Articles by deBanked Staff

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The PPP Application for Fintech Lenders is HERE

April 8, 2020
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The SBA finally released an individual PPP lender application for Non-Bank and Non-Insured Depository Institution Lenders on Wednesday. You Can Access it Here Note that it doesn’t actually say “fintech” anywhere on it but that’s because fintech is a colloquial term. This Non-bank designation and the requirements therein are similar to the SBA guidance published […]

PPP Lender Requirements

April 3, 2020
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Update: The PPP Lender Application is HERE The elusive application to apply for PPP lender-approved status is expected to become available sometime on Friday. In the meantime, the SBA has published the requirements that a financing provider will have to meet to be eligible for approval. Federally insured depository institutions are already approved so these […]

Fundry Supports Jersey City Small Businesses and Local Police Departments in Response to Crisis

April 2, 2020
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Fundry, a small business finance provider, is helping to feed police officers in Jersey City. A tweet sent out by the City of Jersey City twitter account said that the company is buying meals at local small businesses to provide to police stations every day for the next 2 weeks. Amelia’s Bistro, described as a […]

Independent Community Bankers Express Doubt PPP Can Be Rolled Out As Is

April 2, 2020
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Update: The interest rate has increased to 1%. The nation’s voice for community banks, the Independent Community Bankers of America, penned a letter to Treasury Secretary Mnuchin and SBA Administrator Carranza yesterday to urge them to make immediate changes to the planned PPP program slated to be rolled out tomorrow. “We strongly recommend that you […]

Lists of States Where Non-Essential Businesses Have Been Ordered to Close

March 24, 2020
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closed for business

Make sure you know about individual state orders that could affect a small business’s ability to operate. Below is a list of states and regions that have ordered some or all non-essential businesses to close. This list may be incomplete and the details of each state’s orders could change and may have changed since this […]

New York Supreme Court Grinds to a Halt

March 24, 2020
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New York Supreme Court

Amid the Coronavirus pandemic, the New York Unified Court System has modified its protocols. Among the limitations, the Supreme Court will only be handling “essential applications as the court may allow.” Examples offered were Mental Hygiene Law Applications, civil commitments, and guardianships. All other matters and conferences are being adjourned to future dates. These temporary […]

Knight Capital’s Intangibles As Reported Through Ready Capital’s Year-End Earnings

March 21, 2020
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knight

Last year, Ready Capital Corporation (NYSE: RC) acquired small business funding provider Knight Capital. RC’s year-end earnings provided some additional insight into the state of Knight Capital at the time it was acquired. This included balance sheet figures that recorded $48.4M in assets ($39.5M of which were purchased future receivables) and $31.8M in liabilities. Among […]

Online Lenders Ask Congress For Capital For Help and To Help

March 20, 2020
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financial innovation now letter to congress

Members of Financial Innovation Now (FIN) have called on senior members of Congress to play a role in supporting small businesses with capital support and by loan distribution. Among their suggestions are: To direct Treasury to provide conditional capital to alternative lenders Permit these non-bank lenders to disburse loans, including via partnership with financial institutions […]

Marketplace Lending Association Members Take Steps To Help Borrowers During The Coronavirus Crisis

March 17, 2020
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Marketplace Lending Association

Members of the Marketplace Lending Association are taking steps to alleviate financial pressure facing borrowers during the recent crisis. “This includes providing impacted borrowers with forbearance, loan extensions, and other repayment flexibility that is typically provided to borrowers impacted by natural disasters. During the time of payment forbearance, marketplace lenders are also electing not to […]

OnDeck’s Chief Accounting Officer is Leaving The Company

March 16, 2020
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OnDeck

On March 9th, OnDeck filed a disclosure with the SEC that their Chief Accounting Officer, Nicholas Sinigaglia, would be leaving the company on May 1st. Sinigaglia was with the company for more than 5 years. OnDeck said it was doing this as part of changes it had made to streamline its finance organization. Shares of […]

OnDeck Shares Lose More Than 30% Of Their Value in a Week

March 11, 2020
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red ink

Shares of OnDeck have suffered in the last week as the market has seen a dramatic pullback. Shares have traded as low as $2.17 on Wednesday, down 12% from the previous day. The company’s market capitalization is at $128.2M million, down from its 2014 IPO value of $1.32 billion.

