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10/19/2020Greenbox Capital serving on CFPB panel



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Greenbox Capital Acquired Level Up Funding

July 29, 2021
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greenbox capital newMiami-based Greenbox Capital, a small business finance provider, has acquired Level Up Funding.

Level Up, which focuses on small business lines of credit, was co-founded in 2019 by industry veterans Maciej Bykowski, once the Director of Sales for OnDeck, and Drew Batiato, the former Chief Credit Officer of Idea Financial. Level Up was based in Denver and relocated to Miami, nearby to where Greenbox is.

In an official announcement, Greenbox Capital CEO Jordan Fein, said “We are thrilled to have Level Up Funding join our organization. Their founders and key staff are a wealth of industry knowledge. The acquisition will immediately impact growth and the unique selling proposition that we offer our clients.”

Fein says to expect more such deals in the future:

“We’ll continue to make strategic moves to scale, which includes synergistic acquisitions to further distance ourselves from our competitors,” he said. “Level Up is the first of many to come.”

Bykowski of Level Up said, “Our mission has always been driven by a consumer first perspective. Having a shared vision for the future of alternative lending, we are excited to work together to leverage technology to enhance Greenbox Capital’s product offering and create a seamless customer experience.”

“We’re very excited for our future here at Greenbox. We will have the opportunity to develop new products that will aid clients across the US and abroad with their business growth,” said Level Up’s Drew Batiato.

Greenbox Capital Comments on Landmark Florida Legal Victory

January 7, 2021
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Greenbox capitalGreenbox 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.

Greenbox Capital on Official Panel to Aid Section 1071’s Rollout

October 21, 2020
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Greenbox Capital WebsiteThis 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.”

Jordan Fein Greenbox Capital
Jordan Fein, CEO, Greenbox Capital

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.

Greenbox Capital® Advocates For Fair Lending to Women- and Minority-owned Businesses in CFPB Panel

October 19, 2020
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Greenbox Capital participates in small business lending data collection rulemaking for section 1071 of the Dodd-Frank Act protecting women-owned and minority-owned businesses

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.

Greenbox Capital Leads By Example And Eliminates Use of COJs Across Its Platforms

February 19, 2019
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Greenbox Capital WebsiteMiami, FL – Back in December, Debanked reported that there was a Senate bill introduced to ban COJs. Greenbox Capital has for the past 6 years been a leader and innovator in the industry in many ways. Most recently, they’ve suspended the use of COJs indefinitely.

Greenbox Capital is committed to long term success which includes taking a stand for the largely unregulated MCA industry by leading by example that shows that the industry can police itself. “Critical pieces in the long-term success of an enterprise is operating above board, employing best practices, and leading by example for others. It’s the greatest way to authentically build a great reputation with your clients and partners. It’s very important during this time even more, as the world is now watching our industry closer and we should show them that there are good actors in the space that operate with integrity,” says CEO Jordan Fein.

About Greenbox Capital
For any questions, Greenbox Capital’s Broker Support team can be reached at 305.952.3200 Option 2.

Greenbox Capital Introduces On Demand Loan Checkout Process

October 3, 2018
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“The Box” makes it faster to fund loans by increasing speed and communication.

Miami Gardens, Fl, 10-03-18
This latest on demand loan process function grants ISO partners the ability to increase term and funding amounts up to one month and 10%, respectively, without submitting a request. “The Box” was developed by CEO Jordan Fein and the innovative Greenbox IT team to give brokers additional flexibility.

The development mandate was to eliminate extraneous steps between the merchant and the broker which would further enhance those relationships and promote long lasting partnerships. “The Box” is now considered the most efficient, convenient user technology available.

“When the difference between winning and losing a deal is time, Greenbox Capital has provided a solution that allows our brokers to make more favorable terms, instantly! We have our pulse on the industry and the needs of our ISO partners. We regularly request feedback and implement upgrades to our technology to meet industry needs,” states Fein.

Greenbox Capital specializes in alternative funding options for small-and medium-sized business averaging at least $7,500 in revenue in each of the past 3 months. Greenbox Capital’s fast business cash advances and short-term small business loans make goals attainable.

