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CFG Merchant Solutions Closes $20 Million Corporate Note Financing

March 6, 2023
Article by:

NEW YORK, NY. March 6, 2023cfg merchant solutions – CFG Merchant Solutions, LLC (“CFGMS”), a technology-enabled specialty finance and alternative funding provider, announced the closing of a $20.0 million investment-grade rated corporate note financing from a group of leading U.S.-based institutional investors. The transaction was assigned a BBB rating by a nationally recognized statistical ratings organization.

Since its founding in 2015, CFGMS has a proven track record of asset performance and profitability, and has funded more than $1.0 billion to over 25,000 small and medium-sized businesses (SMBs) across diverse industries throughout the U.S. The Company plans to use proceeds from the issuance to refinance a portion of existing debt and support continued growth of the business.

“Across the U.S. there are millions of healthy SMBs looking for financing to grow. This sector, however, is increasingly under-served by traditional financial institutions,” said Andrew Coon, Chief Executive Officer of CFGMS. “This transaction will provide CFGMS with additional flexibility and enable the Company to continue to grow our business and deliver valuable capital to customers.”

Bill Gallagher, President of CFGMS, added, “Given the volatile capital markets, the successful closing of this transaction demonstrates that institutional investors have confidence in our platform and financial performance, and expect to see continued growth. This credit investment significantly increases our funding capabilities and enhances our ability to take advantage of potential market opportunities.”

Brean Capital, LLC served as the Company’s exclusive financial advisor and sole placement agent in connection with the transaction.

About CFG Merchant Solutions

CFG Merchant Solutions (“CFGMS”) is an independent, technology-enabled alternative funding platform focused on providing capital access to small and mid-sized businesses that have historically been undeserved by traditional financial institutions and may have experienced challenges obtaining timely financing. The Company uses its historical transactional data, proprietary underwriting, predictive analytics, and electronic payment technologies and platforms to assess risk, and provide access to flexible and timely capital.

For additional information about the Company, visit: https://cfgmerchantsolutions.com/.

Contact:
Name: Richard Polgar
Title: Chief Financial Officer
rpolgar@cfgms.com

CFG Merchant Solutions Enhances Partnership with Arena Investors and its Affiliates to Serve SMEs

May 29, 2020
Article by:

NEW YORK, New York., May 29, 2020 — CFG Merchant Solutions (“CFGMS”), a leading financier of small and medium-sized enterprises (“SMEs”), announced today that the company is building upon its partnership with Arena Investors, LP (“Arena”), in conjunction with Ceteris Portfolio Services (“Ceteris), an Arena servicing affiliate, in servicing and providing liquidity to Platinum Rapid Funding’s (“PRF”) merchant portfolio. CFGMS has been a leading capital provider to SMEs and an originator of advances to growing merchants, providing in excess of $400 million merchant cash advances since 2015. Arena has been CFGMS’s primary capital partner since 2016.

CFGMS and Arena are determined to prioritize the needs of PRF’s existing customers in the wake of the COVID-19 crises and its resulting impact on small businesses across the country.

“Arena is pleased to continue its partnership with CFGMS and its senior management team consisting of CEO, Andrew Coon, Chief Legal Officer and General Counsel, Robert Martini, and President, William Gallagher. Together, we remain deeply committed to serving the needs of PRF’s existing customers, particularly for ongoing financing and liquidity needs in an environment when even much larger businesses struggle to attract capital,” said Victor Dupont, who leads Arena’s investments in the financing of the SME sector. “We welcome further involvement with PRF’s customers and their affiliated ISOs and are committed to working collaboratively with all throughout the COVID-19 crises and beyond”.

“Arena and its affiliates have built a reputation as a group that combines uniquely flexible capital with broad-based expertise in servicing, resolutions, and SME finance,” said Coon. “So, while we excel at sourcing, originations, and underwriting, we felt that they brought a critical level of IP and know-how that is uniquely suited to benefit all parties in today’s environment. Combining forces to offer a broader set of servicing solutions to the MCA market segment made complete sense.”

