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 Since: February 2021 |
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| 07/03/2024 | Smart Business Funding prevails in suit |
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Smart Business Funding Prevails in Trademark Lawsuit
July 3, 2024Smart Business Funding, the trademark owned by Collins Cash Inc, has officially survived a trademark infringement challenge brought by BillFloat Inc dba SmartBiz. Both companies began using their respective marks a decade ago and the two even had a partnership referral agreement at one point. However, in 2020, SmartBiz sent Smart Business Funding a Cease & Desist letter on the basis that it was allegedly infringing on its mark and causing confusion in the market. While they are both engaged in small business financing, each offers different products. SmartBiz eventually filed a lawsuit.
After the original trial went in favor of Smart Business Funding, the decision was re-examined on appeal. There, the United States Court of Appeals for the Ninth Circuit affirmed the original ruling. The Smart Business Funding mark does not infringe upon SmartBiz.
Dragin Technologies and Ocrolus Announce Strategic Partnership: Enabling the Next Generation of Application Process Automation for Small Business Financing
May 20, 2024
New York, NY – 05/20/24 – Dragin.io, a machine learning process automation tech firm, is thrilled to announce a product integration and strategic partnership with Ocrolus, a leader in AI-driven financial document analysis. This collaboration aims to combine Dragin’s cutting-edge process automation technology with the industry-leading bank statement automation and cash flow analytics products offered by Ocrolus. Together, the new solution offers clients in small business financing unmatched speed, accuracy, compliance, and a robust fraud detection system, providing them with confidence and security in their financial operations.
Mark Ross, CEO of Dragin, expressed his enthusiasm for the partnership: “This is incredibly exciting for the future of the small business financing industry. Dragin specializes in automation solutions that help our clients deliver their offers faster than anyone else in the industry. Partnering with Ocrolus enables us to achieve technological advancements in business financing sooner than expected.”
Dragin’s AI and machine learning (ML) algorithms enable sophisticated data processing, providing actionable insights for offer creation and customization in the business funding deal cycle. This technology empowers underwriters to make informed decisions smarter and more quickly.
This partnership will enable powerful solutions for providers of small business financing, offering:
- Speed and Efficiency: Clients can rapidly analyze bank statement data, accelerating decision-making and reducing the time required for underwriting approvals.
- Compliance and Fraud Detection: Ocrolus’ technology performs comprehensive, AI-driven fraud detection, safeguarding clients against potential risks.
- Accuracy and Reliability: The partnership guarantees high levels of accuracy in data extraction and analysis, minimizing errors and enhancing the reliability of financial assessments.
- A.I. & Machine Learning: Dragin has developed advanced AI and ML models that can parse and classify nearly all document types and fill in missing fields such as industry, leading to a more robust auto-decline system. Integrating Ocrolus’ AI-driven document automation and analytics will bolster Dragin’s overall capabilities in lead prequalification.
“We are incredibly optimistic about this partnership with Dragin,” remarked Sam Bobley, CEO of Ocrolus. “Their focus on improving the efficiency of small business funding processes and commitment to client satisfaction makes them an ideal partner for Ocrolus. We look forward to a successful collaboration that will provide customers with the trusted and accurate data, fraud detection, and analytics they need to confidently make important financial decisions.”
About Dragin
Dragin is a leading fintech solutions provider dedicated to delivering innovative and efficient services to its clients. Founded with a mission to simplify and streamline financial processes, Dragin has developed cutting-edge technology, including A.I. and machine learning, to streamline processing automation which creates actionable insights for offer creation and customization. For more information about Dragin and its automation solutions, please visit https://www.dragin.io
About Ocrolus
Ocrolus is a document AI platform that enables faster and more accurate financial decision-making. The company analyzes documents with over 99% accuracy, regardless of format or quality, supporting hundreds of document types including bank statements, pay stubs, and tax forms. Ocrolus provides a trusted solution to detect fraud, analyze cash flows and income, and streamline decisions for 500+ clients across a number of use cases. Customers such as Enova, PayPal, Rapid Finance, Bluevine, National Funding, and Kapitus leverage Ocrolus automation to build delightful user experiences. To learn more, visit Ocrolus.com.
NYC Promotes its Own Online Business Loan Marketplace
March 17, 2024
There was so much demand for NYC’s experimental Small Business Opportunity Fund last year that it had to stop accepting applications after just 3 weeks. The program, however, ultimately enabled 1,046 businesses to collectively borrow $85 million at a low interest rate of only 4%. While the Mayor’s office has declared it a major success it is now encouraging anyone else seeking funds to use its relatively new online business loan marketplace called NYC Funds Finder.
