:56.040 But we decided, okay, you know, what, there's something that we 211 00:10:56.040 --> 00:11:03.180 can do in that time, which was, help them with the SBA. And, you 212 00:11:03.180 --> 00:11:06.060 know, the stories, they break my heart, it wasn't easy, because 213 00:11:06.060 --> 00:11:09.270 you know, what, I was listening to those stories over and over. 214 00:11:09.270 --> 00:11:13.350 And, you know, what am we gonna do? We don't have the money. I 215 00:11:13.350 --> 00:11:16.950 didn't have the answers, Sean at all, you know, I was worried 216 00:11:16.950 --> 00:11:19.500 about my own company at the time, but, you know, listening 217 00:11:19.500 --> 00:11:22.650 to them, I understood that it you know, it wasn't, I wasn't 218 00:11:22.650 --> 00:11:25.830 the only one, you know, that it was going through that, I think 219 00:11:25.830 --> 00:11:30.090 it's it's not a lot of information for the Latino 220 00:11:30.090 --> 00:11:33.930 community through crisis. And that's, I think that I got 221 00:11:33.930 --> 00:11:36.210 overwhelmed. Because everybody was calling and getting trying 222 00:11:36.210 --> 00:11:41.310 to, you know, Latino community, they, if I do have a job with 223 00:11:41.310 --> 00:11:44.490 you, they gonna tell somebody else, and they're gonna tell 224 00:11:44.490 --> 00:11:48.510 somebody else. And you know, my phones, it was like ringing and 225 00:11:48.510 --> 00:11:52.080 ringing throughout the days. And trust me, I get calls from 226 00:11:52.080 --> 00:11:55.410 Puerto Rico, Latinos at seven o'clock in the morning, or at 10 227 00:11:55.410 --> 00:11:59.220 o'clock at night. And sometimes I have to stop and think, okay, 228 00:11:59.220 --> 00:12:05.250 you know, what, I'll call them tomorrow, but we just, I am who 229 00:12:05.250 --> 00:12:09.060 I am now, because of them. So, you know, anything that I can do 230 00:12:09.060 --> 00:12:13.500 for the community regardless, it's not easy. But I will do it. 231 00:12:13.860 --> 00:12:16.260 Sean Murray: Were there some who didn't even know about PPP or 232 00:12:16.260 --> 00:12:17.430 EIDL until you told them? 233 00:12:17.430 --> 00:12:20.430 Sonia Alvelo: It's it's crazy. How many people to this day, 234 00:12:20.460 --> 00:12:22.710 they don't know, they don't even know about the increase. 235 00:12:23.310 --> 00:12:24.780 Sean Murray: They don't know about the increase? We're 236 00:12:24.780 --> 00:12:27.510 talking about the EIDL increase? Correct. Okay, you're you're the 237 00:12:27.510 --> 00:12:28.950 first person to tell them basically. 238 00:12:28.980 --> 00:12:32.520 Sonia Alvelo: Yes. And it's scary. You know, you know, you 239 00:12:32.520 --> 00:12:36.630 know, first of all, I am surprised when they ask me, what 240 00:12:36.630 --> 00:12:40.140 is that? And you know, at first with the PPP what is that? You 241 00:12:40.140 --> 00:12:43.410 know they had no idea. I was like, Okay, I got to translate 242 00:12:43.410 --> 00:12:46.350 this in Spanish, you know, this is not what I what I had in 243 00:12:46.350 --> 00:12:51.990 mind. Yeah. So but, um, the SBA.gov they have, you know, you 244 00:12:51.990 --> 00:12:55.590 know, the information in all the languages. So, that's what I 245 00:12:55.590 --> 00:12:58.530 realized, you know, I was like, Okay, you got to read it first. 246 00:12:58.590 --> 00:13:01.050 You know, I have to send that over, and you gotta read it, and 247 00:13:01.050 --> 00:13:04.590 then call me back, I wanted to make sure that they understand 248 00:13:04.680 --> 00:13:07.080 and the guidance they we're changing, so it was it was 249 00:13:07.080 --> 00:13:11.310 horrific, you know, the process but it's not like I said, again, 250 00:13:11.340 --> 00:13:15.090 not a lot of information for them. So I learned as like, you 251 00:13:15.090 --> 00:13:19.500 know, watching the news, you know, and through my my, my 252 00:13:19.500 --> 00:13:23.190 actual lender for my business account. They were amazing with 253 00:13:23.190 --> 00:13:24.360 us. So yeah. 254 00:13:25.290 --> 00:13:28.020 Sean Murray: That's wild. Yeah, I think that that gets lost in a 255 00:13:28.020 --> 00:13:30.840 lot of people that here you are trying to help small businesses, 256 00:13:30.840 --> 00:13:32.850 right. But you're like, hey, I also got to worry about my own 257 00:13:32.850 --> 00:13:38.730 company. Right. But so what's what are you hearing now what 258 00:13:38.730 --> 00:13:43.890 had what has your what has your merchant base kind of told you 259 00:13:43.920 --> 00:13:46.740 now? Are they recovering? Are they recovered are they still in 260 00:13:46.740 --> 00:13:48.000 bad shape? Like what's going on? 261 00:13:48.180 --> 00:13:51.060 Sonia Alvelo: A little bit of everything, I think, the market 262 