|Phone: 877-651-8110 (option 2)
Greenbox Capital was the victor of a major lawsuit argued before Florida’s Third District Court of Appeal that conclusively established the legality of merchant cash advances in the state.
When asked for comment, Greenbox Capital® CEO Jordan Fein said:
“It’s been a long, arduous, and expensive battle over the last few years proving in a court of law that a Merchant Cash Advance is not a loan. Today, we celebrate a win for all Merchant Cash Advance companies in Florida and the entire United States who are dedicated to funding small businesses through ethical practices. Our hard work and commitment to helping small businesses grow was validated and we are thrilled with the final decision of the District Court of Appeal.”
The decision in Florida echoes a similiar opinion reached in New York in 2018.
There has been fast-growing demand for digital finance products this year, according to the Smarter Loans Annual State of Canadian Fintech study. The report surveyed more than 2,500 users of the Smarter Loans site.
The findings show an accelerated shift to digital transactions, which Smarter loans co-founder Vlad Sherbatov attributed to a pandemic-acceleration of the tech-leaning trends that were already coming.
“One of the central insights from this year’s study is the overall increase of fintech adoption and lending,” Sherbatov said. “We’ve also noticed the fact that people are just much more likely to manage their finances online today than they were at this time 12 months ago or a year ago.”
Intending to gain insight into Canada’s fintech industry, Smarter Loans began sending questionnaires to their users starting in 2018.
“We survey some of the people that flow through our website that have used a fintech lending product in the past 12 months, we ask them questions about their experience,” Sherbatov said. “The purpose is to extract insights so that we can help push the industry forward and improve it.”
Even just two years ago the industry was a much smaller space but has ballooned since, and the Smarter Loans survey has become a one-of-a-kind focus on Canadian fintech markets. Featured with this year’s results is commentary from Canadian industry leaders like the Canadian Lenders Association, and deBanked’s own Sean Murray.
“It’s become a bit of a staple in the lending industry,” Sherbatov said. “Because it’s the only piece of research in Canada that is laser-focused on fintech lending.”
With three years of data to compare, Sherbatov said he could see a significant increase in online activity. Part of this is just due to where the world is heading, as Sherbatov described the younger generations just stepping into the financial world.
“This is something that’s been happening for years; this is a trend that has started a long, long time ago,” Sherbatov said. “For younger generations, the way that they approach financial products and companies is very different from someone in my generation or older. Online is the standard of doing business, on-the-go, and mobile is the standard of managing your financial affairs.”
Fintech in Canada, Sherbatov said, tends to lag behind the growth of the fintech industry in other countries but is on the rise due to the Coronavirus. The digital adoption trend was pushed forward, as some customers that had been reluctant to bank online were forced to do so by necessity. Now, these changes to the way business is transacted are here to stay, Sherbatov said.
Like the surge in eCommerce activity, people are going online to make financial transactions.
“You go to Amazon to buy laundry detergent, and you go online to open up a checking account to pay some bills,” Sherbatov said. “Everybody needs financial services, just like everybody else needs household items; it’s how we’re going about obtaining them. This has changed and has accelerated due to Covid.”
November 9, 2020, Bohemia, NY – National Business Capital & Services, the nation’s leading FinTech lending marketplace which streamlines the application and approval process for small business owners, today named Joe Camberato CEO. He succeeds James Webster, who has exited the company to pursue new endeavors.
The announcement comes as the COVID-19 crisis has crippled small businesses across America. Not only are business owners challenged with the overwhelming stress of meeting near-term financing demands simply to survive, but they are also tasked with re-imagining how to best position their businesses for growth in the post pandemic ‘new normal’.
“Through booming and challenging times, National’s priority has always been to serve as the go-to source for small businesses to find competitive financing options, revenue-generating services and consultative support to help them at every step of their growth journey,” said Camberato.
“When it comes to small business loan approvals, banks are highly conservative, tending to lend an umbrella when the sun is shining. With COVID-19, the sun is not shining. We recognize how crucial it is to provide access to competitive financing options to help businesses survive, but they also desperately need help to rebuild and grow.”