Facilitated by Next Street, a b2b platform whose co-CEO Michael Roth is a former interim chief of the SBA, NYC Funds Finder promises to connect business owners with capital products that are “non-predatory and have been screened to ensure fair and transparent pricing and terms.”
An example of some of the lenders on the platform include Lendistry, Accompany Capital, and SmartBiz. APRs tend to range roughly from 7% to 19%.
“NYC Funds Finder serves New York City’s small businesses by aggregating funding options from many of [the NYC Department of] Small Business Services (SBS) and Next Street’s trusted partners,” said an official announcement that went out in September. “Additionally, the platform makes it easy for the business owner to connect with a free advisor if they need help navigating or applying for capital. This partnership with trusted SBS advisors is key for small businesses to access the best financing options for their business.”
Coincidentally, the SBA has also been pushing its own online business loan marketplace as of late. The SBA’s Lender Match tool has 1,000 SBA lenders and 257 community based lenders on its platform already.
BusinessFunding.com Sells for $44,000
February 12, 2024
The world of domain name investors called out a big sale that took place on GoDaddy over the weekend. The domain is businessfunding.com and it reportedly sold for $44,000, according to Namebio which tracks sales when data is available. The whois information does not reveal who the buyer is at this time.
Other potentially high value domain names in the small business finance industry include businessloans.com and smallbusinessloans.com, each of which are standalone businesses.
Meanwhile:
loans.com was sold for $3 million 24 years ago and today redirects to the homepage of Bank of America.
businesslenders.com belongs to Business Lenders, LLC, which has since ceased its lending operations.
businesslending.com redirects to a bio page for a big real estate broker.
merchantloan.com redirects to Circadian Funding’s website.
revenuebasedfinancing.com redirects to Lighter Capital’s website.
lenders.com is a page that hasn’t been set up yet.
lending.com doesn’t resolve.
How important is a domain name to a business? Important enough that a business can hardly afford to lose one. And did you hear about the first domain name to ever be used as loan collateral over the blockchain? It just happened recently!
Small Business Funding Companies Showcase Phenomenal Growth
August 15, 2023The annual Inc 5000 list is out again and with it some big reveals about who in the industry is taking off like a rocket. We’ve pulled out some of the relevant names for you below!
#30 – B2 Capital Solution Provider – Miami, FL – 10,446% growth over 3 years
#38 – Novo – Miami, FL – 9,906%
#76 – Byzfunder – New York, NY – 6,228%
#89 – Valiant Capital – Houston, TX – 5,223%
#157 – Ampla – New York, NY – 3,404%
#180 – LeasePoint Funding Group – Austin, TX – 2920%
#192 – Backd – Austin, TX – 2,819%
#269 – Percent – New York, NY – 2,087%
#1383 – eCapital – Aventura, FL – 422%
#1617 – North Mill Equipment Finance – Norwalk, CT- 354%
#1622 – Oakmont Capital Services – Westchester, PA – 346%
#1837 – Nav Technologies – Draper, UT – 305%
#1942 – Crestmont Capital – Irvine, CA – 289%
#2026 – 7 Figures Funding – American Fork, UT – 277%
#2593 – SBG Funding – New York, NY – 210%
#2929 – 1West – New York, NY – 179%
#2947 – ApplePie Capital – San Francisco, CA – 178%
#3145 – Channel – Minnetonka, MN – 164%
#3737 – Direct Funding Now, Irvine, CA – 128%
#4085 – Smarter Equipment Finance – Las Vegas, NV – 111%
#4094 – iAdvance Now. – Uniondale, NY – 111%
#4651 – Expansion Capital Group – Sioux Falls, SD – 87%
If we missed you, let us know, email info@debanked.com.
Don’t Count Out the Bank When it Comes to Small Business Lending
November 21, 2022
“So ideally, the best-case scenario for a business owner is always to try and get approved by a bank, it gives them more flexibility, you’re able to build that relationship with the bank,” said Juan Caban, Managing Partner at Financial Lynx.
It’s an old adage that the bank is the best option, but given their historically tough criteria and reputation for sluggishness, the feasibility has long been a question. Caban, however, said that obtaining a bank line of credit is not as daunting as it sounds. Qualifying businesses (TIB 2+ years, 700+ FICO, and favorable industry) can obtain a pre-approval in 24 hours, approval in 7-10 days, and funding in another 2-3 weeks, making the entire process last about 3-4 weeks overall, according to Caban. And brokers can earn a one-time fee of up to 5% as well, he added.
“Bankers tend to be a little old fashioned oftentimes, now some of that’s changing in how they evolve,” said Patrick Reily, co-founder at Uplinq. “We’re dealing with some really interesting progressive banks in the last five years that are thinking about ‘how do we do better and how do we change things,’ but the reality is that they tend to move more slowly.”
