Virginia Now Has 150 Registered Sales-Based Financing Providers

The number of registered sales-based financing providers in Virginia is increasing, according to the most recent available public records. At last count there were 150. Both funders and brokers are required to be registered if they plan to do any MCA business with VA-based merchants.

If you’re not on the list and you believe you registered, you may not have completed all the steps. Not only do you have to register as a sales-based financing provider but you also have to register to transact business in the state.

1. Register as a sales-based financing provider.

2. Register to transact business in the state.

So there are two applications and registrations to fulfill the requirement, per deBanked’s understanding. See more info here. Please consult an attorney if you have questions.

The state has been very quick to add new registrants to the list so if someone said they registered months ago but that the government has been slow to add them, it might actually be a matter of them missing a requirement instead.

Sean Murray is the President and Chief Editor of deBanked and the founder of the Broker Fair Conference. Connect with me on LinkedIn or follow me on twitter. You can view all future deBanked events here.