In a recent survey of small to mid-sized businesses by CBIZ, over half (51%) of respondents reported a significant decrease in sales due to the pandemic. Smaller businesses have been disproportionately impacted, with nearly half of businesses with 1-4 employees reporting a significant or severe impact, and 37% of businesses with 20-49 employees noting a significant or severe impact.
In taking reins as CEO, Camberato is steadfastly committed to National’s vision to Innovate the Way Entrepreneurs Grow by offering essential resources beyond just financing. His plans include enhanced business growth consulting and coaching offerings, which he anticipates will be a dire post-pandemic need, but is currently a significant gap across the competitive landscape.
Michael Gerber, a mega bestseller who was named “The World’s #1 Small Business Guru” by Inc. Magazine, commended National’s efforts toward empowering small business owners by providing streamlined access to capital, among other game-changing resources.
“I’ve admired Joe since the day we met. He shares my mission to transform the state of small business and has unmatched knowledge of small business lending practices. His personal success building a scalable business, and passion for helping entrepreneurs and small business owners invest their efforts in the right areas to create sustainable, growth-oriented companies have been invaluable as we work together to co-author our new book,” says Gerber.
Gerber is currently collaborating with Camberato to write “The E-Myth Money Book”, which will educate small business owners about the various avenues they can take to obtain and successfully utilize small business financing while growing their businesses.
As one of National’s original founders and previous President, Camberato spearheaded significant technological innovations, implemented process enhancements, and helped build an amazing company culture on his mission to simplify the previously laborious business financing process for small business owners, securing over $1 billion in financing in the process.
Now, business owners can apply in one simple place and securely connect their bank accounts to receive tailored financing options in minutes, with funding following in as little as a few hours.
Beyond streamlined technology and processes, Camberato credits National’s success to its award-winning team and applauds their role in helping business owners get back to business amid the pandemic.
“By taking the time to understand business owner challenges or opportunities, our amazing team has established the National brand as a trusted source of capital and counsel. I couldn’t be prouder of my team’s dedication to helping small business owners, but also for their significant role in helping our clients overcome the COVID-19 crisis and get back to business. They rally behind our mission to be the trusted resource business owners turn to for financing, revenue-generating services, and business coaching and will play a pivotal role as we add new offerings to help businesses not only survive but thrive and grow.”
Camberato regularly shares his insights about FinTech lending, access to capital and small business growth strategies through his seat on the Forbes Finance Council and his YouTube channel, GrowByJoe. He is also an active member of the Young Presidents Organization (YPO) and is actively involved in giving back, locally and nationally.
ABOUT NATIONAL BUSINESS CAPITAL & SERVICES
National Business Capital & Services is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.
Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services. We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!
SOURCE National Business Capital & Services
This week, Greenbox Capital, the Miami-based alternative finance company known for its MCA and SMB financing, announced they are serving as a Small Entity Representative (SER) to the Consumer Financial Protection Bureau (CFPB) as the organization proceeds with the rollout of Section 1071 of the Dodd-Frank Act.
“I am representing, and Greenbox Capital is essentially representing, the industry,” CEO Jordan Fein said. “There are some banks, there’s Funding Circle, but other than that, it’s Greenbox Capital serving in the industry.”
Fein, who founded Greenbox in 2012 and has since facilitated MCAs and business loans across America, Puerto Rico, and Canada, wrote in a press release that it was an honor to be selected to provide feedback on Section 1071.
“Over 2 million businesses across the U.S. are either women or minority-owned,” Fein wrote. “It is vital they can secure funding as easily as non-minority-owned businesses.”
Congress passed the Dodd-Frank Act in 2010 in response to the Great Recession. To further protect consumers, the CFPB was born. Section 1071, an amendment to the 1974 Equal Credit Opportunity Act, mandates financial institutions report demographic information to the CFPB. But much was left undefined about how to go about doing that and who would technically be subject to it.
Ultimately, the intent behind the law was to measure potential disparities among factors like the race and gender of applicants. Ten years later, the rollout is finally moving along.