00:13:51.060 --> 00:13:56.370 for the pharmaceuticals, they're doing amazing. So that's fine. A 263 00:13:56.370 --> 00:14:00.150 lot of other industries it's fantastic. Great when they call 264 00:14:00.150 --> 00:14:03.750 me Sonia, I got the money. I got the deposit from the SBA. Don't 265 00:14:03.750 --> 00:14:07.290 get me wrong, I cry every single time because, you know, I was 266 00:14:07.290 --> 00:14:10.500 like, you know, you realize, oh, my goodness, I did it, you know, 267 00:14:10.500 --> 00:14:14.010 I helped them. I rather for them not to have the cash advance. I 268 00:14:14.010 --> 00:14:18.750 know. But it's worth it. You know, the business is going 269 00:14:18.750 --> 00:14:23.640 through hell sorry, fellows, you know, but um, yes this makes 270 00:14:23.640 --> 00:14:26.010 right now. You can say hell. I can say okay, good. That's, 271 00:14:26.040 --> 00:14:28.380 that's okay. I can say it in Spanish, next time, but it's 272 00:14:28.380 --> 00:14:31.890 okay. Um, but no, it's a little bit of everything it's still 273 00:14:31.890 --> 00:14:38.550 nowadays in Connecticut, I still have that. When they called me 274 00:14:38.550 --> 00:14:41.880 oh, you know, you can apply for this, you know, in this deal. 275 00:14:41.880 --> 00:14:45.720 The the information is not quite there yet. So I don't know what 276 00:14:45.930 --> 00:14:49.320 to be honest with you. We're a small company. How can we fix 277 00:14:49.320 --> 00:14:54.360 that? So yeah, so a lot of plans that I have for the future so we 278 00:14:54.360 --> 00:14:59.820 can actually get better and give more information and and the. 279 00:15:01.320 --> 00:15:03.510 Sean Murray: You've mentioned Puerto Rico a few times. But 280 00:15:03.510 --> 00:15:05.490 you're funding businesses nationwide. Am I right? 281 00:15:05.520 --> 00:15:05.880 Sonia Alvelo: Yes. 282 00:15:05.910 --> 00:15:06.210 Sean Murray: Okay. 283 00:15:06.210 --> 00:15:09.090 Sonia Alvelo: All over the US actually, before I started 284 00:15:09.090 --> 00:15:14.340 funding in Puerto Rico in 2015, I was doing business prior for 285 00:15:14.340 --> 00:15:20.010 four years. And it was all US and it wasn't Latinos. You know, 286 00:15:20.010 --> 00:15:24.540 it was, you know, a little bit of everything. But I knew that 287 00:15:24.540 --> 00:15:27.870 the market needed somebody in Spanish, the, you know, the same 288 00:15:27.870 --> 00:15:32.460 language. And now I have a little bit of everything I'm so 289 00:15:32.460 --> 00:15:35.580 proud of my portfolio it's it's incredible. So I'm going to 290 00:15:35.580 --> 00:15:38.670 continue doing this and hopefully I can learn another 291 00:15:38.670 --> 00:15:42.390 language and. Another one? No I'm just kidding. Okay. You 292 00:15:42.390 --> 00:15:45.360 never know. But then again, you know, I would love to. Yeah. 293 00:15:45.390 --> 00:15:46.680 Sean Murray: Sounds like it's pretty beneficial. And I 294 00:15:46.680 --> 00:15:49.380 actually want to ask you, I want to ask you about the Puerto 295 00:15:49.380 --> 00:15:51.240 Rican market, because you mentioned it a few times. Right. 296 00:15:51.300 --> 00:15:55.380 And you I actually, this is not, this is, this is not a 297 00:15:55.380 --> 00:15:56.880 coincidence. This is not a coincidence. 298 00:15:56.880 --> 00:15:57.600 Sonia Alvelo: Yes, I love that. 299 00:15:58.050 --> 00:16:01.950 Sean Murray: Underneath my notes here. It's an article that you 300 00:16:01.950 --> 00:16:05.010 were you were cited in you put in the story. This is the 301 00:16:05.040 --> 00:16:08.490 deBanked magazine issue from what is this, 2018 says It's 302 00:16:08.490 --> 00:16:11.700 Back to Business for Alternative Funding in Puerto Rico. Yes. So 303 00:16:11.700 --> 00:16:15.420 2018. Sonia was mentioned in this particular story. Yes. And 304 00:16:15.420 --> 00:16:17.910 we've talked to you about the Puerto Rican market over the 305 00:16:17.910 --> 00:16:18.990 years, a few times. 306 00:16:18.990 --> 00:16:21.510 Sonia Alvelo: Yes, three times you've been, you know, I and 307 00:16:21.510 --> 00:16:27.000 thank you. That helped so many businesses, and they follow you, 308 00:16:27.000 --> 00:16:27.570 by the way. 309 00:16:28.080 --> 00:16:28.770 Sean Murray: in Puerto Rico? 310 00:16:28.800 --> 00:16:29.280 Sonia Alvelo: In Peurto Rico. 311 00:16:29.280 --> 00:16:29.880 Sean Murray: I have a following? 312 00:16:29.910 --> 00:16:31.950 Sonia Alvelo: Yes. You got followers in Peurto Rico. You 313 00:16:31.950 --> 00:16:35.220 know, what they like, it's interesting, you know, 314 00:16:35.220 --> 00:16:37.500 everything that is not only about Puerto Rico is about 315 00:16:37.500 --> 00:16:41.580 everything else about you know, the industry. But this one, I do 316 00:16:41.580 --> 00:16:42.720 have it on my wall. 317 00:16:42.780 --> 00:16:43.590 Sean Murray: You have it on the wall? Okay. 318 00:16:43.590 --> 00:16:46.140 Sonia Alvelo: I got it on my wall inside, yeah I got a lot of 319 00:16:46.140 --> 00:16:48.960 things on my wall. But yes, you are in my wall twice. 