Jonathan Pike, CEO of Ceteris, added: “Ceteris is excited to work with CFGMS and Arena by offering best-in-class servicing strategies and assisting merchants in a difficult economic environment.”

The Small Business Association (“SBA”) estimates that traditional banks still reject approximately 90 percent of SME loan applications. Since 2015, CFGMS has emerged as a proven platform that leverages sales partner relationships, analytics, and proprietary underwriting to provide SMEs with a straightforward and streamlined access to critical funding. The company addresses the fundamental capital needs of SME owners across a broad credit spectrum and through every stage of a business’s life cycle.

SMEs across a wide variety of industries that include restaurants, retail stores, salons, spas, dry cleaners, auto body shops, and professional offices. All of these businesses, and more, rely on CFGMS to secure the necessary capital they need to grow.

For questions or funding solutions, please contact:
– William Gallagher
– (646) 880-3817
WGallagher@CFGMS.com

– Ryan Banda
– (856) 545-8322
rbanda@ceterisassetsolutions.com

About CFGMS

Headquartered in New York, NY, CFGMS specializes in providing financing to support the growth and development of underserved small-to-medium sized businesses that lack access to traditional bank funding. Founded in 2010, CFGMS’s affiliated company, CapFlow Funding Group, provides factoring, purchase order finance, and asset-based lending solutions. CFGMS and CapFlow have together provided over $1 billion in liquidity solutions to their SME clients. For more information please visit www.cfgmerchantsolutions.com

About Arena Investors, LP

Arena Investors is a privately held, SEC-registered, global alternative investment firm which combines mandate flexibility, proprietary sourcing and systems-plus-servicing to enable solutions for those seeking capital. The firm was founded in 2015 and is headquartered in NewYork with additional offices in Jacksonville, London, and San Francisco. For more information, please visit www.arenaco.com.

About Ceteris Portfolio Services

Ceteris is a nationally licensed servicing company providing debt recovery solutions and other related services for consumers and commercial businesses across a broad range of financial assets. Ceteris provides first- and third-party revenue cycle management, business process outsourcing and portfolio backup servicing to heavily regulated, high volume industries including banking, automotive finance, credit card, equipment leasing, medical, telecommunications, utilities, retail and other industries. For more information please visit www.ceterisholdco.com.

Congressman Tom MacArthur Visits CFG Merchant Solutions’ NYC Office

October 15, 2018
Article by:

United States Representative Tom MacArthur, who represents New Jersey’s 3rd District, visited the NYC office of CFG Merchant Solutions on Monday. MacArthur has been in office since 2014.

CFG Merchant Solutions moved into the 180 Maiden Lane office earlier this year. The company is a member of the Commercial Finance Coalition (CFC). Adam Sloane of Cresthill Capital, another CFC member, was also in attendance.

Below: the CFG Merchant Solutions office with Congressman Tom MacArthur (at center with red tie)

cfg-pic



Below: Far Left – Josh Karp, CFG | Left – Andrew Coon, CapFlow Funding Group | Center – Rep. Tom MacArthur | Right – Bill Gallagher, CFG | Far Right – Adam Sloane, Cresthill Capital

cfc-cfg-mcarthur

CFG Merchant Solutions is a Sponsor of deBanked CONNECT – San Diego

October 1, 2018
Article by:

CFG Merchant Solutions is a sponsor of deBanked CONNECT San Diego. The half-day event for funders, lenders, brokers and industry professionals is being held at the Andaz on October 4th!

CFG Merchant Solutions


deBanked CONNECT - San Diego

i2B Capital Provides $4 Million Revolving Line of Credit to CFG Merchant Solutions

November 8, 2016
Article by:

NEW YORK–(BUSINESS WIRE)–i2B Capital (www.i2bcap.com), a provider of direct financing to niche-market financial entrepreneurs, is pleased to announce the closing of a $4 million asset-based revolving line of credit with an accordion to $6 million with CFG Merchant Solutions (CFGMS). CFGMS is a privately owned and operated specialty finance company focused on providing working capital to small and mid-sized businesses (Merchants) in the U.S. that are historically underserved by traditional financial institutions.

