Think you’re good at NFL predictions? SOS Capital is offering anyone the chance to win Super Bowl tickets in their football eliminator contest. The entry fee is a $100 donation to the JJ Watt Foundation to support Hurricane Harvey flood relief in Houston, TX.
- $100 Donation Entry Fee
- Winner Receives 2 Super Bowl Tickets- Courtesy of SOS Capital
- 100% of proceeds will be donated to JJ Watts Charity
- Unlimited Entries Allowed
- Kicks Off Week 2 of the NFL Season
- Deadline to enter is Thursday Sept 14th 2pm
Contact SOS Capital for details on how to join and donate. Call 212-235-5455 or email Charity@soscapital.com
I have already made my donation to the JJ Watt Foundation and joined. I hope to see many others of you in the contest!
Pearl Capital Business Funding LLC Resumes Merchant Cash Advances After Processing $1.75 B in PPP LoansNovember 5, 2020
JERSEY CITY, N.J. – November 5, 2020 — Pearl Capital Business Funding, LLC, a leading provider of direct financing to small and midsize businesses, today announced that it will resume funding merchant cash advances for U.S. small businesses after suspending funding for a period of time due to the COVID-19 crisis. The move comes after a seven month hiatus during which the company utilized its technology platform to process over $1.75 Billion in SBA Paycheck Protection Program (PPP) Loans.
Pearl Capital provides innovative alternative financial solutions, specializing in the underbanked and subprime business sector. Their financing solutions are available throughout the U.S. to businesses of virtually any industry that are unable to access sufficient traditional financing from banks and non-bank lenders. Pearl’s solutions are not dependent on the business owner’s FICO score and present a compelling solution to underwriting credit even during the current COVID-19 crisis. With the relaunch, Pearl’s ISO Partners can expect lighter stipulation requirements with fewer requested documentation than before and updated pricing. Virtually all business types are eligible for funding from Pearl including high risk industries like auto sales, real estate, home-based businesses, and insurance.
“When the COVID-19 pandemic hit last March, we weren’t sure what our future looked like. With so much uncertainty of the economic climate, like many other funders, we temporarily ceased funding. We pivoted and partnered with Cross River Bank and were able to transition our fully-automated processing and anti-fraud technology to process SBA Paycheck Protection Program (PPP) Loans.” Chief Revenue Officer, Jake Lerner, says, “Using our technology platform, we were able to process over $1.75 Billion in PPP loans for businesses affected by COVID-19.”The Paycheck Protection Program (PPP) was a SBA loan program established under the CARES Act to help small businesses keep workers on their payrolls during the pandemic. The program ended on August 8, 2020 but is likely to resume.
“We’re thrilled to have the ability again to continue to provide financing for companies during an especially difficult time for businesses across the country and give much needed financial support to businesses” CEO, Sol Lax, says, “Pearl did not default on its senior credit line due to its superior underwriting and has added $250 Million in committed financing to expand its activities. If you are a small business and you have survived COVID, you shouldn’t have to shut your doors because you have limited access to capital. We are going to be there for small business both in further iterations of PPP as well as MCA.”
About Pearl Capital
Pearl Capital was founded in 2012 and acquired by private equity firm Capital Z Partners in 2015. Since then, they have become a leader in the fintech industry specializing in short term capital advance solutions for under-banked and credit-challenged businesses, in just about every industry. Over the years, they have provided over 23,000 MCA financings to small businesses across the country, by working with their network of ISOs. Their advanced online application technology platform and machine learning SMB credit score allows them to provide flexible terms and some of the fastest response times in the industry for deals up to one-million dollars. Most recently, Pearl Capital partnered with Cross River Bank to process over $1.75 Billion in Paycheck Protection Program (PPP) loans.
Jake Lerner, Chief Revenue Officer
Breakout Capital never stopped funding. That’s what CEO & President McLean Wilson recently shared with deBanked. The company not only weathered the storm but has come out with expanded access to credit totalling $20MM with Medalist Partners, one a current term loan facility and the other a new term loan facility with “attractive” forward flow features.
The company said in its announcement that these facilities will allow Breakout to increase loan originations across all of its product offerings, including its term-loan product, FactorAdvantage®, and its newest factor product, FactorBridge.