320 00:16:48.990 --> 00:16:49.620 Sean Murray: Twice, okay. 321 00:16:49.620 --> 00:16:51.120 Sonia Alvelo: So you gotta come to the office and see about 322 00:16:51.120 --> 00:16:51.510 yourself. 323 00:16:51.540 --> 00:16:53.370 Sean Murray: Okay, we're gonna have to get this live stream on 324 00:16:53.370 --> 00:16:53.760 your wall too. 325 00:16:53.760 --> 00:16:54.930 Sonia Alvelo: Oh my goodness, yes. 326 00:16:56.160 --> 00:16:59.580 Sean Murray: All right, so so talk to me about Puerto Rico. So 327 00:16:59.580 --> 00:17:03.360 you, you were born and raised there, and you're doing business 328 00:17:03.360 --> 00:17:06.900 there, I imagine that requires you to go there to do business. 329 00:17:06.900 --> 00:17:07.500 Is that right? 330 00:17:07.530 --> 00:17:13.620 Sonia Alvelo: Yes. I came to Connecticut, when I was 17, I 331 00:17:13.620 --> 00:17:17.370 believe. never moved out of Connecticut loved it, you know, 332 00:17:17.370 --> 00:17:20.370 I fell in love with the city with I fell in love with 333 00:17:20.370 --> 00:17:25.950 everybody. Um, and when I started doing funding in Puerto 334 00:17:25.950 --> 00:17:30.960 Rico, I started doing business with associations in Puerto 335 00:17:30.960 --> 00:17:33.930 Rico, let's say if it's a pharmacy, they have an 336 00:17:34.230 --> 00:17:38.220 associations for everything, every single industry. So my job 337 00:17:38.280 --> 00:17:41.940 at that time I was like, okay, so instead of calling everybody, 338 00:17:42.570 --> 00:17:45.150 you know, it's impossible, you know, so I was like, you know 339 00:17:45.150 --> 00:17:47.880 what, let me call the associations. So I call those 340 00:17:47.880 --> 00:17:51.510 associations I, now I'm members with all of them. And believe it 341 00:17:51.510 --> 00:17:57.930 or not two of them, I'm the only the first one Latina business, 342 00:17:58.470 --> 00:18:02.130 but located outside of Puerto Rico, and they invite me to see 343 00:18:02.130 --> 00:18:04.620 the governor, they invite me to different events. Oh, my 344 00:18:04.620 --> 00:18:05.730 goodness, twice already. 345 00:18:05.760 --> 00:18:07.170 Sean Murray: You've taken advantage of this? 346 00:18:07.200 --> 00:18:09.600 Sonia Alvelo: Absolutely. I mean, they send me business and, 347 00:18:09.630 --> 00:18:12.690 you know, at special occasions, they always send an invite. So 348 00:18:12.870 --> 00:18:17.040 in the summer pre COVID. I used to travel probably four or five 349 00:18:17.040 --> 00:18:21.870 times, you know, between July and September. That's the 350 00:18:21.870 --> 00:18:25.740 convention time. And now, unfortunately, you know, it's 351 00:18:25.770 --> 00:18:29.220 online. But I can't wait for next year because that's, that's 352 00:18:29.220 --> 00:18:32.730 where my money is, so yeah. So they still send me a lot of 353 00:18:32.730 --> 00:18:34.590 referrals. So yes, I travel a lot. 354 00:18:34.860 --> 00:18:37.410 Sean Murray: Okay, so who's funding the actual businesses 355 00:18:37.410 --> 00:18:41.310 there? Is it lenders and funders based in Puerto Rico? Or is it 356 00:18:41.310 --> 00:18:42.450 ones that are on the mainland? 357 00:18:43.440 --> 00:18:44.130 Sonia Alvelo: From here. 358 00:18:44.400 --> 00:18:44.880 Sean Murray: From here? 359 00:18:44.910 --> 00:18:45.330 Sonia Alvelo: Yes. 360 00:18:45.360 --> 00:18:47.550 Sean Murray: Okay. Are there no lenders and funders in Puerto 361 00:18:47.550 --> 00:18:47.820 Rico? 362 00:18:49.680 --> 00:18:52.200 Sonia Alvelo: I'm gonna answer that to you in the next 363 00:18:52.230 --> 00:18:57.240 interview, because I do, I did receive an email really 364 00:18:57.240 --> 00:19:01.650 interesting, and I was in a conversation last night, and he 365 00:19:01.650 --> 00:19:05.760 may be a lender in Puerto Rico that wants to do business with 366 00:19:05.760 --> 00:19:08.670 Latin Financial, so that I cannot tell right now, that's 367 00:19:08.670 --> 00:19:10.590 news, news. So yes. 368 00:19:10.680 --> 00:19:11.670 Sean Murray: I look forward to that one. 369 00:19:11.670 --> 00:19:12.960 Sonia Alvelo: I know you're gonna be the first one. 370 00:19:14.430 --> 00:19:15.840 Sean Murray: You have to sit through two hours of traffic 371 00:19:15.840 --> 00:19:17.550 again to get back here to tell everybody. 372 00:19:17.580 --> 00:19:19.410 Sonia Alvelo: No, no, no, we ain't gonna assume that day. 373 00:19:19.440 --> 00:19:19.710 Sean Murray: Okay. 374 00:19:19.710 --> 00:19:20.160 Sonia Alvelo: I'm just kidding. 