The company’s small business financing programs include:

  • Merchant Cash Advances (in available USA regions)
  • Small Business Loans (in available USA and Canada regions)
  • Invoice Factoring
  • Business Lines of Credit
  • Unsecured Financing
  • Collateral-backed Funding

“We empower business owners to succeed by providing what they need most: access to working capital. We are committed to industry leadership in technology and will continue to develop processes that lead to a positive outcome for both merchant and broker,” adds Fein.

Greenbox Capital
855.442.3423
Info@greenbox.capital

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Greenbox Capital Renegotiates Its Credit Facility

February 27, 2018
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Greenbox Capital WebsiteMiami, FLGreenbox Capital is happy to announce that they have recently renegotiated their credit facility, lowering their interest rate and doubling their funding capacity in the US, Puerto Rico, and Canada.

The journey to this success has not been a straight shot. Just over one year ago, Greenbox Capital suffered internal theft. Some individuals on their staff were back-dooring deals, looking to make a quick buck, and leaving Greenbox to suffer the consequences.

In March of 2017, deBanked reported this internal theft that had dated back to October of 2016. Greenbox launched an investigation, hiring a private investigator and bringing these offenders to justice.

In the midst of this unfortunate circumstance, Greenbox resolved to take a stand for deal security, striving to become the safest funding company to do business with. They’ve executed a strategic network security assessment and have transitioned their controls to that of a banking institution. This assessment was completed in conjunction with the release of their proprietary software, “The Box,” which reduces human interaction with deals, increasing security of merchant sensitive information and security of broker deals.

With the release of The Box in February of 2017, Greenbox has been funding deals faster (and more safely) than ever before, with funding in as little as 24 hours. With some strategic restructuring of the company, i.e., being particularly selective in their hiring process, terminating brokers who create disadvantages for others by manipulating the system, and the release of The Box, Greenbox’s performance has improved exponentially and their credit facility has increased their limits to allow for them to reach their potential in the industry.

Greenbox CEO, Jordan Fein, asserts, “When you reach your potential, you naturally become more attractive and we’re becoming more attractive every day!” With so many positive changes made at every level of the business, 2018 looks bright for Greenbox Capital.

https://www.gboxcapital.com/

It’s Official, Merchant Cash Advances Not Usurious in Florida

January 6, 2021
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Flag of FloridaBig news in the State of Florida. The Third District Court of Appeal entered its order on January 6th to decide the fate of Craton Entertainment, LLC, et al., v Merchant Capital Group, LLC, et al..

Merchant Capital Group, LLC dba Greenbox Capital sued Craton in December 2016 over a default in a Purchase and Sale of Future Receivables transaction. In turn, Craton responded with various defenses and counterclaims that asserted the underlying transaction was really an unenforceable usurious loan.

The Circuit Court for Miami-Dade County sided with Greenbox in August 2019. The defendants appealed.

The District Court of Appeal decided the matter conclusively on January 6, holding that the original ruling was affirmed on the basis that:

  • The transaction is not indicative of a loan where repayment obligation is not absolute but rather contingent or dependent upon the success of the underlying venture
  • that the transactions in which a portion of the investment is at speculative risk are excluded from the usury statutes
  • when the principal sum lent or any part of it is placed in hazard, the lender may lawfully require, in return for the risk, as large a sum as may be reasonable, provided it is done in good faith.

The decision can be viewed here.

The lawyers representing Appellee Greenbox Capital were Henderson, Franklin, Starnes & Holt, P.A., William Boltrek III, Shannon M. Puopolo and Douglas B. Szabo.

You should contact an attorney to discuss the implications of this ruling. Merchant Cash Advance contracts are not all the same.

This ruling is similar to a ruling in New York that was made in 2018.

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01-21-2021

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hello, does anybody know any lenders doing any business lines of credit?? bluevine is solely focusing on ppp and i can't get greenbox capital on the ...




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11-25-2020

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greenbox capital, we take deal security very seriously and do everything we can to ensure that our brokers have a positive experience with us. one of those measures is our tech...
11-25-2020

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greenbox capital origination which has since been explained to the broker and proof was sent to the broker showing that greenbox capital had funded this merchant prior., , so basically you get the submission (maybe missing info) see that you have it in your syst...
11-25-2020

See Post...
greenbox capital, we take deal security very seriously and do everything we can to ensure that our brokers have a positive experience with us. one of those measures is our tech...