“Small businesses are at the core of our economy and they were, as we were, largely blindsided by recent economic interruptions,” Wilson told deBanked. “We adapted quickly and rolled with the punches and never stopped funding. It is a testament to the resiliency, loyalty and borrower first mentality that Breakout Capital has not only weathered the storm, but has strengthened our company throughout the past few months. We quickly adapted to a new way of thinking, which helped us serve our clients in real time and forge ever closer relationships with our factor partners, lenders, online marketplaces, ISOs and borrowers.”
John Slonieski, Director of Private Credit for Medalist Partners, said in the announcement that “We are pleased to enhance our relationship with Breakout Capital in our asset-based lending strategy. Their high-quality underwriting and SMB-friendly lending solutions, coupled with their talented credit and management team, provide us confidence as we continue working closely with them to successfully scale their lending program.”
Merchant Cash Advance Industry Pioneer David Goldin Launches Lender Capital Partners To Provide Financing To Merchant Cash Advance / Alternative Business Loan ProvidersNovember 5, 2019
White Plains, NY – November 5, 2019 – David Goldin, one of the merchant cash advance industry pioneers who founded one of the first US merchant cash advance providers in 2002, Capify (formerly known as AmeriMerchant), that later expanded to the UK and Australia has partnered with a subsidiary of Basepoint Capital, a seasoned specialty finance group, to form Lender Capital Partners (http://www.lendercapitalpartners.com). Basepoint has provided over $300 million in committed financings / forward flow purchases in the merchant cash advance / alternative business loan industry.
Lender Capital Partners (LCP) provides MCA and alternative business lending platforms with strategic capital including:
- Forward flow programs – LCP funds 100% of the amounts disbursed by the platform in connection with their funding of advances / business loans including sales commissions to their customers to free up cash and avoid the burden of equity requirements or “hair cut” money associated with traditional asset-based credit lines.
- Participations / Syndication – by having LCP purchase a participation in larger deals, the platform is able to offer larger size approvals to their customers and brokers / referral partners without taking on concentration risk. LCP can participate up to $1 million in each deal and provide strategic capital by offering our many years of industry experience underwriting larger size deals.
- Credit facilities – LCP provide credit facilities for MCA and alternative business loan providers that begin at a minimum of $20 million and can go up to $100 million+. Our credit facilities typically offer a higher advance rate than a bank and less stringent concentration limits.
- Broker Graduation Program – LCP will allow brokers to take the next step of becoming a direct lender by providing the capital and know-how needed to fund deals on their own. Designed for brokers that can originate a minimum of $500k/month, LCP can provide the capital needed and set up brokers with one of our partners to provide a back office if needed for underwriting / servicing without having to make the investment on their own.
- Point of Sales / Credit Card Processor Merchant Cash Advance / Merchant Financing Program – LCP can provide a turnkey solution for POS / Credit Card Processing companies to offer a merchant financing program to their merchants to compete with some of the larger POS providers / credit card processors that are now offering these programs in-house and have had great success. LCP can provide the capital needed for a merchant financing / merchant cash advance program as well as introduce one of our underwriting/servicing partners if needed.
“After exiting the US MCA business in 2017, I have decided the time is right to offer my 17+ years of global MCA / business lending experience to the industry by partnering with Basepoint to supply capital to the MCA / business loan industry. I believe the various programs we offer at Lender Capital Partners are tailored for just about any company in the industry – for both current lenders as well as larger brokers/ISOs that are looking to graduate to the next step of becoming a lender as well as to POS providers / merchant acquirers looking to offer an in-house program to their merchants. And my 17+ years industry experience is a great value-added benefit that very few lenders, if any can bring to the table”, says David Goldin, a principal of Lender Capital Partners.”
About LENDER CAPITAL PARTNERS
Lender Capital Partners provides capital to commercial lenders, particularly in the merchant cash advance / alternative business loan industry. One of the founders of Lender Capital Partners is David Goldin. David is the Founder of Capify, one of the first merchant cash advance providers in the US founded in 2002. David scaled Capify to 225 employees operating in 4 countries and sold the US business to a competitor in 2017 and secured a $95 million credit facility with Goldman Sachs to fund Capify UK and Capify Australia which has over 125 employees total today operating in each of those markets. David has over 17 years experience in the merchant cash advance / alternative business finance industry and is considered a pioneer in the industry. David’s extensive expertise allows Lender Capital Partners to bring strategic value to our relationships, not just capital. For more information on Lender Capital Partners, visit http://www.lendercapitalpartners.com
CORAL SPRINGS, FLA. (Oct. 1, 2019)—BFS Capital, a leader in small business financing, today announced it has eliminated all upfront fees on its financing solutions, including loans and business advances, as it simplifies pricing for small business owners.