375 00:19:21.570 --> 00:19:23.970 Sean Murray: All right, so we're talking about lenders and 376 00:19:23.970 --> 00:19:27.600 funders based in the mainland who are funding the businesses 377 00:19:27.780 --> 00:19:30.780 in Puerto Rico. Now, the question I get all the time is 378 00:19:30.810 --> 00:19:34.500 whose funding there so I get the sense that there's, there's a 379 00:19:34.500 --> 00:19:37.680 hesitance or resistance to funding businesses in Puerto 380 00:19:37.680 --> 00:19:40.800 Rico. And I wonder why that is? What's the aversion you've 381 00:19:40.800 --> 00:19:43.110 encountered to funding businesses in Puerto Rico? If 382 00:19:43.110 --> 00:19:43.860 they're not from here? 383 00:19:43.890 --> 00:19:46.950 Sonia Alvelo: No, for some reason, you know, when I started 384 00:19:46.950 --> 00:19:50.970 in 2015, there was one lender who gave me the opportunity for 385 00:19:50.970 --> 00:19:56.160 some reason they have this this wrong information in their 386 00:19:56.160 --> 00:20:00.750 heads. The Latino businesses in Puerto Rico they don't they 387 00:20:00.750 --> 00:20:04.980 don't run the business the same as here in US. They pay taxes, 388 00:20:04.980 --> 00:20:08.040 they do the same things. So. 389 00:20:08.100 --> 00:20:09.420 Sean Murray: They're part of the United States. 390 00:20:09.420 --> 00:20:12.000 Sonia Alvelo: They're part of the United States. 391 00:20:12.000 --> 00:20:12.930 Sean Murray: They're not a different country. 392 00:20:12.930 --> 00:20:15.450 Sonia Alvelo: Not Not at all. Okay. Oh, my goodness, I get 393 00:20:15.450 --> 00:20:16.350 that question a lot. 394 00:20:16.410 --> 00:20:17.460 Sean Murray: Do you, do you really? 395 00:20:17.490 --> 00:20:18.030 Sonia Alvelo: Yes. 396 00:20:18.060 --> 00:20:18.450 Sean Murray: Okay. 397 00:20:18.450 --> 00:20:21.540 Sonia Alvelo: It's incredible. Do you you know, you do need a 398 00:20:21.540 --> 00:20:23.700 green card? No, I'm part of the US. 399 00:20:23.730 --> 00:20:24.780 Sean Murray: Wow, okay. 400 00:20:24.810 --> 00:20:26.850 Sonia Alvelo: But that's for another segment. Okay. Yeah, 401 00:20:26.850 --> 00:20:32.580 that's a long. But um, yeah, for some reason they have this wrong 402 00:20:32.580 --> 00:20:35.070 information that, you know, they don't run the business as you 403 00:20:35.070 --> 00:20:39.360 know, any other business. So I started in 2015. And I'm gonna 404 00:20:39.360 --> 00:20:44.370 say, Jordan, I love you. He did amazing. Jordan. From 405 00:20:44.370 --> 00:20:44.820 Greenbacks. 406 00:20:44.850 --> 00:20:46.470 Sean Murray: Okay, I was like who's Jordan? 407 00:20:46.800 --> 00:20:50.820 Sonia Alvelo: He owes me one right now. But no, he, he took 408 00:20:50.820 --> 00:20:54.960 the chance with me. He, he it wasn't easy. He said no, like, 409 00:20:54.960 --> 00:20:58.680 15 times. But I was like, give me give me give me the 410 00:20:58.680 --> 00:21:01.620 opportunity. Let me try it. And let me tell you, you know, it's 411 00:21:01.620 --> 00:21:04.230 still five years. Six years later, we still together. 412 00:21:04.470 --> 00:21:05.790 Sean Murray: You're still funding deals out in Peurto? 413 00:21:05.790 --> 00:21:07.260 Sonia Alvelo: I'm still funding them them, yeah, absolutely. 414 00:21:07.710 --> 00:21:08.550 Sean Murray: So it's worked out? 415 00:21:08.580 --> 00:21:11.250 Sonia Alvelo: Yes. Okay. Oh, my goodness. Yes. He never stopped. 416 00:21:12.150 --> 00:21:15.030 There's been situations in Puerto Rico, obviously, Maria, 417 00:21:15.060 --> 00:21:22.320 the hurricane Maria earthquakes, COVID, obviously. And we always 418 00:21:22.320 --> 00:21:25.380 have a good communication, you know, send an email, hey, 419 00:21:25.380 --> 00:21:27.450 listen, we're going to have to do something, there's a 420 00:21:27.450 --> 00:21:30.810 hurricane coming. We're going to have a problem with the 421 00:21:30.810 --> 00:21:34.230 payments. So it's the communication I think that 422 00:21:34.230 --> 00:21:38.790 works. So and obviously other ones, but you know I gotta say 423 00:21:38.790 --> 00:21:42.390 Greenbacks. And I can say McKenzie, I love your brand. So 424 00:21:42.390 --> 00:21:45.750 those are the two, I love you. But other ones I'm not going to 425 00:21:45.750 --> 00:21:48.420 mention, because you know, I'm still waiting for offers. Not 426 00:21:48.450 --> 00:21:49.170 not too happy. 427 00:21:50.070 --> 00:21:50.970 Sean Murray: Putting you on the spot. 428 00:21:50.970 --> 00:21:54.000 Sonia Alvelo: No, no, not right now. But yeah, for some reason 429 00:21:54.000 --> 00:21:58.080 that was back in the day now. And thank you for your 430 00:21:58.140 --> 00:22:03.690 opportunities, because you're, everything that you wrote about 431 00:22:03.690 --> 00:22:08.280 Latin Financial in Puerto Rico, it did hit a few nerves, because 432 00:22:08.400 --> 00:22:09.720 they can't call and good because. 