As part of this, the CFPB created a board of firms representing the affected industry, on which Greenbox sits, to ensure the law works with the industry, not against it. The first panel was on October 15, in compliance with the 1996 Small Business Regulatory Enforcement Fairness Act (SBREFA.)
“They’re going through the SBREFA process, which is a structured process where they have a panel of industry representatives, and they share what they’re planning to do,” Fein said. “They run it by companies like us and we give our opinion and talk about how we think companies will be impacted.”
According to an invitation letter the firms received, they will have until November 9 to respond.
Fein said Greenbox would ensure any suggestions it made would positively impact the industry. Especially during a pandemic, Fein said it is essential to create regulation with firms in mind.
Miami, FL: Greenbox Capital® announced it is serving as a Small Entity Representative (SER) to the Consumer Financial Protection Bureau (CFPB) that is responsible for amending the Equal Credit Opportunity Act (ECOA) protecting women-owned, minority-owned, and small businesses looking for financial assistance. Section 1071 of the Dodd-Frank Act amends the ECOA by requiring certain data be collected and submitted to the Bureau to protect these types of businesses.
“It’s an honor to be selected to the industry panel providing feedback on section 1071 of the Dodd-Frank Act ensuring fair lending laws to women- and minority-owned businesses”, said Greenbox Capital CEO Jordan Fein. “Over 2 million businesses across the U.S. are either women or minority owned and it’s vital they can secure funding as easily as non-minority owned businesses.”
Greenbox Capital, an alternative lender, serves small businesses in all industries across the United States, Puerto Rico, and Canada with the working capital needed to grow. Greenbox Capital is committed to supporting clear, secure, and fair financing solutions and is an active member of the Small Business Financial Association (SBFA).
For more information visit, www.greenboxcapital.com.
Capify, a leading international small business lending platform, announced a $10 million equity round this week from a new investment group with vast experience in the alternative lending industry.
“[investors were] diligent seeing Capify, the management team, and the opportunity,” Goldin said. “They thought it was a very good investment, particularly how Capify’s portfolio performed during the pandemic.”
Goldin said the capital is a great “restart of the engine” after the cautious approach the company took to lending at the height of the pandemic. The money is not an equity round from current investors, but rather new capital joining the team.
The funding will be directed toward ramping lending back up and extending business partnerships with firms that serve small businesses, as well as direct and indirect lenders.
“So, hindsight is actually better than 2020 vision; no one in our lifetime has experienced the pandemic,” Goldin said. “No one knew what to expect from a risk profile, so we took the conservative approach.”
That approach was to shut down new loans and focus on servicing its current customers. It was a difficult time for the alternative lending industry veteran, but now Goldin said he sees a great demand for capital.
“This was one of the toughest challenges that I’ve experienced ever as an entrepreneur,” Goldin said. “The result really speaks to Capify as a company. People are willing to make that investment, believing in opportunity ahead and not the current times or the past during the pandemic.”
Goldin said that Capify has always been known for its well-performing portfolio, one of the reasons that in 2019 the firm received a $95 million credit facility from Goldman Sachs’ Merchant Banking Division.
Goldin began working in the fintech industry before the word fintech was even coined; in the early 2000s, he started one of the first MCA companies. Amerimerchant started selling loans and MCAs internationally in the UK and Australia in 2008, then rebranded to Capify in 2015. After leaving the US market in 2017 gained Goldman’s attention last year.
“So now that we have the firepower, we believe there’ll be opportunities in these markets as demand picks up for small business lending,” Goldin said.
Ascentium Capital announced it has reached $2.5 billion in managed assets, a new record for the Kingswood, Texas-based alternative funder. The news comes after the firm finished Q2 of 2020 with a funding volume of $225 million. Being a subsidy of Regions Bank, Ascentium has been funding businesses since 2011.
