Archive for 2019

Canada’s Alternative Financing Market Is Taking Off

May 20, 2019
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This story appeared in deBanked’s May/June 2019 magazine issue. To receive copies in print, SUBSCRIBE FREE Canadians have been slow out of the gate when it comes to mass adoption of alternative financing, but times are changing, presenting opportunities and challenges for those who focus on this growing market. Historically, the Canadian credit market has […]

The Road Back to Residual Commissions

May 17, 2019
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Phil Dushey, President, Global Financial Services “We’re still getting resids from a company 14 years later.” That’s what Phil Dushey said about a factoring client he has at Global Financial Services, a New York-based financial brokerage firm he founded. He was speaking at deBanked’s “Broker Fair” to a room filled mostly with MCA brokers. Years […]

Small Business Finance Broker Wins Entrepreneur Of The Year

May 17, 2019
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Left: Latin Financial CEO Sonia Alvelo receives the Entrepreneur of the Year Award from Connecticut Secretary of State Denise Merrill Sonia Alvelo, CEO of Newington, CT-based Latin Financial LLC, has been awarded Entrepreneur of The Year by the Latinas & Power Symposium. The event, incubated in Hartford, Connecticut in 2004, is the largest of its […]

Injunction Sought Against MCA Company, NYC Marshal

May 16, 2019
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Blue Elephant Financing, LLC is seeking an injunction and a temporary restraining order against Itria Ventures, LLC (a subsidiary of Biz2Credit) and New York City Marshal Stephen Biegel, according to court records. In February, Itria Ventures entered a confession of judgment in Kings County, New York against an out-of-state small business. Itria Ventures is a […]

How To Scale Your Broker Shop

May 15, 2019
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Broker Fair 2019

Above: Will Murphy, Everlasting Capital When it comes to hiring, it’s quality over quantity. That’s what the co-founders of Everlasting Capital Josh Feinberg and Will Murphy told a packed room at deBanked’s Broker Fair last week. They presented a panel called “How to Scale Your Broker Shop,” where they shared tips on how to do […]

DLI Receiver Requests Emergency Relief to Liquidate Feeder Fund Entity

May 14, 2019
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cayman islands court house at george town

The Court House at George Town in Grand Cayman The Receiver for Direct Lending Investments is racing against the clock to protect and preserve the assets of the Cayman Islands-based vehicle used to receive foreign investments, US court records show. The commencement of a voluntary liquidation of the Cayman-entity is required before the deadline to […]

Merchant Relationship Status: It’s Complicated

May 14, 2019
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merchant relationship status

Brokers will often say that building strong relationships with their merchants is critical to their success. John Celifarco, Managing Partner at Horizon Financial Group, a five person ISO in Brooklyn, said that the advantage they have over larger competitors is the relationships they’ve developed with their merchants. Celifarco’s office is even in a streetfront store, […]

Another COJ Bill In New York Added To The Pile

May 14, 2019
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cojs

Three members of the New York State Assembly want to make it illegal for a confession of judgment to be entered in the state against non-New York debtors. The debtor would also be required to be a resident of the county in which the COJ is filed. The authors behind Bill A07500, introduced on May […]

George Popescu Steps Down From Lampix

May 13, 2019
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Magic Lamp

George Popescu is stepping down from Lampix, the augmented reality lamp company he founded, according to an announcement. Lampix raised $14.2 million through its sale of PIX tokens in a 2017 Initial Coin Offering (ICO). PIX sold at a price of 12 cents each but the value has since plummeted by more than 95%. Popescu […]

Broker Fair 2019 Makes Major Splash in the Heart of Manhattan

May 10, 2019
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Broker Fair Crowd

If a tiny ray of light were created from every conversation about small business financing, then the Roosevelt Hotel in midtown Manhattan would have been tantamount to the sun on May 6th. It was the site of deBanked’s 2nd annual Broker Fair and the grand old lobby was abuzz with brokers, funders and vendors from […]

Broker Fair 2019 Photos

May 10, 2019
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Broker Fair

If you share any of these on social media, please remember to include #brokerfair Enjoy!

Amazon Now Among The Top Online Small Business Lenders in The United States

May 8, 2019
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Jeff Bezos

Amazon has joined PayPal, OnDeck, Kabbage, and Square as being among the largest online small business lenders. On Tuesday, Amazon revealed that it had made more than $1 billion in small business loans to US-based merchants in 2018. Amazon says the capital is used to build inventory and support their Amazon stores. By selling on […]

FTC Forum on Small Business Financing & Merchant Cash Advances

May 7, 2019
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United States Federal Trade Commission

RECORDING BELOW At the FTC Forum on Small Business Financing & Merchant Cash Advances this morning, FTC regulators asked questions of a panel of industry representatives about controversial topics, including the use of COJs. Below are some closely paraphrased responses.   On Confessions of Judgment (COJs) Scott Crocket, Founder & CEO, Everest Business Funding The […]

Broker Fair 2019 Speaker Lineup

May 5, 2019
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Broker Fair 2019

Broker Fair 2019 check-in begins at 7:30 am on Monday morning. With nearly 700 people registered to attend, it’s going to be a packed event! If you’ve got a ticket, here’s who you can expect to hear from: View The Agenda Here View The Sponsors Here

A deBanked Event is Coming to Canada

May 4, 2019
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deBanked CONNECT Toronto

Toronto, Ontario – deBanked is coming to Canada. A deBanked CONNECT networking event will be taking place at the Omni King Edward in Toronto on July 25th. The event will cater to the Canadian online small business lending and merchant cash advance industry. Tickets are already available for sale at https://www.debankedcanada.com. Early bird pricing is […]

OnDeck Slips To #3 in Tight Pack of Top Small Business Lenders

May 3, 2019
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falling

With most 2019 Q1 earnings in for public companies, the industry’s biggest lenders are off to the races. Square reported on Wednesday that Square Capital, its business lending arm, originated $508 million in loans in the first quarter of the year. Meanwhile, OnDeck originated $636 million this quarter, according to its earnings report released yesterday. […]

OnDeck Originations Slide in First Quarter

May 2, 2019
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OnDeck

OnDeck’s originations dipped in the first quarter of this year to $636 million, down from $658 million in the previous quarter. “We made some adjustments to credit policy mid-quarter to pull back in certain areas and our funding advisor channel volume decreased sequentially as a result,” said OnDeck CEO Noah Breslow. In other words, OnDeck […]

Square Originated $508M in Business Loans in Q1

May 1, 2019
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squarepos

Square Capital, Square’s business lending arm, originated 70,000 small business loans for a total of $508 million last quarter, according to their recent earnings report. As a payments company first, Square processed $22.6 billion in gross payment volume in Q1 and generated a net loss of $38 million on $959 million in revenue.

So God Made a Farmer, But Who’s Financing The Farms?

May 1, 2019
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tractor farm

This story appeared in deBanked’s Mar/Apr 2019 magazine issue. To receive copies in print, SUBSCRIBE FREE Most mornings, farmers and ranchers wake up worrying about uncooperative weather and volatile commodity prices. Just the same, they pull themselves out of bed to spend the morning tinkering with crotchety machinery or wrangling uncooperative livestock. When they break […]

Shopify Capital Issued $87.8M in Merchant Cash Advances in Q1

April 30, 2019
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shopify glyph

Shopify’s small business funding division, Shopify Capital, issued $87.8 million in merchant cash advances in the first quarter of 2019, according to the company’s earnings report. The figure is a 45% increase over the same period last year. Overall, the company has funded more than $535 million in MCAs since inception. Shopify is primarily an […]