With pricing that is transparent, flexible and easy to understand, BFS Capital is leading the evolution of small business financing. BFS Capital customers can now apply for and receive up to $500,000 in financing with no origination fees, no processing fees and no upfront costs. Customers are able to pay back a loan with a fixed daily or weekly payment, or as a flexible payment calculated as a percentage of credit card sales.
“There will be no hidden costs or unexpected surprises. What customers borrow is what gets funded into their accounts,” said BFS Capital CEO Mark Ruddock. “We are committed to empowering small businesses by meeting their needs with straightforward, cost-effective and timely online financing, whether it be to smooth cash flow, invest in adding staff, purchase equipment or upgrade a space.”
BFS Capital is also preparing to roll out a new, state-of-the-art digital lending platform. Over the next few weeks, the BFSCapital.com website will showcase a refreshed brand and exciting advances in automation across the entire loan application and approval process.
Partners, including Independent Sales Organizations (ISOs) that match small businesses to BFS Capital’s financing solutions, will also benefit from the company’s new no fee product proposition, evolving digital capabilities and dedication to transparency. ISOs and partners will soon have real-time visibility into the status of their leads across the entire customer relationship lifecycle, from the initial application through the life of the loan and beyond.
“As we embark on our mission of reimagining small business financial services, we are reinforcing support for our partners with API integration and faster, fully underwritten personalized offers, all complemented by market-leading pricing and commissions,” Ruddock added.
BFS Capital has over a decade long history of helping small business owners thrive and has provided more than $2 billion in financing. To qualify, businesses must be in operations for at least two years and generate at least $12,000 in monthly revenue. More than 23,000 businesses have been funded by BFS Capital across 400 industries.
To learn more, please visit BFSCapital.com.
About BFS Capital
BFS Capital champions the long-term growth and prosperity of small businesses by providing timely, flexible financing solutions. BFS Capital’s leading small business financing platform leverages customized underwriting and proprietary algorithms to fund businesses in the United States, Canada, and through its United Kingdom subsidiary, Boost Capital. Since 2002, BFS Capital has provided over $2 billion in total financing to over 23,000 small businesses across more than 400 industries. Headquartered in South Florida with offices in New York, California and the United Kingdom, BFS Capital is an accredited BBB company with an A+ rating.
Archie Group for BFS Capital
BFS Capital announced this morning that it has exceeded $2 billion in financing to over 22,000 small businesses across the United States, Canada and the UK.
“This is a major originations milestone,” said Mark Ruddock, CEO of BFS Capital. “We’re incredibly proud to see these investments take root, as BFS Capital continues to solidify its position as a central source for financing small businesses and their everyday capital needs.”
BFS Capital provides business loans and MCA deals from $5,000 to $500,000 to a wide variety of merchants. In 2018, fourth quarter originations were the highest ever in the company’s 17-year history. And third quarter originations also represented the best third quarter in the company’s history.
“In 2018 we enhanced our sales and marketing programs and made significant advances in our underwriting models so that we could better serve small businesses,” Ruddock said.
Ruddock also said that they are constantly thinking of ways to be better partners to the ISOs. He said that they plan to speed up the process from lead to loan by 30% this year, so that, with continued improvements in technology, approvals can take a matter of minutes and eventually happen instantaneously. Currently, they make decisions within a matter of hours.
“We’re also trying to communicate more clearly with [our ISO partners] about what sorts of merchants we are more likely to fund than not, so that they can be more efficient themselves,” Ruddock said.
Apart from accelerating speed in approval time for certain financing, Ruddock said that BFS also excels in serving customers that he calls “diamonds in the rough,” or businesses that sometimes even other alternative lenders will reject because they don’t understand them.
“BFS will very often be in a position to look at a company that perhaps might look complicated to others, and be able to say ‘Yes, this is a deal that we will do,’” Ruddock said.