Said Mr. Larry L. Curran II, CEO of i2B Capital, “CFGMS gave us the perfect opportunity to apply asset-based lending principals to non-traditional receivable assets in an early stage specialty finance company. CFGMS is a new division of an established finance business with traditional bank financing; however, these receivable assets were excluded from the existing borrowing base. The CFGMS management team is seasoned, backed by private equity, and enabled with technology—exactly what we look for in our target customer. Additionally, they have grown their financed receivables more than 500% since beginning the process.”

Barbara Anderson, Chief Operating Officer at i2B Capital commented, “Our goal over the initial 18-month funding commitment is to prepare CFGMS for more traditional institutional financing in the future. To accomplish that we will provide the growth capital along with our commercial lending expertise to help them prepare for the disciplined reporting requirements and credit processes at the next level.”

William Gallagher, President of CFGMS said, “Obtaining an asset-based loan against our non-traditional asset class within our first year of operation is instrumental in allowing us to execute on our growth strategy, and achieve some very aggressive portfolio and revenue targets. We had to work through several considerations with i2B due to the age and size of the portfolio, but through mutual collaboration we were able to put in place a facility that will enable us to take our business to the next level.”

CFGMS is a subsidiary of CapFlow Funding Group, a commercial finance company that offers an array of products such as factoring, purchase order finance, and asset-based loans. Both companies are headquartered in Rutherford, New Jersey. CFGMS with additional offices in New York City is a direct funder providing working capital to small businesses. They are entrepreneurs who understand first-hand the challenges of acquiring flexible and timely financing. CFGMS combines proprietary analytics and technology, with common sense underwriting to provide fast and efficient access to capital. Programs include Small Business Advance, Merchant Cash Advance, and Invoice Factoring. For more information about CFGMS contact William Gallagher at wgallagher@cfgms.com or visit www.cfgmerchantsolutions.com.

i2B Capital is headquartered in Fort Collins, Colorado with offices in Herndon, Virginia. The company provides senior debt and direct asset investments for growth capital to qualifying entrepreneurs and equity-backed emerging specialty finance companies throughout the United States. For more information about i2B Capital contact Barbara Anderson at 703-871-3993 or banderson@i2bcap.com, or visit www.i2bcap.com.

Contacts
i2B Capital
Barbara Anderson, 703-871-3993
banderson@i2bcap.com

All Registered Sales-based Financing Providers in Virginia (List)

March 11, 2023
Article by:

Is the revenue-based financing provider you do business with registered to operate in Virginia? On July 1, 2022, Virginia’s commercial financing disclosure law went into effect and with that the necessity to register one’s business. As of March 8, 2023, this is the official list of registered sales-based financing providers:

  • Advance Servicing Inc.
  • Accredited Business Solutions LLC dba The Accredited Group
  • Advance Funds Network LLC dba Advance Funds Network
  • AdvancePoint Capital LLC dba advancepoint
  • Ally Merchant Services LLC
  • Alpine Funding Partners, LLC
  • Business Capital LLC
  • Byzfunder NY LLC dba Tandem dba Nano-FI
  • Bridge Capital Services, LLC
  • CFG Merchant Solutions, LLC
  • Clarify Capital II LLC dba Clarify Capital
  • Cloudfund VA LLC dba Cloudfund LLC
  • Capflow Funding Group Managers LLC
  • Clear Finance Technology (U.S.) Corp. dba Clearco
  • Coast Premier LLC dba Coast Funding
  • Commercial Servicing Company, LLC
  • Corporate Lodging Consultants, Inc.
  • Crown Funding Source LLC dba Crown Funding Source
  • Diesel Funding LLC
  • Direct Capital Source Inc.
  • Dealstruck Capital LLC
  • EBF Holdings, LLC
  • Essential Funding Group Inc
  • Errant Ventures LLC
  • FC Capital Holdings, LLC FundCanna
  • Fidelity Funding Group LLC
  • Front Capital LLC
  • Finova Capital, LLC
  • Fintegra, LLC
  • First Data Merchant Services LLC
  • FleetCor Technologies Operating Company, LLC
  • Flexibility Capital Inc.
  • Fora Financial East LLC
  • Forward Financing LLC
  • Fox Capital Group Inc.
  • Fundamental Capital LLC
  • Funding Metrics, LLC dba Quick Fix Capital
  • Good Funding, LLC
  • Granite Merchant Funding, LLC
  • Invision Funding LLC
  • Itria Ventures LLC
  • Jaydee Ventures, LLC dba 1 West Capital dba 1 West Commercial
  • Kapitus LLC
  • Knight Capital Funding III, LLC
  • Lexington Capital Holdings Ltd
  • LG Funding LLC
  • Legend Advance Funding II, LLC dba Legend Funding
  • Liberis US Inc.
  • Libertas Funding, LLC
  • Liquidibee 1 LLC dba Liquidibee LLC dba Altfunding.com
  • Loanability, Inc.
  • Millstone Funding Inc.
  • National Funding, Inc.
  • Nav Technologies, Inc.
  • Pearl Alpha Funding, LLC
  • Pearl Beta Funding, LLC
  • Pearl Delta Funding, LLC
  • Proto Financial Corp.
  • PWCC Marketplace, LLC
  • Parafin, Inc.
  • PayPal, Inc.
  • Payability Commercial Factors, LLC
  • Pinnacle Business Funding LLC dba Custom Capital USA dba EnN OD Capital
  • Platform Funding LLC
  • Prosperum Capital Partners LLC dba Arsenal Funding
  • QFS Capital LLC
  • RFG USA Inc.
  • Rival Funding, LLC
  • Riverpoint Financial Group Inc.
  • Rocket Capital NY LLC
  • ROKFI LLC
  • Ruby Capital Group LLC
  • Rapid Financial Services, LLC
  • Reliant Services Group, LLC
  • Retail Capital LLC dba Credibly
  • Revenued LLC
  • Rewards Network Establishment Services Inc.
  • Secure Capital Solutions Inc.
  • Sky Bridge Business Funding, LLC
  • SMB Compass LLC dba SMB Compass
  • Santa Barbara Tax Products Group, LLC
  • SellersFunding Corp.
  • Sharpe Capital, LLC
  • Shine Capital Group LLC
  • Shopify Capital Inc.
  • Shore Funding Solutions Inc.
  • Streamline Funding, LLC
  • Stripe Brokering, Inc.
  • The LCF Group, Inc.
  • United Capital Source Inc.
  • Upfront Rent Holdings LLC
  • Upper Line Capital LLC
  • Vader Servicing, LLC
  • Velocity Capital Group LLC
  • Vivian Capital Group LLC
  • Vox Funding, LLC
  • ZING Funding I, LLC

Sean Murray to Moderate Best Practices Panel at New York Institute of Credit Event

October 15, 2018
Article by:

deBanked President and Chief Editor Sean Murray will be moderating a best practices panel at the New York Institute of Credit Event on October 16th. The event is also supported by the IFA Northeast, the Alternative Finance Bar Association, and deBanked.

The subject of the panel is to discuss best practices when dealing with different financial firms, namely ABL, factoring, and merchant cash advance. The panelists are:

  • Bill Gallagher, President, CFG Merchant Solutions
  • Bill Elliott, President, First Business Growth Funding
  • Raffi Azadian, CEO, Change Capital
  • Dean Landis, President, Entrepreneur Growth Capital

Underwriting 101—Veteran Funders Share Tools of the Trade

August 12, 2018
Article by:

This story appeared in deBanked’s Jul/Aug 2018 magazine issue. To receive copies in print, SUBSCRIBE FREE

For brokers, funding partnerships are critical to success. But making the most of these connections can be elusive.

“Transparency, efficiency and a thorough scrubbing on the front end can help the whole process,” says William Gallagher, president of CFG Merchant Solutions, an alternative funder with offices in Rutherford, N.J. and Manhattan.

