Articles by Press Release
BFS Capital Eliminates Upfront Fees to Simplify Financing for Small Business Owners
October 1, 2019
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.
Media Contact
Archie Group for BFS Capital
Gregory Papajohn
gregory@archiegroup.com
917.287.3626
Nationwide Management Services Adds New Features To Its Virtual Site Inspections
September 20, 2019
MARICOPA, Arizona, September 20, 2019— Nationwide Management Services Inc. (NMSI) announced two new features have been added to its Virtual Site Inspection Software that will change the merchant cash advance and small business lending industries. NMSI’s new features are Pinch to Zoom/Remote Synchronized Zoom and Text Extract using OCR (Optical Character Recognition).
With Pinch to Zoom you can touch the screen with two fingers and expand/collapse the distance between your fingers and the image zooms in and out. Also, you can move the image right, left, up, or down to focus exactly where you want to focus. Remote Synchronized Zoom allows participants to be simultaneously zoomed based on the mobile device, the user can choose zoom 2x or 3x.
Text Extract using OCR allows the use of optical character recognition to capture alphanumeric sequences to help eliminate typos. For example, a user can capture the MAC address or serial number of a device by copying it to their device/systems clipboard and then paste it wherever needed.
Millions of dollars are lost every year due to merchant fraud. NMSI is at the forefront of this technology and provide its clients with Virtual Site Inspection services that are easy, fast, and secure. In fact, this service can save time and allow Merchant Cash Advance Providers and their underwriters to fund deals quickly.
Important features that set the virtual site inspections apart from other competing services are online chat, SMS messaging, sharing of images, videos and documents, the ability to add single and group participants, screen share to multiple devices, private notes, capture still frame, collaborate markup of images, high-resolution photos, GPS tag location every 10 seconds, recording of the video session, and OCR to capture Serial numbers, Model numbers, and VIN numbers.
“Our proactive approach exemplifies our commitment in providing the small business lending industry the best in class virtual software in the marketplace,” said John Marsh, Chief Executive Officer for NMSI. “Our Virtual Site Inspections provide our clients with the risk management they desire. NMSI continues to lead the way in providing outstanding services to our clients.”
For more information about our Free Virtual Site Inspections, you may visit: https://debanked.com/nationwidemsi/
About Nationwide Management Services Inc.
Nationwide Management Services Inc. is a Veteran owned business established in 2005. NMSI is based in Arizona and specializes in Virtual Site Inspection and Face to Face contact (Door knocks).
SOURCE Nationwide Management Services Inc.
Media Contact:
John Marsh
President
Nationwide Management Services, Inc.
520.840.4583
info@nationwidemsi.com
www.nationwidemsi.com
TBF Financial Buys $60 Million in Commercial Debt from Major Online Lender
September 10, 2019
DEERFIELD, IL, Sept. 10, 2019 ─ TBF Financial purchased nearly $60 million in non-performing loans from a major online small business lender in recent transactions, CEO Brett Boehm announced today.
TBF bought the pools of post-charge-off loans as the highest bidder in transactions arranged through multiple brokers. In most cases, the company purchases directly from alternative lenders, equipment leasing companies and banks.
“We are seeing growing interest from online lenders who want to sell off commercial debt this year. It’s a smart strategy in any economic cycle because it provides lenders and lessors with immediate cash and a way to accelerate recoveries while protecting their customer relationships. Concerns about an economic slowdown are another reason for growing interest in commercial debt sales, as companies prepare to handle a rise in delinquencies and defaults,” Boehm said.
In the most recent deal, the $60 million in transactions included non-performing loans that had not previously been handled by collection agencies as well as post-agency accounts.
TBF Financial is the leading purchaser of non-performing equipment leases, commercial bank loans and online small business loans in the U.S. The company buys commercial accounts up to 4 years old from the date of last payment. This includes equipment leases, loans and lines of credit that have personal guarantees, no personal guarantees, are secured, unsecured, pre-agency, post-agency, pre-litigation and reduced to judgment.
