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 Since: December 2016 |
Related Headlines
| 06/05/2025 | South End Capital adds equip financing |
| 09/07/2022 | South End Capital launches SBA Express |
| 02/15/2022 | South End Capital delivers 0% down payment |
| 06/16/2021 | Stearns Bank acquires South End Capital |
| 08/24/2020 | South End Capital reopens SBA program |
Stories
Thanks to Expansion Capital Group, South Dakota is On The Alternative Lending Map
September 11, 2018
Expansion Capital Group (ECG), which secured new financing at the beginning of the month for a total senior debt capacity of nearly $60 million, is based in Sioux Falls. That’s in South Dakota. With most alternative lenders based in New York, Florida or California, ECG is definitely unique geographically. But the company’s CFO Tim Mages told deBanked that despite the relative obscurity of the city, with a respectable population of 183,000, the city is a very good place to start a business. Particularly in the finance sector.
According to a 2017 survey conducted by CNBC and SurveyMonkey, Sioux Falls is among the top 15 American cities optimal for starting a business. Why? Because South Dakota has no individual or corporate income tax and business costs are more than 20 percent below the national average. As one of the fastest-growing areas in the country, Sioux Falls has a rate of population growth that’s nearly four times the national average, according to the survey.
Also, Wells Fargo and Citibank both have a significant presence there, so there is an existing pool of talent in the lending space.
In addition to ECG’s unusual geography, the way it obtains the bulk of its business is also uncommon. Mages said that 50% of its business comes from other lenders who either turn down the applications or don’t have enough capital to lend to merchants. Mages said they can “turn coal into diamond.” The company primary funds B- to C- paper deals and services a variety of industries with the bulk coming from transportation/trucking, construction and business services. ECG provides loan products, which compose about 80% of the business, as well as merchant cash advance, which makes up the remaining 20%.
Mages expressed a lot of enthusiasm for the company’s technology, which he said is very helpful because it can save a lot of time. For instance, he said their system auto-declines 25 to 30% of the applications they receive, which can be between 3,000 and 7,000 a month.
“We then want to get as competitive as we can [for the right applications,]” Mages said.
ECG ranked #802 on 2018’s Inc. 5000 list of fastest growing U.S. privates companies. Founded in 2013, ECG now employs 65 people. According to Mages, there are 23 underwriters and 11 internal salespeople, plus in-house legal and regulations team, a marketing team and a merchant support team. There is a tiny office of two people in Delaware.
Maxim Commercial Capital Exceeds Expectations in Q1 2025
April 22, 2025
LOS ANGELES, CALIF. (April 22, 2025) – Maxim Commercial Capital (“Maxim”) announced exceptionally strong results for the first quarter of 2025, reporting a 150% increase in funding volume over the prior year’s period. Maxim is a national provider of loans and leases from $10,000 to $3 million collateralized by class 6 and 8 trucks, trailers, heavy equipment for the construction and agriculture industries, and real estate.
“As the unprecedented pace of change under the new administration’s economic policies present challenges for our industry, we remain steadfast in our mission to be the preeminent non-prime finance company supporting entrepreneurs, vendors, and finance brokers,” noted Michael Kianmahd, Maxim’s CEO. “Despite market conditions, we approved 80% of financing applications submitted in Q1 2025, funded borrowers in 37 states, and continued to invest in our infrastructure, systems, and team regardless of market conditions.”
Maxim’s dedicated, solutions-oriented approach is particularly impactful when equipment pricing is turbulent. For example, when Class 8 used truck prices increase, Maxim’s team works with buyers to clarify price points and financing structures they can afford and refers them to vendors if needed. In a recent interaction, Maxim approved financing for a current customer with 2 years’ experience and challenged credit to purchase a $55,000 2020 Peterbilt 579. When the applicant communicated he needed a lower down payment, Maxim proactively revised the approval for a less expensive, higher mileage 2019 Peterbilt 579 and closed the deal.
Contractors nationwide with challenged credit are growing their businesses with heavy equipment financed by Maxim during Q1 2025. Notable examples include an Alabama-based tree service company specializing in disaster relief work that purchased a new, $65,000 2025 Kymron CX10 Crawler Crane for 42% down to fulfill its government contracts and expanding residential business; a South Carolina-based contractor who purchased a $52,000 2014 Caterpillar 308E2 CR Hydraulic Excavator for 34% down to expand his tree-planting business; and, a start up roadside and recovery contractor with a sub-500 FICO who added a second truck by leasing a $6,660 2018 Ram 4500 Wrecker Tow Truck.
