Archive for 2020
deBanked CONNECT MIAMI 2020 Photos
January 21, 2020View a selection of deBanked CONNECT MIAMI photos here
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Ready for deBanked’s biggest event of the year? Broker Fair returns to New York City on May 18th
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Declined For Funding? Lack of Time in Business Beats Out Lack of Credit Worthiness
January 20, 2020
A study conducted by Square Capital and the Stevens Center for Innovation in Finance at the Wharton School at the University of Pennsylvania, pulled back the curtain on small businesses and the financing process.
Notably, the #1 reason that businesses said they had been declined for funding (regardless of the source) wasn’t credit, it was that they hadn’t been in business long enough.
#2 was (ironically) a lack of cash in the bank.
#3 was insufficient collateral.
Personal credit worthiness and business credit worthiness ranked #4 and #6 respectively.
These findings were one of many in the report published by Square last week. Among other key details were that healthcare & fitness businesses were the most likely to receive all the funding they sought whereas leisure & entertainment businesses were the least likely to receive all the funding they sought.
Black/African American business owners were more likely to apply for financing in the last 12 months than any other ethnic/racial group. A chart in the report shows that they were more than twice as likely to apply to an online lender or credit union than white business owners.
Former 1 Global Capital CFO Alan Heide Sentenced to 5 Years in Prison
January 17, 2020Alan Heide, the former CFO of defunct Hallandale Beach-based 1 Global Capital, was sentenced to 5 years in prison earlier this week for his role in the company’s securities fraud. He is one of three individuals that have pled guilty so far and the first to be sentenced.
The other individuals, attorney Jan Douglas Atlas and former 1 Global COO Steven Allen Schwartz are awaiting their sentencing.
Additional individuals are still expected to be charged.
Broker Fair 2020 Announces Two Special Keynote Speakers
January 17, 2020Two special guests will speak at Broker Fair 2020 on May 18th in New York City. Scott Rasmussen and John Henry will complement a roster of leading professionals from the commercial finance industry. Broker Fair 2020 will be deBanked’s largest ever event.
TICKETS ARE ON SALE NOW AND EARLY BIRD PRICING IS STILL AVAILABLE!
deBanked CONNECT MIAMI Kicks Off Today
January 16, 2020
deBanked’s annual South Florida event, deBanked CONNECT MIAMI, begins today at 1:30pm at The Loews Hotel in Miami Beach. Check-in will take place at the Rotunda on the 2nd level.
This event is SOLD OUT. More than 500 people are registered to attend this year.
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Missed out on today? Or want to get a head start on deBanked’s next event? Broker Fair 2020 in New York City is right around the corner! Register now at: https://brokerfair.org
Nav Co-founders Step Down From C-Level Positions
January 14, 2020
Levi King, a co-founder of Nav Inc., resigned as the company’s CEO on Tuesday. In a two-part explanation on LinkedIn, King wrote. “To be clear, I’m not burned out on Nav. I’m not aspiring to do something elsewhere, and I’m not leaving the company. I’m still dedicated and passionate about helping Nav succeed. And, I will – just in a different capacity moving forward.”
King will do that by serving as the executive chairman of the board of directors. President & COO Greg Ott will take over as CEO.
On LinkedIn, King further wrote that the company needs “a more qualified leader” to take Nav to the next level after he and co-founder Caton Hanson have successfully grown the company to the right point.
Hanson, who served as the company’s Chief Legal & Compliance Officer, also stepped down and updated his job role with Nav to that of being “Of Counsel” on a part-time basis. Unlike King’s message on LinkedIn, Hanson’s reads as a farewell.
“Thank you for believing in me and our dream,” he wrote. “Thank you for your part in helping Nav achieve what some have called ‘impossible’. I am grateful to know you, have had the opportunity to work alongside you and to call you friends (and for many of you — co-owners). I look forward to Nav’s next chapter – and mine.”
Greg Ott, the new leader of the company, is said in a Nav press announcement to have served as a strategic and organizational leader in both startups and Fortune 1000 corporations. Prior to joining Nav, Ott served as Vice President of Marketing for Intuit QuickBooks.
“Nav’s founders created a company that is truly unique in its ability to revolutionize how small business owners navigate and access capital to grow their business,” Ott commented. “I look forward to building upon Nav’s successes and furthering the company’s vision of aligning financing qualifications, predicting needs, and facilitating transactions between data providers, lenders, partners and small businesses.”
Hudson Cook Partner Appointed to CFPB Taskforce on Federal Consumer Financial Law
January 14, 2020Jean Noonan, a Partner at Hudson Cook, LLP, has been announced as one of the new members of the Consumer Financial Protection Bureau Taskforce on Federal Consumer Financial Law.
Seeking to produce research and legal analysis of US consumer financial laws, over the next year the taskforce will focus on “harmonizing, modernizing, and updating the federal consumer financial laws – and their impending regulations – and identifying gaps in knowledge that should be addressed through research, ways to improve consumer understanding of markets and products, and potential conflicts or inconsistencies in existing regulations and guidance,” according to a CFPB statement.
Noonan has served as General Counsel at the Farm Credit Administration and Former Associate Director of the bureau of Consumer Protection Credit Practice at the Federal Trade Commission. The Hudson Cook Partner has also focused her legal practice on fair lending, private and consumer protection matters, as well as consumer financial services.
“It is a true honor to participate in this historic undertaking by the Bureau,” Noonan said in a Hudson Cook statement. “I look forward to collaborating with the other members of the Taskforce who share my deep interest and experience in the field to help the Bureau to enhance and fortify our consumer financial laws and regulations.”
TBF Financial buys $100 million of charged-off loans, leases and merchant cash advances from fintechs, banks, lessors
January 14, 2020DEERFIELD, IL, Jan. 14, 2020 – Commercial debt sales by fintech lenders, equipment leasing companies and banks are on the rise, with major companies striking deals to sell non-performing loans, leases and merchant cash advances after charge-off, reports Brett Boehm, CEO of TBF Financial.
TBF closed transactions in December totaling $100 million. The three largest deals were with a leading e-commerce company that acquired and liquidated a merchant cash advance business; a captive leasing company that provides financing for transportation equipment and other assets; and one of the 20 largest banks in the nation.
“One reason for the rise in commercial debt selling is the tremendous growth of online alternative lenders,” he explains. “As their business originations have increased, so have the number of accounts that eventually default. By selling commercial debt at charge-off instead of spending years trying to collect it, they can put that money back into making loans and merchant cash advances where they generate a much better return.”
“Other lenders and lessors also recognize that it is more productive to concentrate on their core business rather than chase collections past charge-off,” he adds. “Selling commercial debt provides immediate cash and allows collections personnel to focus on accounts that are more likely to be recovered, earlier in the past-due cycle.”
While the December deals may additionally reflect the eagerness of companies to bring in cash before year’s end, Boehm says prospective deals in the pipeline remain high in January, and he anticipates a busy first quarter 2020.
About TBF Financial
TBF Financial is the leading purchaser of non-performing equipment leases, commercial bank loans, online small business loans and merchant cash advances in the U.S. Founded in 1998, the company buys commercial accounts up to four years old from the date of last payment. This includes equipment leases, loans and lines of credit that have personal guarantees, no personal guarantees, are secured, unsecured, pre-agency, post-agency, pre-litigation, and reduced to judgment. For more information, visit tbfgroup.com or contact Brett Boehm, CEO at bboehm@tbfgroup.com, 847-267-0660 or via LinkedIn.
Media Contact:
Carla Young Harrington
Susan Carol Creative for TBF Financial
540.479.7835
