Merchant Cash and Capital Hits a Billion Dollars
I was there. In August 2006, a little startup in College Point, Queens hired its third and fourth employees. One of them was me. The company’s CEO Steve Sheinbaum hired us to be underwriters of a financial product that at that point didn’t really have a name. It would later become referred to as a merchant cash advance.
The company grew fast, almost too fast. By December of 2006, half of the company was working out of temporary offices in the Empire State Building. And when that no longer made sense, we leased a floor at 450 Park Avenue South in mid-2007 where Merchant Cash and Capital still has its headquarters today.
Fast forward to 2008, I was the most senior risk manager of the firm. As the Director of Underwriting, my direct reports were two underwriting managers. Below them were three or four team leaders. And below them were entry-level underwriters and their administrative assistants. I oversaw what was arguably the most important department leading up to the financial crisis. I really believe the hard work of all the underwriters and the seriousness of which they took their job is a huge contributing factor to why MCC survived when many of their competitors did not.
It is great to see them hit the milestone of $1 billion in funding. Congratulations.