433 00:22:11.010 --> 00:22:12.660 Sean Murray: I don't want to disrupt my following in Peurto 434 00:22:13.170 --> 00:22:13.290 Rico. 435 00:22:13.290 --> 00:22:15.120 Sonia Alvelo: No, no, you're okay and you're better now 436 00:22:15.120 --> 00:22:19.650 because you're with me. But don't the, the lenders, they 437 00:22:19.650 --> 00:22:23.190 actually called me after that, hey, listen, you know, what can 438 00:22:23.190 --> 00:22:26.820 we do? So it's a matter of opportunities, opportunities, 439 00:22:26.820 --> 00:22:29.700 like this, opportunities, you know, for the Brokers Fair. I 440 00:22:29.700 --> 00:22:31.500 can't wait, it's gonna be amazing. 441 00:22:31.920 --> 00:22:33.900 Sean Murray: I'm gonna I'm gonna ask you a little bit more about 442 00:22:33.900 --> 00:22:34.680 that at the end. 443 00:22:34.710 --> 00:22:38.340 Sonia Alvelo: Oh, god, I did got drunk. I'm so sorry. No. 444 00:22:38.460 --> 00:22:39.090 Sean Murray: That's okay. 445 00:22:39.120 --> 00:22:39.720 Sonia Alvelo: Yeah. 446 00:22:39.750 --> 00:22:41.070 Sean Murray: That's that's what it's all about having a good 447 00:22:41.070 --> 00:22:41.550 time. Right? 448 00:22:41.550 --> 00:22:43.560 Sonia Alvelo: Yeah. Oh, my God. Yes, I can't wait. 449 00:22:45.750 --> 00:22:48.810 Sean Murray: So you know, Puerto Rico, given that it has a lot 450 00:22:48.810 --> 00:22:53.190 of, you know, weather related events, there are the lenders 451 00:22:53.220 --> 00:22:55.740 and funders that you've worked with? Have they been 452 00:22:55.740 --> 00:22:59.520 understanding, when say a hurricane happens? Like, I think 453 00:22:59.520 --> 00:23:02.910 you mentioned like something about like, hey, you know, a 454 00:23:02.910 --> 00:23:05.100 hurricanes coming, we got to do something about the payments, 455 00:23:05.100 --> 00:23:07.500 like, what what is your experience been with, because 456 00:23:07.500 --> 00:23:09.660 they're they're if they're typically on the mainland, 457 00:23:09.660 --> 00:23:13.380 right? Are they understanding of the issues that happen there? 458 00:23:13.380 --> 00:23:15.420 Like a hurricane or earthquake? or what have you experienced? 459 00:23:15.420 --> 00:23:18.510 Sonia Alvelo: You know what, I was really, really nervous. When 460 00:23:18.510 --> 00:23:25.650 that happened at the beginning, 2016, 2017 was really hard. I 461 00:23:25.650 --> 00:23:28.350 was really, really nervous. I was like, how am I going to do 462 00:23:28.350 --> 00:23:31.350 this? I mean, we talking about a lot of merchants, that they 463 00:23:31.350 --> 00:23:36.330 calling me and they are calling me. The it's, this is the crazy 464 00:23:36.330 --> 00:23:40.230 thing it's happening out here again, in Puerto Rico, and both 465 00:23:40.230 --> 00:23:44.640 merchants are worrying how am I gonna pay this loan? You know, 466 00:23:44.820 --> 00:23:47.790 that's incredible, you know, and, you know, I'm there 467 00:23:47.790 --> 00:23:51.180 listening and saying, okay, let me, let me handle this. Let me 468 00:23:51.210 --> 00:23:54.450 contact the lender. So at the beginning, yes, I was super 469 00:23:54.450 --> 00:23:58.110 worried. Now. I'm not, you know, things happen and you can't 470 00:23:58.110 --> 00:24:01.320 control it, I want to make sure that they are safe, that they 471 00:24:01.320 --> 00:24:05.190 okay, first. And my lenders, they're super understanding, I 472 00:24:05.190 --> 00:24:07.770 think we go back to the communication, if you have a 473 00:24:07.770 --> 00:24:11.220 good communication with them, Sean is not even a problem. 474 00:24:11.520 --> 00:24:13.740 Because they understand don't get me wrong, you know, when 475 00:24:13.740 --> 00:24:16.830 it's, you know, two weeks pass or a week later, I'm going to 476 00:24:16.830 --> 00:24:19.440 make sure I'm going to be on top of it. Right. And contact them 477 00:24:19.440 --> 00:24:22.470 and make sure that they have the power. You know, okay, so you 478 00:24:22.470 --> 00:24:26.280 back in business, let's let's, let's get your paid. So it's 479 00:24:26.310 --> 00:24:29.760 communication, I think that, you know, if we, if the lenders 480 00:24:29.820 --> 00:24:31.980 there should have more communications with all the 481 00:24:31.980 --> 00:24:36.330 brokers, it should be a better way to do business, you know, so 482 00:24:36.360 --> 00:24:41.160 I do have it and I'm welcome new lenders, as long as we have a 483 00:24:41.160 --> 00:24:43.350 good communication, some of the brokers or lenders, they don't 484 00:24:43.350 --> 00:24:48.330 get along, for whatever reasons, but you know, hello. But you 485 00:24:48.330 --> 00:24:52.110 know, I