1 00:00:00.545 --> 00:00:01.085 Hey everyone. 2 00:00:01.085 --> 00:00:03.685 Alison Berger here at Broker Fair 2024. 3 00:00:04.005 --> 00:00:06.565 I am now joined with Gregory Bonia at 4 00:00:06.655 --> 00:00:08.885 Bonia Management Faces. How you doing? 5 00:00:09.135 --> 00:00:10.205 Great. How you doing? 6 00:00:10.595 --> 00:00:12.645 Good. So tell me about your company. 7 00:00:13.195 --> 00:00:16.885 Well, basically we are a broker ISO located in Manhattan, 8 00:00:17.465 --> 00:00:19.725 in the Wall Street area Financial district. 9 00:00:20.385 --> 00:00:22.045 Um, I live in Brooklyn. 10 00:00:22.945 --> 00:00:25.965 Um, I show self-employed. 11 00:00:26.285 --> 00:00:29.285 I have some outside, um, sales reps. 12 00:00:29.625 --> 00:00:31.125 And basically we, uh, 13 00:00:31.195 --> 00:00:33.685 fund businesses out there are in needle capital, 14 00:00:33.875 --> 00:00:37.805 working capital for the businesses, whether construction, 15 00:00:38.565 --> 00:00:43.005 restaurants, um, precious metals, I mean precious, uh, 16 00:00:43.325 --> 00:00:44.485 precious metals along those lines. 17 00:00:44.745 --> 00:00:48.805 Anyway, small businesses between, uh, the annual revenues of 18 00:00:49.475 --> 00:00:51.365 5 million to 20 million a year. 19 00:00:52.105 --> 00:00:53.885 And uh, basically we get them involved with 20 00:00:53.885 --> 00:00:56.765 between 10,000 up to a hundred thousand. 21 00:00:57.345 --> 00:01:00.725 One time. I did a magic number of $1 million cash events 22 00:01:00.825 --> 00:01:04.535 during the COVID-19 era. You guys are lucky. 23 00:01:05.515 --> 00:01:08.575 So, so how has the year been going for you so far? So 24 00:01:08.575 --> 00:01:09.575 Far so good. Last 25 00:01:09.575 --> 00:01:13.335 time I'm able to afford come here, my first event, uh, 26 00:01:13.405 --> 00:01:16.855 I've been in, in this industry for about 10 years, um, 27 00:01:17.235 --> 00:01:21.015 on my own as a ISO for about five, five of those years. 28 00:01:21.315 --> 00:01:23.415 So it was so good. It was very interesting 29 00:01:23.685 --> 00:01:28.255 because as you pre-qualify the, the, uh, business owners 30 00:01:28.635 --> 00:01:30.255 and the merchants, same thing, right? 31 00:01:30.755 --> 00:01:34.375 You as a business owner myself, I get 32 00:01:34.375 --> 00:01:36.775 to understand unfortunately the ups and downs 33 00:01:37.355 --> 00:01:39.175 and the, uh, parts to go through. 34 00:01:39.375 --> 00:01:42.735 I go through the same thing, cash flow issues, hiring, 35 00:01:43.025 --> 00:01:44.455 management, all of it. 36 00:01:44.835 --> 00:01:47.535 So I have a great understanding so far, 37 00:01:47.545 --> 00:01:48.855 still room for improvement. 38 00:01:48.855 --> 00:01:51.015 Of course, you know, I'm not mostly millionaire, 39 00:01:51.315 --> 00:01:52.415 not yet coming. 40 00:01:53.515 --> 00:01:55.575 Do you think that's something that sets you apart from 41 00:01:55.575 --> 00:01:57.015 other businesses in the industry? 42 00:01:57.045 --> 00:01:58.935 That you understand both sides of it? 43 00:01:59.835 --> 00:02:01.335 Yes. Also, 44 00:02:01.395 --> 00:02:04.615 but as a sales rep, you could, you, you have no other choice 45 00:02:05.155 --> 00:02:06.615 to understand both sides of it. 46 00:02:06.955 --> 00:02:09.695 So I'm not gonna say as a business owner, you know, 47 00:02:09.715 --> 00:02:13.295 I'm not gonna own, uh, apple or McDonald's, anything. Why 48 00:02:13.295 --> 00:02:14.295 Not? Well, 49 00:02:14.295 --> 00:02:16.655 not yet own stocking them, but not, 50 00:02:16.795 --> 00:02:17.975 but not co status. 51 00:02:17.985 --> 00:02:21.935 Right. But as a, as a representative of 52 00:02:22.035 --> 00:02:25.655 to offer business fundings, uh, to businesses, you have 53 00:02:25.655 --> 00:02:29.575 to be understanding, uh, now since COVID-19, we, all of us, 54 00:02:30.315 --> 00:02:32.695 of course, the board emphasized empathy. 