Maxim continues to expand and improve its infrastructure to support its growth. The company currently is seeking to hire an accounting manager and senior accountant. Please visit https://www.maximcc.com/our-company/careers/ for job descriptions and to apply.
About Maxim Commercial Capital
Maxim Commercial Capital helps small and mid-sized business owners nationwide by providing loans and leases (“financing”) from $10,000 to $3 million secured by trucks, trailers, heavy equipment, and real estate. It funds equipment purchase financings and leases, working capital, and debt consolidations. Maxim’s more creative financing structures leverage equity in real estate and owned heavy equipment to facilitate growth and preserve customers’ cash. As a leading provider of transportation equipment financing, Maxim supports startup and experienced owner-operators and non-CDL small fleet owners by funding loans and leases for class 8 and class 6 trucks, trailers, and reefers. Learn more at www.maximcc.com or by calling 877-776-2946.
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Contact:
Michael Kianmahd, CEO
Maxim Commercial Capital
michael@maximcc.com
(213) 984-2727
Expansion Capital Group Announces $1 Billion Funding Milestone — Supporting the Expansion of U.S. Small Businesses
December 13, 2023
L-R: Herk Christie, Chief Operating Officer; Brittney Newell, Chief Financial Officer; Vincent Ney, Chief Executive Officer;
Tim Mages, Chief Strategy Officer; Mike Beattie, Chief Technology Officer
Photo Credit: Reistroffer Design
SIOUX FALLS, SOUTH DAKOTA—Expansion Capital Group, LLC (“ECG”) is pleased to announce its billionth dollar in funding, reinforcing its mission to support the “Expansion” of America’s Small Businesses with simple and efficient capital. Since inception in 2013, ECG has provided services to over 20,000 small businesses across multiple industries nationwide. ECG’s core solution, a six to 11 month working capital product, meets the needs of small business owners that are not in a position to wait for a traditional bank loan.
Tim Mages, Chief Strategy Officer of ECG said, “The ECG team is proud of its efforts to fulfill the capital needs of small business owners. Capital challenges have been magnified since COVID and the recent muted lending environment by regional and community banks. During the last three years, inflationary pressures have negatively impacted many hardworking small business owners. ECG has continued to be a reliable partner and a key resource as business owners navigate these headwinds.”
He continued, “In the last two years, we’ve seen accelerated growth of our platform. This growth is being driven by two key factors. First, our industry-leading Partner Portal is designed to create a transparent and seamless process for our referral partners. Second, investments in new technology and data sources have positioned ECG to provide underwritten approvals in less than an hour. These innovations would not have been possible without the trust of our valued customers and dedication of our 85+ team members.”
ECG’s Chief Operating Officer, Herk Christie, said, “Paramount to our success is the support from our referral partners. Since inception, we’ve also seen over one million applications from small business owners. Our financing alternatives provide business owners with more options and availability, so they can successfully execute their business objectives.”
As an on-balance sheet working capital provider, ECG is committed to providing customized solutions for small businesses. ECG works directly with small business owners and with hundreds of referral partners who are trying to meet their clients needs. ECG utilizes proprietary data, analytics, and systems to provide access and capital in a timely manner. Its robust underwriting models and flexible Partner Portal platform allows business owners to compare options and select a product that fits their needs.
Brittney Newell, ECG’s Chief Financial Officer added, “We hope to continue this growth in the coming years and appreciate the support of our long-time capital provider Bastion Management. As many market participants have tightened lending standards throughout 2023, ECG is committed to continuing to meet the increased demand for our services and offerings.”
PR Contact: tamara@tamaraedwards.co
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Expansion Capital Group is headquartered in Sioux Falls, SD and operates as a technology-driven specialty lender harnessing data and analytics to offer tailor-made solutions for small business enterprises. The company primarily serves small businesses across the United States with annual revenues of less than $10 million. For more information, please visit www.ecg.com and follow us on LinkedIn and Twitter.
Recent ECG News
Sioux Falls Business Journal: Fast but careful money: Sioux Falls firm offers new kind of capital
Inc. 5000: Financial services firm partnering with small business owners to provide working capital solutions with speed, simplicity and service.
eCapital names Todd Zarin as Chief Legal Officer
January 17, 2023MIAMI – January 17, 2023 – eCapital Corp. (“eCapital” or “the company”), a leading finance provider for businesses across North America and the U.K., today announced the appointment of Todd Zarin as chief legal officer. As part of the executive leadership team, Zarin will oversee eCapital’s in-house legal team and be responsible for all legal operations for the company.