am happy with the ones that I have. So as long as they 486 00:24:52.140 --> 00:24:53.400 give me their problems, I'm fine. 487 00:24:53.760 --> 00:24:55.830 Sean Murray: What about the banks down there? Because we 488 00:24:55.830 --> 00:24:58.440 talked about how in the US, you know, banks aren't lending 489 00:24:58.440 --> 00:24:59.850 they're not lending in small business but what's the 490 00:24:59.850 --> 00:25:01.560 relationship? Traditional Funding. Yeah, what's the what's 491 00:25:01.560 --> 00:25:03.660 the relationship? You know, the traditional lending relationship 492 00:25:03.660 --> 00:25:04.140 down in Peurto Rico? 493 00:25:04.140 --> 00:25:05.250 Sonia Alvelo: They don't they don't want to they don't want to 494 00:25:05.250 --> 00:25:07.890 lend and they don't have the money. Peurto Rico is not in a 495 00:25:07.890 --> 00:25:11.070 good situations they know about companies like us. And don't get 496 00:25:11.070 --> 00:25:16.410 me wrong, they try to mimic the programs, but it's not gonna 497 00:25:16.410 --> 00:25:20.160 it's not gonna work. I got lenders like a banks from over 498 00:25:20.160 --> 00:25:23.370 there, Sonia, God, you know, oh, my goodness, this lesson, oh, my 499 00:25:23.370 --> 00:25:26.430 merchants they coming, you know, and they declining, they don't 500 00:25:26.430 --> 00:25:27.360 have the money. 501 00:25:28.260 --> 00:25:29.280 Sean Murray: The banks don't have the money. 502 00:25:29.280 --> 00:25:30.930 Sonia Alvelo: They just either don't have the money or they 503 00:25:30.930 --> 00:25:35.130 don't wanna lend the money, you know, and people that they've 504 00:25:35.130 --> 00:25:37.950 been 20, 40 years and they don't want to. 505 00:25:38.010 --> 00:25:39.630 Sean Murray: They won't lend to it. They won't lend. They've 506 00:25:39.630 --> 00:25:41.760 had, they've had a relationship that long, they still won't do 507 00:25:41.760 --> 00:25:41.820 it. 508 00:25:41.820 --> 00:25:43.560 Sonia Alvelo: I don't know what, you know, it's a shift right 509 00:25:43.560 --> 00:25:46.470 now. Yeah, I wish I would know, and the things that I know, I 510 00:25:46.470 --> 00:25:50.070 cannot say right now. I got invitations, you know, pending. 511 00:25:50.070 --> 00:25:53.910 So you know, so I, unfortunately, they're going 512 00:25:53.910 --> 00:25:58.200 through, they need us they need companies like ours, like 513 00:25:58.200 --> 00:26:00.510 Planning Financial they need Latin Financial and that's it, 514 00:26:01.500 --> 00:26:03.000 to help them. Yeah. 515 00:26:04.860 --> 00:26:08.130 Sean Murray: Your customers, are they, because this is like the 516 00:26:08.130 --> 00:26:11.640 topic of conversation today, are your are your customers being 517 00:26:11.850 --> 00:26:16.560 hit with offers from companies like Square Capital and Shopify 518 00:26:16.560 --> 00:26:20.430 Capital? Or you know, whatever it is PayPal, Working Capital? 519 00:26:20.610 --> 00:26:24.030 Are they being offered money from like, whatever tech, 520 00:26:24.030 --> 00:26:26.460 they're using QuickBooks, I think even has their own, like, 521 00:26:26.580 --> 00:26:29.610 you know, their own QuickBooks capital now, are your are the 522 00:26:29.610 --> 00:26:32.550 people you're talking to you, are they being offered money 523 00:26:32.550 --> 00:26:35.130 through these sources? And are they taking it? And like, what's 524 00:26:35.130 --> 00:26:35.760 what are you seeing? 525 00:26:35.820 --> 00:26:39.780 Sonia Alvelo: Um, I seen a lot of that in the US, the Latino 526 00:26:39.780 --> 00:26:45.480 community from the US. I have not seen a lot in Puerto Rico, 527 00:26:45.870 --> 00:26:48.420 which is beneficial for me. But I do worry. 528 00:26:49.050 --> 00:26:50.640 Sean Murray: So you are worried about this type of thing? 529 00:26:50.640 --> 00:26:53.310 Sonia Alvelo: You know, any, anybody, any broker should worry 530 00:26:53.310 --> 00:26:57.570 about those companies. But I don't I haven't seen a lot of 531 00:26:57.600 --> 00:27:02.730 offers from those companies. In Puerto Rico. But yes, in the US 532 00:27:02.730 --> 00:27:03.360 in the mainland, yeah. 533 00:27:03.360 --> 00:27:05.100 Sean Murray: So you find yourself competing against that 534 00:27:05.130 --> 00:27:06.270 occasionally? Say hey. 535 00:27:06.270 --> 00:27:07.980 Sonia Alvelo: Yes, yeah, obviously, yes. 536 00:27:08.040 --> 00:27:08.400 Sean Murray: Okay. 537 00:27:08.430 --> 00:27:08.790 Sonia Alvelo: Yeah. 538 00:27:09.060 --> 00:27:11.190 Sean Murray: Well, you know, like long term though, you do 539 00:27:11.190 --> 00:27:14.580 think that there's always going to be a value for a broker 540 00:27:14.580 --> 00:27:17.760 versus that, you know, that one to one tech relationship? 