Just as fintechs launched a new industry, TBF created its own industry. When the company started in 1998, there were no businesses buying lease charge-offs on a consistent basis. The principals of TBF believed that they could buy charged-off equipment leases at an attractive price that would also provide TBF with a margin of profit. The equipment finance industry embraced the new services. Since then, TBF has broadened the commercial paper it buys to include commercial bank loans and lines of credit.
The company remains at the forefront of commercial debt buying for the finance industry. For more information, visit tbfgroup.com or contact Boehm at bboehm@tbfgroup.com, 847-267-0660 or via LinkedIn.
Media Contact:
Carla Young Harrington
Susan Carol Creative for TBF Financial
540.479.7835
carla@scapr.com
Lending Valley Originates Over 100 Micro Deals in Debut
September 6, 2019
Brooklyn, NY – Lending Valley has originated 100 fundings to small businesses since the company’s debut in early June. The company was founded by small business finance veteran Chad Otar, the former CEO and co-founder of Excel Capital Management. Lending Valley focuses on micro funding deals of $1,500 to $10,000 with a variety of available payment structures. Otar is a Forbes Finance Council Member.
“We saw that the micro advances market needed another player and our goal is to help merchants’ businesses, not hurt them, and make it as easy as possible for them to obtain the capital and to be able to get them to the next step in their business venture,” Otar said. “Lending Valley is backed by years of industry knowledge and a diverse team that can provide the best support possible.”
About Lending Valley
Lending Valley was founded in New York City by Chad Otar. Otar is a member of the Forbes Finance Council. To learn more about Lending Valley, visit https://www.lendingvalley.com or call 866-888-3051.
OnDeck Taps Bank Veteran to Lead ODX Sales and Strategy
July 23, 2019
NEW YORK – OnDeck® (NYSE: ONDK), the leader in online lending for small business, today announced the appointment of Lonnie Hayes as the Head of Sales and Strategy for ODX, a wholly owned subsidiary of OnDeck that assists banks with streamlining and digitizing small business credit origination.
Mr. Hayes brings more than thirty years of experience to his new role. He most recently served as Executive Vice President of Small Business for BBVA USA, where he established the organization’s U.S. strategy to serve businesses with less than $10 million in annual revenues. At BBVA USA, Mr. Hayes oversaw product development, digital and sales operations, as well as leading the bank’s nationally recognized Small Business Administration (SBA) lending unit.
“Lonnie’s proven track record building and managing high-growth sales organizations and programs will be crucial as we continue to address the market from banks seeking enhanced digital lending capabilities,” said Brian Geary, President, ODX. “Lonnie will be a tremendous asset to our team as we engage financial institutions to help them accelerate their ability to serve small businesses.”
“I am excited to join ODX, the pioneer in digitizing and speeding the online lending experience for banks,” said Lonnie Hayes, Head of Sales and Strategy, ODX. “I hope to bring a banker’s perspective to our partnership efforts and look forward to collaborating with bank colleagues old and new, to strengthen the economics of small business lending while dramatically improving the customer experience for borrowers.”
ODX operates as a subsidiary of OnDeck and offers a combination of software, analytic insights, and professional services to help banks reinvent their small business lending process. At the core of the ODX solution is a modular, scalable, and reliable SaaS platform that allows banks to either create a fully end-to-end digital experience for their customers or to select certain components for specific product functions. An ODX-powered bank platform experience can enable a small business customer to apply for financing from their bank online, receive immediate decisions, and obtain funding in as fast as 24 hours.
About OnDeck
OnDeck (NYSE: ONDK) is the proven leader in transparent and responsible online lending to small business. Founded in 2006, the company pioneered the use of data analytics and digital technology to make real-time lending decisions and deliver capital rapidly to small businesses online. Today, OnDeck offers a wide range of term loans and lines of credit customized for the needs of small business owners. The company also offers bank clients a comprehensive technology and services platform that facilitates online lending to small business customers through ODX, a wholly-owned subsidiary. OnDeck has provided over $11 billion in loans to customers in 700 different industries across the United States, Canada and Australia. The company has an A+ rating with the Better Business Bureau and is rated 5 stars by Trustpilot. For more information, visit www.ondeck.com.