55 00:02:33.035 --> 00:02:36.335 That's a new buzzword that seems to work out very well. 56 00:02:37.115 --> 00:02:38.775 Um, so I read up all, 57 00:02:38.775 --> 00:02:40.455 they took courses on that, along those lines. 58 00:02:40.595 --> 00:02:42.055 So you have understand is key. 59 00:02:42.435 --> 00:02:44.455 We don't understand them, they're not gonna understand you. 60 00:02:45.415 --> 00:02:47.095 I think I'm, I'm understanding you right now. 61 00:02:47.665 --> 00:02:49.775 Thank you. I appreciate that your, 62 00:02:49.775 --> 00:02:50.775 Likewise. 63 00:02:51.315 --> 00:02:54.095 So what are you putting out there for the rest 64 00:02:54.095 --> 00:02:55.535 of this year? What are you hoping for 65 00:02:56.115 --> 00:02:58.575 In terms of what Business goals? 66 00:02:58.725 --> 00:03:01.285 What are you seeing going on in the industry? You tell me. 67 00:03:01.715 --> 00:03:03.125 Okay. Well, 68 00:03:05.125 --> 00:03:09.335 it's an uncharted territory in terms of the, um, economy. 69 00:03:10.085 --> 00:03:14.655 This is a election year, so it's a lot of ups and downs. 70 00:03:14.685 --> 00:03:17.455 It's, it's, again, uncharted territory. 71 00:03:18.255 --> 00:03:22.575 'cause uh, what to expect economically, 72 00:03:22.675 --> 00:03:26.015 it depends because more businesses gonna need money, 73 00:03:26.665 --> 00:03:30.055 gonna need capital, uh, to, to move forward to even 74 00:03:30.075 --> 00:03:31.295 to just to survive. 75 00:03:31.755 --> 00:03:34.775 But then banks, where we coming at is a, 76 00:03:34.775 --> 00:03:37.375 as a competitive edge, is the fact that we are able 77 00:03:37.375 --> 00:03:40.295 to loan capital to businesses that banks can't 78 00:03:40.295 --> 00:03:41.375 or would not go there. 79 00:03:41.715 --> 00:03:45.015 And more so they're going to, uh, increase their credit, um, 80 00:03:45.475 --> 00:03:47.935 um, tightening on their credit policies. 81 00:03:48.075 --> 00:03:50.215 That's where we come in as a competitive edge 82 00:03:50.405 --> 00:03:52.815 because unlike Chase, TD Bank 83 00:03:52.915 --> 00:03:55.975 or, um, Citibank, we specialize. 84 00:03:56.395 --> 00:04:00.135 We, I'm a broker, so I, I deal with, uh, lenders, uh, 85 00:04:00.375 --> 00:04:02.815 fintechs, online lenders along those lines. 86 00:04:03.355 --> 00:04:07.935 So we specialize in lending funds to, um, small businesses. 87 00:04:08.125 --> 00:04:10.095 Whereas Chase others gonna stay away. 88 00:04:10.235 --> 00:04:13.975 And I think they more so stay more so stay away from, uh, 89 00:04:13.975 --> 00:04:16.735 small businesses because they gotta tight tighten 90 00:04:16.985 --> 00:04:18.175 their credit, right? 91 00:04:18.285 --> 00:04:20.095 They have to for survival. 92 00:04:21.115 --> 00:04:23.495 As a broker, I wanna get a broker bite from you. 93 00:04:24.045 --> 00:04:25.895 What were you looking forward to most today? 94 00:04:27.015 --> 00:04:31.125 Um, networking, um, 95 00:04:31.355 --> 00:04:36.165 meeting more lenders, um, see dealing, so I deal 96 00:04:36.165 --> 00:04:38.205 with face to face 'cause we mostly deal 97 00:04:38.205 --> 00:04:39.325 with each other over the phone, 98 00:04:39.745 --> 00:04:40.925 so I don't get to see their face. 99 00:04:41.185 --> 00:04:45.045 So quite surprise how they look when I put the face, uh, 100 00:04:45.145 --> 00:04:47.885 to the name on paper, to the phone call to the voice. 101 00:04:48.465 --> 00:04:53.365 So it gives a more of a warm feeling, like as if, uh, more 102 00:04:53.365 --> 00:04:55.445 of a, you know, a hands on. 103 00:04:55.555 --> 00:04:58.765 Yeah. So it make it, make it, it makes it more humane. 104 00:04:59.105 --> 00:05:01.525 So over the phone because over the phone everybody could 105 00:05:01.525 --> 00:05:02.645 just, BS by, 106 00:05:02.865 --> 00:05:05.525 but face to face is like, I see you, I know you look alike. 107 00:05:05.715 --> 00:05:08.045 Well I see you and now everyone else saw you. 108 00:05:08.345 --> 00:05:10.245 So thank you for spending some time with me 109 00:05:10.825 --> 00:05:11.765 and we'll be right back.