“Todd’s proven aptitude and demonstrated ability to skillfully navigate complex legal scenarios make him a valuable addition to our executive leadership team,” said Marius Silvasan, chief executive officer of eCapital. “I am confident his expertise will prove instrumental as we continue to enhance our service offerings and expand into new markets to meet the financial needs of even more organizations.”
Zarin’s legal and corporate career spans more than 20 years, with strategic roles helping public and privately held clients in financial services and other industries succeed while navigating critical moments. Throughout his career, Todd has been instrumental in driving business objectives such as strategic mergers and acquisitions, securing funding through various transactions, and guiding companies through initial public offerings. He also provided guidance and direction on corporate governance and securities law compliance matters.
As a seasoned lawyer and board member, he has served clients in multiple capacities, including as general counsel to a South Florida financial services company and as outside counsel with premier law firms such as Weil, Gotshal & Manges and, most recently, as a shareholder at Miami-based Stearns Weaver Miller. Zarin has also helped clients as a strategic and transactional advisor through his own consultancy.
“eCapital’s unique approach to strategic growth while changing the shape of the alternative finance and lending landscape is exciting,” said Zarin. “The leadership team has a well-defined and ambitious vision for the future, and I look forward helping achieve the company’s long-term goals and continue driving the company’s dynamic growth trajectory.”
Zarin is a member of the Florida and New York bars and earned his Juris Doctor from Brooklyn Law School. He also holds a Master of Business Administration from the Kellogg School of Management at Northwestern University.
About eCapital Corp.
eCapital is committed to accelerating access to capital for companies in the United States, Canada, and the U.K. By leveraging a team of over 800 experts and proprietary, industry-leading technology, eCapital is creating the future of business funding. With a full suite of products such as freight factoring, invoice factoring, lines of credit, asset-based lending, payroll funding, and equipment refinancing, eCapital ensures businesses have the funds they need to do more. Through its Transportation, Staffing, Wellness, Healthcare, Factoring and ABL divisions, eCapital delivers customized funding solutions for over 80 industries. To learn more about eCapital, visit eCapital.com.
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Ascentium Capital LLC Reports $390M in Third Quarter Funding Volume
November 2, 2021
KINGWOOD, Texas – Nov. 2, 2021 – Ascentium Capital LLC, a national commercial lender, announced continued growth during the third quarter of 2021. Financing volume increased $82 million, up 26% from the prior-year period. Strategic execution and ongoing economic recovery resulted in strong performance this quarter.
“Ascentium remains focused on delivering an exceptional customer experience supported by operational efficiencies, service excellence and competitive financing products. These core competencies are resonating with our clients and contributing to our positive momentum going into the fourth quarter,” said Tom Depping, executive vice president and Ascentium group manager.
Ascentium Capital offers specialized equipment financing and business loans to commercial entities nationwide. The company also provides customized finance programs for equipment manufacturers and distributers with simplified application procedures to help businesses in a broad array of industries including commercial vehicles, energy, franchise, healthcare, industrial, and technology.
“Quarter-over-quarter originations growth remains steady as we continue to satisfy our customers’ demands,” added David Lyder, senior vice president of Ascentium Sales and Marketing. “We are recruiting additional sales resources and refining existing products to keep pace with, and anticipate, our customers’ needs. Our top priority is helping our customers grow their businesses.”
About Ascentium Capital LLC
Ascentium Capital LLC, a subsidiary of Regions Bank, specializes in providing a broad range of business equipment financing, leasing, and loans across the United States. The Company’s offering is designed to benefit equipment manufacturers and distributors as well as direct to businesses nationwide. For additional information about Ascentium and its business financing products and services, please visit AscentiumCapital.com.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $156 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates more than 1,300 banking offices and approximately 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.
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Media Contact
Christine Kimball, Vice President, Marketing
Ascentium Capital LLC
ChristineKimball@AscentiumCapital.com
Ascentium on Twitter: @AscentiumTeam
MJ Capital Investors Allege Wells Fargo Knew MJ Capital Funding Was a Ponzi Scheme
August 24, 2021
A class action lawsuit filed in the Southern District of Florida on behalf of MJ Capital Funding’s investors is alleging that Wells Fargo knew that the company was a ponzi scheme.