This process is a little less automated as it requires more creative thinking on the part of their underwriting team, Ruddock said. Founded in 2002 and headquartered in Coral Springs, FL, BFS also has offices in New York, California and the UK.
Settling Up: Debt Settlement Companies Paid Yellowstone Capital and Everest Business Funding a Half Million Dollars to End LawsuitJune 12, 2018
A group of debt settlement companies and ISOs have entered into a settlement they’re unlikely to forget. A lawsuit that accused Corporate Bailout, Protection Legal Group, Mark Mancino, Michael Hamill and others of tortious interference with merchant cash advance contracts has led to a settlement in which the defendants agreed to pay Yellowstone Capital and Everest Business Funding $500,000. They also agreed not to offer any services to Yellowstone or Everest merchants in the future, deBanked has learned.
The original complaint alleged that ISOs had partnered with companies that purport to offer debt relief services to merchants with MCAs. In practice, the complaint said, debt relief was a code word for deceiving merchants to breach their existing agreements so that they could pay fees instead to the debt relief companies.
When asked to comment, Yellowstone Capital CEO Isaac Stern said that there were companies that offer this kind of service the right way but that was not the case here. “The way they’re going about it is really wrong,” he said.
Of note is that the bound parties were not just debt settlement companies but also ISOs and a law firm (Mark D. Guidubaldi & Associates, LLC dba Protection Legal Group).
Additional companies not named in the original complaint but nonetheless bound to the settlement are Mainstream Marketing Group and Corporate Client Services LLC. Websites for both companies say that they offer small business debt relief services.
Coast to Coast Funding LLC, who the defendants represented they had no control of, did not participate in the deal.
The settled matter is not the first of its kind. Everest and Yellowstone have been hammering debt settlement companies with lawsuits this year, according to court records examined by deBanked. In January, Everest sued MCA Helpline and Todd Fisch for tortious interference, and just last month Yellowstone filed a Petition to recover funds that were allegedly fraudulently transferred by Settle My Cash Advance.
In the latter case with Settle My Cash Advance, the defendants are alleged to have actively coached a merchant to hide his money in new bank accounts and hide the paper trail rather than pay the money owed to Yellowstone.
Speaking about no case in particular, Stern said “Imagine getting a commission on a deal [where you help a small business get funding] and then sending it to a debt settlement company. If there are ISOs that are doing that, we’re going to come after you hard.”
Breakout Capital announced that it obtained a $15 million facility on Wednesday, with a fund managed by Medalist Partners. While the facility is not earmarked for any single product, Chief Marketing and Sales Officer James Mendelsohn told deBanked that the facility will certainly help fund the company’s relatively new and popular FactorAdvantage product.
“With the [FactorAdvantage] program, we work in concert with the factor and the small business to maximize the small business’s access to capital,” Mendelsohn said. “We work with factors to enable a factoring relationship with a small business.”
Introduced in January of this year, Mendelsohn said that the FactorAdvantage program generally works in one of two ways, depending on the client. If the client is new to a factoring company and the client has a tax lien or something that prevents the factor from working with that client, FactorAdvantage will come in and help finance a consolidation or whatever it is to prepare the client to work with the factor.
The other common use of the FactorAdvantage product is for existing clients of the factoring company that want access to more capital. Factors will sometimes provide additional capital in what is called an overadvance. But when the factor is not able to, or not able to provide enough capital, FactorAdvantage will provide that additional capital.
“The access to more capital [will allow] us to grow,” Mendelsohn said. “We’ve had February, March, April and now May – each month, we’ve broken our own record for origination volume. We want to break that record every month going forward, so this [facility] will help us have plenty of dry powder.”
Mendelsohn also said that a boon of the FactorAdvantage program is that “the tickets are much bigger.” The maximum financing on Breakout Capital’s other products is $250,000, while the maximum for the FactorAdvantage product is $500,000. Breakout Capital was founded in May of 2015 and also provides Business loans, SBA loans, Lines of credit, Equipment leasing and Merchant cash advance, among other financing products. The bulk of the company’s volume comes from their distribution partners, including brokers, ISOs, and more recently, factoring companies.
Based in McLean, VA, Breakout Capital employs almost 50 people.
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