Reily’s company, Uplinq, empowers lenders like banks, credit unions, or other financial institutions to approve and manage risks on loans they would have otherwise declined.
“Some of the companies we work for, they’re able to increase the number of people they lend to by 5 to 15 fold,” Reily said. “Think about that. That’s a huge difference.”
Technology, it appears, is widening the approval window, which means business owners shouldn’t count out options they previously thought impossible.
Caban of Financial Lynx, echoed same, explaining that business owners should explore all potential avenues.
“We pride ourselves in knowing the trends and products in banking and can be a great asset for Brokers/ISOs,” Caban said.
“I think it’s smart always to look broadly and understand what your options are, who is best capable to serve you,” said Reily.
Joe Camberato Named CEO of National Business Capital & Services
November 9, 2020
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!
CONTACT:
Matt Carrigan
press@National.biz | www.National.biz
National Business Capital & Services
1 Corporate Dr, Suite 202, Bohemia NY 11716
Toll Free: (877) 482-3008 | Fax: (631) 446-6016
SOURCE National Business Capital & Services
Canadian Small Businesses Face Tough Challenges As Government Passes Over Fintech
April 8, 2020
This week the Canadian government announced its coronavirus economic relief plans. Among them are two initiatives that aim to assist small businesses: the Canada Emergency Response Benefit (CERB) and Canada Emergency Business Account (CEBA).
The first of these is a wage subsidy that will cover up to 75% of a company’s payroll. The hope being that this will postpone the overcrowding and clogging of the Canadian unemployment benefits system, known as employment insurance. However this program appears to appeal to only certain types of businesses. With subcontractors not qualifying as part of payroll, there is the fear that CERB could leave many small businesses and startups that rely on freelancers unprotected. As well as this, there is a requirement that the company’s most recent month of revenue be at least 30% less than what it was at the same time the previous year. This specification again acting as an obstacle to startups and high growth businesses.
The second is a loan program that is capped at CAN$40,000 with 0% interest for the first two and a half years, and then 5% annual interest beginning January 1, 2023. There will be an opportunity for the remainder of the loan to be forgiven if the business has repaid 75% by December 31, 2022.
According to Smarter Loans’ Vlad Sherbatov, the situation in Canada mirrors what is happening in the US with regards to PPP. “There are very little details available about how people are going to apply to get the funds,” the President and Co-Founder explained. “Nobody knows what’s actually happening and nobody knows when business owners can actually anticipate to receive any funding.”
Expressing frustration that the Canadian government chose to ignore non-bank lenders in favor of allowing Canadian banks like BMO, RBC, and TD to distribute the funds, Sherbatov noted that it is the lenders who have the technology and processes to speedily disperse capital. “We did a survey that said almost 50% of business owners said they would shut down in less that four weeks without additional help … so it’s not that it’s just fine that there is help available, it’s how fast can [business owners] get the help, because every day that goes by makes the situation worse.”
Speaking to Kevin Clark, President of Lendified, he echoed Sherbatov’s concern.
“It’s all good that the government is making these decisions, but the capital has to move and the programs have to be in effect. So announcing these things is one thing, actually practicing them and executing them is another. There’s a time lag that could potentially put companies out of business and so, for us, it’s about trying to connect with a lot of these borrowers to say, ‘What can we do to help you with payments?’ But at the same time, we don’t want deferments for a long period of time because then our revenue base is challenged. So the fintech lenders all have significant challenges at hand, because defaults that move from within the normal course of between 5 and 10%, say now to between 15 and 25%, or even higher, are significant challenges for the operations of our business.”
Also a member of the Canadian Lenders Association, Clark is involved in the CLA covid-19 working group that was launched in March. Formed with the intention to assist the government’s approach to capital distribution, Clark was disappointed with the government’s decision to exclude non-bank lenders after the group reached out to both the Ministry of Finance and the Business Development Corporation of Canada. And with no government funding operation to assist, Clark, like many lenders in Canada, is turning toward his existing customers, hoping to keep their heads above water.
“What we’re all doing independently is trying to work with our customers to give them guidance on what is going on in Ottawa. And so most of us have made website adjustments to give some education to interested parties on what’s available in terms of subsidy. We’re trying to provide support to our customers through deferments and so forth, just as every lending institution is doing these days. It’s just that I think it’s harder for us and smaller firms that don’t have the margin and the wherewithal to withstand any sort of significant timeline in this situation. So it’s a little bit of week by week for us, trying to manage our own costs and so forth and keep our customer bases as happy and healthy as we can.”
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