OnDeck, Lending Club Shares Battered By Market Turbulence

March 9, 2020
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red ink

The collateral damage of market panic led to all-time low share prices for online lending companies OnDeck and LendingClub on Monday. By noon, OnDeck was down 7.5% on the day at $2.55 (the low was $2.47) and LendingClub was down 5% at $9.62 (the low was $9.26). Online lender Elevate also hit a new all-time […]

Maryland Legislative Committee to Meet On Merchant Cash Advance Prohibition (Rescheduled to Wednesday)

March 2, 2020
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prohibition

Legislators in the Maryland State House will meet today on Wednesday at 1pm EST to discuss HB-1478, a bill to make merchant cash advances illegal in the state. A similar meeting is taking place tomorrow in the State Senate. The House meeting was originally scheduled for Monday but was postponed. All four of the House […]

Maryland State Legislators Want to Enact “Prohibition” on Merchant Cash Advances

February 21, 2020
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prohibition

A Maryland State Senator and 4 State Delegates are calling for a prohibition on merchant cash advances through a bill introduced this month that aims to make it illegal to arrange, facilitate or consummate a merchant cash advance with a merchant in the state. Maryland State Senate Bill 913 and House Bill 1478, literally headlined […]

The Fintech Legal Outlook for 2020: Top 3 Insights from Todd Hamblet

February 18, 2020
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Todd Hamblet - Fundbox

We recently sat down with ​Todd Hamblet, Fundbox’s new Chief Legal Officer​, and asked his thoughts about what legislative or legal issues would be shaping the fintech industry this year. Between presidents and precedents, decisions are coming down within the next 12 months that will have a significant effect on the way Fundbox and other […]

Shopify Capital Originated $430 Million in Loans and MCAs in 2019

February 17, 2020
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shopify glyph

Shopify Capital, the e-commerce giant’s small business financing arm, originated $430 million in funding through loans and merchant cash advances in 2019. Shopify now has more than 1 million e-commerce merchants on its platform, the company says. Earlier in the year the company began rolling out funding to merchants that are not using its payment […]

New Jersey Tries Again With a Small Business Finance Disclosure Bill

January 26, 2020
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New Jersey Capitol Building in Trenton

For the third year in a row, New Jersey has a small business finance disclosure bill on the table. S233 is the latest iteration of S2262 from prior years. Introduced by State Senator Troy Singleton, the proposed law would impose disclosures on loans, factoring, and merchant cash advances on transactions less than $500,000. In addition […]

deBanked CONNECT MIAMI 2020 Photos

January 21, 2020
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deBanked CONNECT MIAMI

View a selection of deBanked CONNECT MIAMI photos here View every official deBanked CONNECT MIAMI 2020 photo on facebook Ready for deBanked’s biggest event of the year? Broker Fair returns to New York City on May 18th REGISTER NOW BEFORE EARLY BIRD PRICING EXPIRES

Declined For Funding? Lack of Time in Business Beats Out Lack of Credit Worthiness

January 20, 2020
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Square Capital Report

A study conducted by Square Capital and the Stevens Center for Innovation in Finance at the Wharton School at the University of Pennsylvania, pulled back the curtain on small businesses and the financing process. Notably, the #1 reason that businesses said they had been declined for funding (regardless of the source) wasn’t credit, it was […]

Former 1 Global Capital CFO Alan Heide Sentenced to 5 Years in Prison

January 17, 2020
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arrest handcuffs

Alan Heide, the former CFO of defunct Hallandale Beach-based 1 Global Capital, was sentenced to 5 years in prison earlier this week for his role in the company’s securities fraud. He is one of three individuals that have pled guilty so far and the first to be sentenced. The other individuals, attorney Jan Douglas Atlas […]