541 00:27:18.360 --> 00:27:20.550 Sonia Alvelo: I, I'm really confident in the way that I 542 00:27:20.550 --> 00:27:26.490 treat my clients. So if, if I have to do some shifting and 543 00:27:26.490 --> 00:27:29.160 look for new opportunities, that is going to bring me to that 544 00:27:29.160 --> 00:27:35.820 level, how, however it is, I think it's possible. But we all 545 00:27:35.820 --> 00:27:38.700 have to work together. This is this is this year's companies 546 00:27:38.700 --> 00:27:42.090 are taking over, you know, and I want my company, my company is 547 00:27:42.090 --> 00:27:44.760 going to be unique, it is unique right now, because of the 548 00:27:44.760 --> 00:27:47.880 conversations that we have with the clients. It is new and 549 00:27:47.880 --> 00:27:51.660 unique right now, because of the it's not only about funding, the 550 00:27:51.660 --> 00:27:56.070 person right now it's about seeing the business in about a 551 00:27:56.070 --> 00:27:59.550 year from now. And knowing that that business is being 552 00:27:59.550 --> 00:28:03.090 progressing, it's been surviving, I'm super proud of 553 00:28:03.090 --> 00:28:05.460 what we do. So you know, in the meantime, I try not to think 554 00:28:05.460 --> 00:28:09.930 about it. But yes, I do have to make other plans and see what I 555 00:28:09.930 --> 00:28:10.860 can do to adjust. 556 00:28:10.980 --> 00:28:12.540 Sean Murray: I will say, though, that one of the complaints I 557 00:28:12.540 --> 00:28:15.570 hear about those companies is that you can't call anyone, if 558 00:28:15.570 --> 00:28:18.690 anything goes wrong. You can do like an online, you can do an 559 00:28:18.690 --> 00:28:24.750 online chat maybe. Right? Yeah. And I imagine it if anyone has a 560 00:28:24.750 --> 00:28:29.610 problem with say your company they can get can they get to 561 00:28:29.610 --> 00:28:31.530 someone if they call you like if someone has a problem? 562 00:28:31.770 --> 00:28:33.960 Sonia Alvelo: Yes, I mean, it's incredible. You know, my, my 563 00:28:33.960 --> 00:28:37.500 clients, yeah, I'm gonna tell you this. It's funny. I mean, I 564 00:28:37.500 --> 00:28:41.700 learned what the application was sub ones because my merchants, 565 00:28:41.730 --> 00:28:45.660 my merchants, they use that all the time, Sonia, please answer 566 00:28:45.660 --> 00:28:48.660 me and they used to me calling them. So yes, they're always 567 00:28:48.660 --> 00:28:51.990 gonna have that customer service. I have a amazing team. 568 00:28:52.620 --> 00:28:53.460 Sean Murray: How many people work there? 569 00:28:53.490 --> 00:28:54.300 Sonia Alvelo: It's only eight. 570 00:28:54.360 --> 00:28:54.900 Sean Murray: Eight people? 571 00:28:54.930 --> 00:28:57.450 Sonia Alvelo: People, they think that we are a bigger company and 572 00:28:57.450 --> 00:29:02.400 it's because we always there, you know, we always we, I'm I'm 573 00:29:02.400 --> 00:29:07.740 so proud of all of you. So it's incredible. That's what we do we 574 00:29:07.740 --> 00:29:11.220 go in and don't get me wrong. My office is super loud, I put the 575 00:29:11.220 --> 00:29:15.630 music. Yes, Latino music and it's loud. And we have food and 576 00:29:15.630 --> 00:29:18.060 we got, you know, the gatherings and everything else. But we 577 00:29:18.060 --> 00:29:22.830 work. We're hard working team. So as long as we continue this 578 00:29:22.830 --> 00:29:24.810 those companies they got nothing on us. 579 00:29:24.870 --> 00:29:27.660 Sean Murray: How do you compare your office environment to ours? 580 00:29:27.690 --> 00:29:27.960 Cause. 581 00:29:28.260 --> 00:29:30.810 Sonia Alvelo: When I walked in, oh my goodness, can I say it? 582 00:29:30.840 --> 00:29:31.440 Sean Murray: Yeah. 583 00:29:31.470 --> 00:29:35.220 Sonia Alvelo: I'm sorry. You were so quiet. My office is 584 00:29:35.220 --> 00:29:35.730 loud. 585 00:29:35.760 --> 00:29:37.860 Sean Murray: I can hear you. I can hear your footsteps when you 586 00:29:37.860 --> 00:29:38.700 came in. I was like. 587 00:29:40.050 --> 00:29:43.500 Sonia Alvelo: I would love for your team to go to Connecticut 588 00:29:43.500 --> 00:29:44.160 in the office. 589 00:29:45.270 --> 00:29:47.160 Sean Murray: No, we're gonna do the 50th birthday party. 590 00:29:47.310 --> 00:29:47.970 Sonia Alvelo: That right, okay. 591 00:29:48.000 --> 00:29:49.440 Sean Murray: We don't want to see the office. We want to we 592 00:29:49.440 --> 00:29:52.800 just want to do the birthday party. Valentine's Day, that's 593 00:29:52.800 --> 00:29:53.160 your birthday? 594 00:29:53.160 --> 00:29:53.760 Sonia Alvelo: That's my birthday. 