Bill Gallagher CFG Merchant Solutions
Bill Gallagher, President, CFG Merchant Solutions

Gallagher recently moderated an “Underwriting 101” panel at Broker Fair 2018, which deBanked hosted in May. The panel featured a handful of representatives from different funding companies discussing various hot-button items including striking the proper balance between technology and human underwriting, trade secrets of the submission process and stacking. Here are some major takeaways from that discussion and from follow-up conversations deBanked had with panel participants. 

1. GET TO KNOW EACH FUNDER’S MODUS OPERANDI


Each funder has slightly different processes and requirements. Brokers need to understand the different nuances of each firm so they know how to properly prepare merchants and send relevant information, funders say.

Many brokers sign up with funders without delving deeper into what the different funders are really looking for, says Jordan Fein, chief executive of Greenbox Capital in Miami Gardens, Fla., that provides funding to small businesses.

Jordan Fein Greenbox Capital
Jordan Fein, CEO, Greenbox Capital

For example, there are a growing number of companies that rely more heavily on advanced technology for their underwriting, while others have more human intervention. Brokers need to know from the start what the funder’s underwriting process is like—the nitty gritty of what each funder is looking for—so they can more effectively send files to the appropriate funder.

“They will look poor in front of the merchant if they don’t really know the process,” Fein says.

Certainly, it’s a different ballgame for brokers when dealing with funders that are more human based versus more automated, says Taariq Lewis, chief executive and co-founder of Aquila Services Inc., a San Francisco-based company that offers merchants bank account cash flow analysis as well as funding that ranges from 70 days to 100 business days.

Taariq Aquila
Taariq Lewis, CEO, Aquila Services

At Aquila, the process is meant to be totally automated so that brokers spend more time winning deals faster, with better data to do so. This means, however, that some of the underwriting requirements differ from some other industry players. Aquila’s most important requirement is that a merchant’s business is generally healthy and shows a positive history of sales deposits. Other funders require documents and background explanations, whereas Aquila strives to be completely data-driven, Lewis says. These types of distinctions can be important when submitting deals, funders say.

Stacking is another example of a key difference among funders that brokers need to understand. It’s a controversial practice; some funders are open to stacking, while others will only take up to a second or third position; a number of funders shy away from the practice completely. Brokers shouldn’t waste their time sending deals if there’s no chance a funder will take it; they have to do their research upfront, funders say.

Most times, brokers “don’t invest enough time to understand the process,” Fein says.

2. WHITTLE DOWN YOUR FUNDER LIST


Some brokers may feel competitive pressure to sign up with as many funders as possible, but it can easily become unwieldy if the list is too long, funders say. Better, they say, to deal with only a handful of funders and truly understand what each of them is looking for.

Rory Marks Central Diligence Group
Rory Marks, Managing Partner, Central Diligence Group

“There are brokers that deal with 20 [funders], but I don’t think it’s a good, efficient practice,” says Rory Marks, co-founder and managing partner of Central Diligence Group, a New York funder that provides working capital for small businesses.

He suggests brokers select funders that are easy to work with and responsive to their phone calls and emails. Not all funders will pick up the phone to speak with brokers who have questions, but he believes his type of service is paramount, he says. “It’s something we do all the time,” he says.

He also recommends brokers consider a funder’s speed and efficiency of funding as well as document requirements and their individual specialties. There are plenty of funders to choose from, so brokers shouldn’t feel they have to work with those that are more difficult, he says.

To prevent a broker’s list from becoming too unwieldy, Gallagher of CFG Merchant Solutions suggests brokers have two to three go-to funders in each category of paper from the highest quality down to the lowest. Having a few options in each bucket allows greater flexibility in case one funder changes its parameters for deals, he says.

Brokers “sometimes just shotgun things and throw things against the wall and hope they stick,” Gallagher says. Instead, he and other funders advocate a more precise approach –proactively deciding where to send files based on what they know about the merchant and research they’ve done on prospective funders.

3.INCLUDE RELEVANT BACKGROUND INFORMATION


It used to be that when sending files to funders, brokers would provide some background on the company in the body of the email. This was helpful because even a few sentences can help funders gain some perspective about the company and better understand their funding needs, says Fein of Greenbox Capital.