“Wells Fargo knew based on its Know Your Customer inquiries that the MJ Companies were supposed to use investor monies to lend to small merchants, which would then repay the loans, the proceeds of which would be used to pay back investors. Wells Fargo monitored the MJ Companies’ accounts and saw that’s not what happened. Very little money that left the MJ Companies’ accounts went to merchants. Millions instead went to [the CEO’s] personal account at Wells Fargo, to MJ Companies’ sales agents or back to other investors.
Despite this knowledge, Wells Fargo substantially assisted the MJ Companies by allowing them to continue operating with Wells Fargo accounts, commingle investor funds and make payments via wire, transfer and check. Garcia and the MJ Companies’ banking activities at Wells Fargo were integral to her scheme to defraud investors.”
The claims are for aiding and abetting fraud, aiding and abetting breach of fiduciary duty, and unjust enrichment.
MJ Capital is estimated to have raised between $70M and $128M from investors over roughly one years time. The company is being sued by the SEC for securities fraud and its assets have been frozen pursuant to a court order.
The case # is: 0:21-cv-61749-RAR
Mexican Small Business Lender Buys a Bank, Eyes United States
June 18, 2021
Change is happening south of the border. Online lenders and alternative funders are growing across Mexico much the same way as elsewhere. This week, Credijusto, an online small business lender based in Mexico City, acquired Banco Finterra, marking the first time that a fintech has acquired a bank in the country.
According to Reuters, “Credijusto aims to ramp up services for Mexican companies that sell to the United States, and build a business for U.S. companies that do cross-border trade in Mexico and beyond in Latin America.”
Mexico also has more than 6 million small businesses, a market that is effecively 4-6x larger than Canada’s.
Prior to this, Credijusto had already collectively raised $400M from Goldman Sachs, Credit Suisse, Point72 Ventures, New Residential Investment Corp., Kaszek, QED Investors, John Mack, Ignia, Promecap and LIV Capital.
“The acquisition of Banco Finterra seeks to create the first truly digital banking platform for Mexican companies in the future,” commented Allan Apoj, co-CEO of Credijusto. “This transaction marks an important milestone in Mexico and the region, and we are proud to be revolutionizing the future of banking in Latin America.”
Apoj’s partner, co-CEO David Poritz, hinted to Reuters that in a couple of years it may consider the acquisition of an American bank as well.
Earlier this year, Mexico began to allow fintech companies to obtain a Financial Technology Institution license.
Estamos muy orgullosos de revolucionar el futuro de la banca en México con la adquisición de Banco Finterra y de beneficiar así a las empresas a través de productos financieros de nueva generación. Conoce más de este gran logro: https://t.co/pbGBVyo04p pic.twitter.com/A32vaHDOB1
— Credijusto (@credijusto) June 15, 2021
Another Attorney Charged Criminally in 1 Global Capital Saga
September 29, 2020
Andrew Dale Ledbetter, a veteran securities attorney who once co-authored a book called How Wall Street Rips You Off – and what you can do to defend yourself, now stands accused of ripping investors off.
Ledbetter was criminally charged on Tuesday by the US Attorney’s office in South Florida for his alleged role in the 1 Global Capital Securities fraud case. Ledbetter was formally accused of Conspiracy to Commit Wire Fraud and Securities Fraud. He was simultaneously hit with civil charges by the Securities and Exchange Commission.
Both agencies say that Ledbetter reaped nearly $3 million in referral fees from 1 Global Capital in exchange for raising nearly $100 million from investors, mostly retirees, all while making knowingly false statements and misrepresentations about the investments. For instance, they say that he knew the investments were securities but claimed they weren’t anyway. Similar circumstances brought down Florida attorney Jan Douglas Atlas last year. Ledbetter had been compensating Atlas on the side as part of the alleged scheme.
Ledbetter is the 4th individual to be criminally charged in connection with the 1 Global Capital case. The other three: Atlas, Alan G. Heide, and Steven Schwartz, have all already pled guilty.
See Post... south end capital has mismanage numerous files for the ppp. files were submitted in the first day of the ppprogram. i am only posting this for the brokers ... |
South end - ppp - noah grayson = inspector general = do not submit... south end capital has mismanage numerous files for the ppp. files were submitted in the first day of the ppprogram. i am only posting this for the brokers ... |
southend capital... south end capital, , they advertise subprime sba loans , , any feedback?... |