595 00:29:53.790 --> 00:29:54.570 Sean Murray: Oh, that's big. 596 00:29:54.660 --> 00:29:55.470 Sonia Alvelo: That's huge. 597 00:29:55.530 --> 00:29:55.860 Sean Murray: Yeah. 598 00:29:57.250 --> 00:29:58.300 Sonia Alvelo: Tis mio, yes. 599 00:30:00.160 --> 00:30:02.680 Sean Murray: And I feel like that feeds into Broker Fair. 600 00:30:03.130 --> 00:30:04.840 You've been you've been to our shows before right? 601 00:30:04.840 --> 00:30:08.320 Sonia Alvelo: I love that I seriously you've done an amazing 602 00:30:08.320 --> 00:30:13.810 job. This is through your Broker Fair, I met some of the lenders 603 00:30:13.810 --> 00:30:16.720 that I got right now. I met incredible people that I still 604 00:30:16.720 --> 00:30:20.230 talk to this day. So it's it's a huge opportunity and love it. 605 00:30:20.530 --> 00:30:23.200 Love it. I can't wait for this year and the following years, 606 00:30:23.230 --> 00:30:23.950 and I'm going to be there. 607 00:30:24.400 --> 00:30:24.940 Sean Murray: Awesome. 608 00:30:24.970 --> 00:30:25.750 Sonia Alvelo: Oh, yes. 609 00:30:25.930 --> 00:30:27.790 Sean Murray: How would you feel about speaking at our event? 610 00:30:27.790 --> 00:30:30.640 Sonia Alvelo: Oh, no, I knew it was coming. Well, I don't know. 611 00:30:30.670 --> 00:30:35.950 I don't know how I did today. I'm sorry. If I mumble. Let's 612 00:30:35.950 --> 00:30:37.330 talk about it in the future. 613 00:30:37.390 --> 00:30:38.950 Sean Murray: Okay. All right. Yeah, hopefully. 614 00:30:38.950 --> 00:30:39.730 Sonia Alvelo: I knew you were gonna ask me. 615 00:30:39.730 --> 00:30:41.880 Sean Murray: Yeah, hopefully that you know, you will join us. 616 00:30:42.060 --> 00:30:44.970 We've we've been trying to get her for quite some time. But, 617 00:30:44.970 --> 00:30:49.020 uh, yeah, you know, that would require the two hours of traffic 618 00:30:49.020 --> 00:30:51.570 to even get to the show. But you're coming to this upcoming 619 00:30:51.570 --> 00:30:51.960 one, right? 620 00:30:51.990 --> 00:30:54.240 Sonia Alvelo: Yeah, no, I'm coming. And I'm gonna stay for a 621 00:30:54.240 --> 00:30:57.000 couple of days, and I'm goinna party and I'm gonna meet people 622 00:30:57.000 --> 00:31:00.450 and I'm going to hang out with you and and what I do best, you 623 00:31:00.450 --> 00:31:04.860 know, mingle with people and try to get those lenders to put 624 00:31:04.860 --> 00:31:07.560 money into finance and with Latin Financial to do business. 625 00:31:07.590 --> 00:31:09.450 Sean Murray: Is it really worth it for a broker? Cause I know if 626 00:31:09.450 --> 00:31:11.670 you're a lender and you want to be brokers, sure, obviously, 627 00:31:11.670 --> 00:31:14.070 because you want to meet brokers but some brokers will say, you 628 00:31:14.070 --> 00:31:16.530 know, what's the value for me as a broker to go to a conference, 629 00:31:16.530 --> 00:31:18.000 like you said, you met lenders like. 630 00:31:18.000 --> 00:31:20.580 Sonia Alvelo: Connections, it's incredible. You're the only the 631 00:31:20.580 --> 00:31:25.470 only company that does this type events that I like that is there 632 00:31:25.470 --> 00:31:29.580 that everybody's talking about it. Don't change, do bigger and 633 00:31:29.580 --> 00:31:32.040 better things. You know, everybody's gonna follow you. 634 00:31:32.040 --> 00:31:37.200 Because, you know, what it's the perfect event, to connect, you 635 00:31:37.200 --> 00:31:40.290 know, so yeah, I'm they're not on the stage but I'm there. 636 00:31:40.320 --> 00:31:45.090 Sean Murray: We'll see. We'll see. But on that note, Sonia, 637 00:31:45.120 --> 00:31:47.460 thank you very much for being here. I really appreciate it. Is 638 00:31:47.460 --> 00:31:49.530 there anything else that you wanted to share about Latin 639 00:31:49.530 --> 00:31:51.420 financial or what's going on? 640 00:31:51.450 --> 00:31:54.700 Sonia Alvelo: No, you know what, I'm going to meet us. Right now, 641 00:31:54.764 --> 00:31:58.652 I wanted to say thank you, you know, obviously, thank you for 642 00:31:58.716 --> 00:32:02.286 giving me the opportunity. I felt that I wasn't. But no, 643 00:32:02.349 --> 00:32:06.238 thank you for the opportunity and your team, your friendship, 644 00:32:06.301 --> 00:32:09.871 you know, for all these years and talking to me and, and 645 00:32:09.935 --> 00:32:13.695 wanting to know more about Puerto Rico, that really, really 646 00:32:13.759 --> 00:32:17.393 I appreciate that. And for everybody out there, I'm Sonia 647 00:32:17.456 --> 00:32:21.600 from Latin Financial and my group, I love you, I'll see you soon. 648 00:32:21.990 --> 00:32:25.138 Sean Murray: And we will share her information on our site and 649 00:32:25.202 --> 00:32:29.186 we'll have a recording too of this of this live stream and her 650 00:32:29.250 --> 00:32:33.041 contact information and website. So thank you very much for 651 00:32:33.105 --> 00:32:37.410 joining deBanked TV. I'm Sean Murray and we will see you next time.