Media Contact:
Jim Larkin
OnDeck
jlarkin@ondeck.com
P: 203-526-7457
Investor Contact:
Stephen Klimas
OnDeck
sklimas@ondeck.com
P: (646) 668-3582
OnDeck, the OnDeck logo, OnDeck Score and OnDeck Marketplace are trademarks of On Deck Capital, Inc.
CAN Capital Welcomes John McNeill, New Chief Financial Officer
July 23, 2019
Kennesaw, GA — CAN Capital, a leading provider of small business working capital loans, is pleased to announce the hiring of John McNeill as its new Chief Financial Officer (CFO). McNeill brings to the company a deep expertise in corporate finance, accounting, treasury and a growth orientation well suited for CAN’s current expansion.
McNeill has been a mainstay in the Atlanta financial services industry. He joins CAN from Ocwen Financial Corporation where he served as Senior Vice President of Servicing Finance, Treasury and Investor Relations. Before that, he served as Vice President of Finance and Treasurer at Home Loan Servicing Solutions, and has also worked in various financial capacities at WestRock and KPMG. He earned his undergraduate degree at the University of Georgia, his MBA at the Goizueta Business School at Emory University, and is a CPA and CFA Charterholder.
“I am very excited to be joining the team and having the opportunity to help the company build on its recent momentum and, ultimately, capitalize on its growth potential,” said McNeill. “I admire CAN Capital’s long history of providing much needed capital to small businesses and look forward to working with our customers, partners, and team during the next chapter of its business expansion.”
CEO Edward J. Siciliano spoke about McNeill’s role in CAN’s promising future: “I’m excited to work with John and benefit from his experience as we establish CAN as the market leader in small business lending on a national scope” Siciliano added, “John’s the perfect fit to drive our corporate finance activities in the upcoming expansion years.”
The entire CAN Capital team welcomes John, who, along with our dedicated group of CAN Capital team members, is here to support our mission of helping every small business succeed.
SecurCapital Acquires Breakout Capital Finance’s Lending Business
July 17, 2019Supply chain and logistics company acquires the lending business of leading fintech small business lender and injects new equity capital
MCLEAN, VA — SecurCapital Corp, an expanding supply chain and financial services provider headquartered in California, today announced the acquisition of the lending business of Breakout Capital Finance, a leading fintech company and nationwide small business lender. SecurCapital is also providing additional equity capital to drive growth in Breakout Capital Finance’s two primary lending products: its highly regarded and innovative term loan product and its FactorAdvantage ® lending solution for small businesses that utilize factoring to finance their business. The acquired lending business assets will be operated by a subsidiary of SecurCapital that will conduct business as Breakout Capital.
Steve Russell, CEO of SecurCapital commented, “We’re delighted to have found a highly respected team and innovative business model in the small business finance space. I share the founder’s vision of the massive potential of the FactorAdvantage lending solution and believe we now have the platform and capital to rapidly grow this industry-changing product. We couldn’t have found a better business to complement SecurCapital’s strategic vision for empowering small businesses.” SecurCapital, through a series of strategic acquisitions, provides supply chain and financial services to small businesses primarily in the logistics industry, including veteran-and minority owned businesses.
Breakout Capital Finance’s Founder, Carl Fairbank added, “After four years as Founder and CEO of Breakout Capital Finance, this transaction begins the next chapter of Breakout Capital’s lending business. SecurCapital is also committed to the proliferation of best practices to drive change in the broader market. I believe Breakout Capital, in partnership with SecurCapital, is now well positioned for substantial growth, especially with its commitment to FactorAdvantage.” Mr. Fairbank will provide strategic guidance during the transition, but has stepped down as CEO of the lending business to focus on driving innovation in advanced technology, including artificial intelligence, machine learning, and blockchain.
Tim Buzby has been appointed as the new CEO of Breakout Capital. He spent 17 years at Farmer Mac, in executive positions culminating as CEO. Notably, he oversaw a 58% increase in company earnings and an almost 4x increase in stock price and strategically matured the company into an agricultural lending industry leader.
Breakout Capital has also hired McLean Wilson, former CEO of Charleston Capital, an asset manager in the SME space, and former CEO of inFactor, a factoring company, as Chief Credit Officer. Mr. Russell added, “With the appointment of Tim as CEO and the addition of McLean to the management team, we expect Breakout Capital not only to carry forward its role in the industry as product innovator and transparent lender but also to deliver financing solutions to a much broader range of small businesses.” Breakout Capital is committed to maintain the high ethical standards, best practices, APR-based disclosure, and competitive pricing for which it has always been known.