“Ascentium’s executive team has successfully weathered several periods of economic uncertainty and we are leveraging this to respond to the current situation as the US faces unexpected uncertainty for an unexpected duration,” Executive Vice President Tom Depping noted in a statement. “Our specialized finance platform incorporates process flexibility which enables us to adjust quickly. We have a strong team in place that is dedicated to meet market demands while managing risk.”
Maxim Commercial Capital is pleased to report it funded hard asset-secured financings for small and mid-sized businesses (SMBs) in 30 states across the United States during the second quarter of 2020. After pivoting quickly in March to safer-at-home working conditions for its 30+ team members, Maxim experienced a steady increase in applications from equipment brokers and vendors for their borrowers with challenged credit. Maxim lends $10,000 to $3,000,000 to SMBs nationwide secured by heavy equipment and real estate to facilitate asset purchases, working capital and to refinance expensive short term debt.
“Maxim was founded during the Great Recession of 2008,” noted Behzad Kianmahd, Chairman and CEO. “We are applying our experiences gained during that time to overcome today’s extraordinary economic challenges and long term uncertainty caused by the COVID-19 pandemic. We have reaffirmed our commitment to finance SMBs, which are the backbone of our economy, refreshed our underwriting standards, and are continually improving our infrastructure by investing in technology and communication tools for the benefit of our customers, vendors, brokers and team members.”
During the second quarter, Maxim received numerous applications from business owners with strong credit but negative cash flow due to the economic downturn. Funded transactions for such borrowers included $95,000 secured by a 2019 Mack GR64F Tri-Axle Dump Truck for a growing landscaping company in New Jersey; $42,500 for a seasoned contractor’s purchase of a 2014 Caterpillar 312E Hydraulic Excavator; and, $29,000 to enable a business started up by seasoned contractors to purchase a 2020 Reinert ZR Concrete Pump.
Buyers of used class 8 trucks faced numerous challenges during the second quarter, ranging from lenders shutting down without warning to closed DMVs. Maxim successfully funded deals across the country, including $26,500 for a California-based long-haul truck owner-operator to purchase a 2017 Volvo 780; $20,800 for an Ohio-based transportation company to purchase a 2017 Freightliner Cascadia; and, $23,000 for a Texas-based owner-operator to purchase a 2016 Freightliner Cascadia to replace a truck with mechanical issues.
“We are humbled and encouraged by our team’s commitment to positively impact our customers’ future success, and by our customers’ continuous effort to make tough but rational decisions to stay in business during these difficult times,” commented Michael Kianmahd, Executive Vice President. “Based on our experience over the past few months, we are confident that SMBs across the nation will contribute substantially to the nation’s recovery from the biggest economic shock since The Great Depression.”
About Maxim Commercial Capital
Maxim Commercial Capital helps small and mid-sized business owners seize opportunity by providing financing in amounts up to $3,000,000 secured by heavy equipment and real estate. Maxim facilitates equipment purchases, provides working capital and refinances debt for companies across all industries located nationwide. Through Maxim’s tailored financing programs, businesses unlock capital tied up in underleveraged assets, often replacing expensive short-term debt and daily repayment working capital loans with longer term capital. As a leading provider of transportation equipment finance, Maxim funds up to 75% of the acquisition cost of class 8 and class 6 trucks, trailers and reefers for owner-operators and small businesses. Learn more at www.maximcc.com or by calling 877.776.2946.
EIN Cap is a new site sponsor!...
please welcome ein cap as a new site sponsor! to learn more about ein cap, visit: http://apply.eincap.com/ein-iso-acquisition/...
ein capital, everest, kalamata, pirs capital, principis, quicksilver, rapidfinance, snap. likely some others....
ein caps in this space....
ein cap guy, solid to work with. alex shvarts, founder and cto, is a great hands on operator, member of forbes technology council, with tons of proprietary work completed within fintech space. alex went above and beyond with steve on a large, hard to fund media company file i had looking for 1.5m with limited financials due to being 6 months into a subsidiary venture of their parent company. alex stepped in and negotiated directly with ceo of media company, handling due diligence personally and solidifying relationship, while on vacation/trip to france for a conference, go figure. great team all around at fundkite, from underwriting to support staff....