These days, however, Fein says he’s getting more emails from brokers that simply request the maximum funding offer, without providing important details about the business. The financials on ABC importing company aren’t necessarily going to tell the whole story because funders won’t know what products they import and why the business is so successful and needs money to grow. Providing these types of details could help sway the underwriting process in a merchant’s favor. Brokers don’t have to say a lot, but funders appreciate having some meaty details. “A few sentences go a long way,” Fein says.

4. MANAGE YOUR MERCHANTS’ EXPECTATIONS


Many brokers make the mistake of overpromising what they can get for merchants and how long the process could take, funders say. Both can cause significant angst between merchants and brokers and between brokers and funders.

If a company is doing $15k in sales volume and asking for $50k in funding, the broker should know off the bat, the merchant is not going to get what he wants, says Marks of Central Diligence Group. By managing merchant’s expectations, brokers are doing their clients—and themselves—a favor. Why waste time on deals that won’t fund because they are fighting an uphill battle? Brokers shouldn’t knowingly put themselves in the position of having to backtrack later, Marks says.

Instead, explain to the merchant ahead of time he’s likely to receive a smaller amount than he’d hoped for. To show him why, walk the merchant through a general cash flow analysis using data from the past three to four months, says Gallagher of CFG Merchant Solutions. This will help merchants understand the process better, and it can help raise a broker’s conversion rate, he says.

“It’s about setting realistic expectations,” Marks says.

5. DIG DEEPER


Sometimes brokers take only a cursory look at a merchant’s financials, and because of this, they overlook important details that can delay, significantly alter, or sink the underwriting process, funders say.

Heather Francis Elevate Funding
Heather Francis, CEO, Elevate Funding

Heather Francis, founder and chief executive of Elevate Funding in Gainesville, Fla., offers the hypothetical example of a merchant who has total deposits of $80k in his bank account. On its face, it may look like a solid deal and the broker may make certain assurances to the merchant. But if it comes out during underwriting that most of the deposits are transfers from a personal savings account as opposed to sales, there can be trouble. Based on the situation, the merchant may only be eligible for $30k, but yet the owner is expecting to receive $80k based on his discussions with the broker. Now you have an unhappy merchant, a frustrated broker and a funder who may be blamed by the merchant, even though it’s really the broker who should have dug deeper in the first place and then managed the merchant’s expectations accordingly. “We see that a lot,” says Francis.

6. PROVIDE FULL DISCLOSURE


To get the most favorable deals for merchants, some brokers only present the rosiest of information in the hopes that the funder won’t discover anything’s amiss. Several panelists expressed frustration with brokers who purposely withhold information, saying it puts deals at risk and makes the process much less efficient for everyone.

Marks of Central Diligence Group offers the hypothetical example of a merchant whose sales volume dipped in two of the past six months. To push the deal through, a broker might submit only four months of data, hoping the funder doesn’t ask about the other two months. Some funders might accept only four statements, but other shops will want to see six. If a funder then asks for six, the broker’s omission creates unnecessary friction, he says.

Funders say it’s better to be upfront and disclose relevant information such as sales dips or some other type of temporary setback that weighs a merchant’s financials. Kept hidden, even small details could easily become game-changers—or deal-breakers—a losing proposition for merchants, brokers and funders alike.

“If we have the full story upfront and we’re going in eyes wide open, we can look at the file in a little bit of a different way,” says Gallagher of CFG Merchant Solutions.

Threads on deBanked


08-10-2021

CFG Merchant Solutions - Sales Representative...
cfg merchant solutions is looking for motivated sales representatives who are self-starters and have strong work ethics to work with a rapidly expandi...
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CFG Merchant Solutions - Underwriter Position...
cfg merchant solutions, llc (cfgms) is a rapidly growing specialty finance company that provides working capital to small and medium sized businesses...
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CFG Merchant Solutions - Sales Representative...
cfg merchant solutions is looking for motivated sales representatives who are self-starters and have strong work ethics to work with a rapidly expandi...




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