About Breakout Capital
Breakout Capital, headquartered in McLean, Virginia, has been and will continue to be a leading fintech company, offering innovative small business lending solutions across the country. As part of SecurCapital, Breakout Capital will remain committed to transparent and responsible lending solutions through product innovation, small business borrowing education, and advocacy against predatory lending practices and will continue to empower small business through right-sized lending, suitability testing, improving terms and supporting the long-term financing objectives of small businesses. Breakout Capital has been widely regarded as the “white-hat” lender in the alternative finance space and intends to retain that reputation as part of SecurCapital.
FOR ADDITIONAL INFORMATION:
Breakout Capital www.breakoutfinance.com
CONTACT:
Public Relations and Media Contact:
Phone: 703.852.6142
Email: info@breakoutfinance.com
About SecurCapital
SecurCapital is headquartered in greater Los Angeles, California with locations in San Diego, Atlanta, Baltimore and Washington, DC. SecurCapital provides supply chain financial services and proven advisory services to logistics businesses from a seasoned team of logistics and financing professionals. SecurCapital offers mid-tier and startup companies access to working capital, M&A consulting, technology enablement and mission critical services for all their supply chain needs. SecurCapital offers forwarders, truckers, custom brokers, 3PL, wholesalers, 4PL, suppliers, veteran owned small businesses (VOSB), minority owned enterprises and government contractors’ on-line access to a broad range of services.
Forward-Looking Statements Disclaimer: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release.
FOR ADDITIONAL INFORMATION:
SecurCapital Corp www.securcapital.com
CONTACT:
Public Relations and Media Contact:
Phone: 619-384-3359
Email: info@securcapital.com
Expansion Capital Group Names Herk Christie Chief Operating Officer
June 28, 2019
Sioux Falls, SD — Expansion Capital Group ECG) today announced the appointment of Herk Christie from VP of Operations to Chief Operating Officer. Christie will oversee the company’s underwriting, IT, analytics, and merchant support and services departments. Christie, has been with ECG since March 2016 and has played a critical role in the growth of ECG and its many successes.
ECG, headquartered in Sioux Falls, SD, is a technology-enabled specialty lender that leverages data and analytics to offer customized solutions to small businesses.
Since inception, ECG has connected over 12,000 small businesses nationwide to approximately $350 million in capital. Christie’s appointment comes as ECG continues to see increased growth in its small business lending platform that utilizes technology, data, and analytics to drive user experience and increase access to capital. Christie will lead ECG’s internal operational infrastructure to meet the growing demand for its expanded services.
“ECG continues to put Sioux Falls on the map for financial technology innovation by creating products and solutions that have won the hearts and minds of our customers,” said Christie. “I am incredibly energized to help lead the company to its next phase of innovation and operational excellence as we expand product options to suit the evolving needs of small businesses across America.”
Vincent Ney, CEO of ECG, said, “Herk understands how to create a culture and environment where our hardworking employees have the opportunity to maximize their growth potential within a range of businesses opportunities. Herk’s leadership in our operational strategy has been a key driver in ECG’s growth and success.”
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About Expansion Capital Group
Expansion Capital Group (“ECG”) is headquartered in Sioux Falls, SD with an additional office in Wilmington, DE. ECG is a technology-enabled specialty lender that leverages data and analytics to offer customized solutions to small businesses. Since inception in 2013, ECG has provided approximately $350 million in working capital to small businesses throughout the United States. Continued investment in its lead referral partnerships, technology platform, people, and its proprietary risk-based analytics modeling platform has positioned ECG to increase its origination volume by approximately forty percent since 2018. This investment and growth has led ECG to be recently recognized as the 802nd Fastest Growing Private Company in America and the 2nd Fastest in South Dakota by Inc. 5000, as well as the Best FinTech to Work by SourceMedia.
For business inquiries, please contact newpartners@expansioncapitalgroup.com.
For job inquiries, please contact khillberg@expansioncapitalgroup.com.
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