Articles by Sean Murray
Can The SBA Handle The Stimulus On Their Own?
March 27, 2020As the market cheers the upcoming passage of a $2 Trillion stimulus bill that is intended to provide much needed support to small businesses, industry insiders are beginning to raise concerns about the SBA’s infrastructural ability to process applications in a timely manner. In a webinar hosted by LendIt Fintech yesterday, Opportunity Fund CEO Luz […] |
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Maryland Merchant Cash Advance Prohibition Bill Put on Hold After State Abruptly Ended The Legislative Session
March 19, 2020The State of Maryland decided to end their 2020 legislative session late last night rather than on the original April 6th deadline, due to COVID-19 concerns. Legislators managed to pass 650 bills in a “3-day sprint” but did not get to everything. Among the bills that did not even make it to the floor were […] |
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Square is About to Become a Real Bank
March 18, 2020Artistic rendition Square is on its way to becoming a bank. The payments and online lending company was approved by both the FDIC and the Utah banking regulator this week to create a de novo “industrial” bank. The company has been trying to accomplish this for more than two years. The news means that Square […] |
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With New York in a State of Emergency, Its Legislators Rush to Regulate Disclosures in the Commercial Finance Industry
March 16, 2020On March 7th, Governor Cuomo declared a disaster emergency for New York State. Four and 6 days later respectively, legislators in the state Assembly and Senate introduced commercial financing disclosure bills that would regulate all business-to-business financing transactions including secured loans, factoring, and merchant cash advances. The bills intend to create uniform disclosures for comparison […] |
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Trump Pledges Immediate SBA Lending Support
March 11, 2020
President Trump pledged to support SBA lending through ramped-up low interest loans to small businesses that are suffering or may suffer from a decline in business due to recent public health fears. Additionally the President says that he will make or ask Congress to impose a degree of tax relief to those affected. More information […]
Thanks to the Virus Craze: It May Now Be Unlawful For Telemarketers Doing Business in New York To Call Large Swaths Of The Country
March 10, 2020
Are you a telemarketer that does business in New York? A large and growing percentage of the country may now be off-limits to contact, thanks to a recently enacted New York State law that prohibits unsolicited telemarketing sales calls to any person in a county, city, town or village under a declared state of emergency […]
A Q&A With Viceland’s Host Of ‘Hustle’ John Henry
March 5, 2020
Entrepreneur and investor John Henry, who also hosted TV show ‘Hustle‘ on Viceland, recently spoke with deBanked Chief Editor Sean Murray about his experience as a young successful entrepreneur (Q&A is below). Henry will be a special guest speaker at Broker Fair 2020 on May 18th in New York City. YOU WON’T WANT TO MISS […]
Bitty Advance Has a New Major Partner
February 21, 2020
Craig Hecker, who founded and sold Rapid Capital Funding, has acquired a stake in Bitty Advance. According to the press release, Hecker and Bitty Advance CEO Edward Siegel first met more than ten years ago when Siegel had just entered the merchant cash advance industry at Rapid Capital Funding. Bitty has been on the move. […]
New York Appellate Court Overturns QFC, LLC v Iron Centurian, LLC
February 7, 2020
The Appellate Division, 2nd Department of The Supreme Court of New York, overturned QFC, LLC v Iron Centurian, LLC and Mohamed Sadiqui last month, granting victory to a merchant cash advance company. The case can be summed up as follows: A Confession of Judgment (COJ) was filed by plaintiff against defendants for breach of contract. […]
We’ve Acquired All Of DailyFunder
February 6, 2020
deBanked’s parent company has acquired 100% of DailyFunder. I was a co-founder of the online forum that launched in 2012 and had remained a partner in it until recently when I had the opportunity to acquire the remainder of the company’s shares. What does this mean for DailyFunder? DailyFunder will remain an independent entity and […]
Loan Brokers Attack Online Direct Lending in Super Bowl Commercial Duel
February 2, 2020
The battle is on between lenders and brokers in the mortgage space as middlemen try to out-compete push-button loan technology. Quicken Loans ran a Super Bowl Commercial that featured Game of Thrones Actor Jason Momoa aka Khal Drogo and its Rocket Mortgage product. The theme, that of being super comfortable in your home, is a […]
Appellate Court Affirms Decision in Merchant Funding Services, LLC v Micromanos Corporation etc.
February 1, 2020
On January 29th, 2020 the Appellate Division, 2nd Department, of the Supreme Court of New York, upheld the original decision issued in Merchant Funding Services, LLC v Micromanos, etc. et al.. The case concerns a Confession of Judgment (COJ) filed following Micromanos’ default on a merchant cash advance contract. The defendants sought to vacate the […]
One Of The Most Devastating Court Decisions Against Merchant Cash Advances Has Been Overturned
January 29, 2020
Merchant Cash Advances have sat on comfortable legal footing in New York ever since an appellate court ruled in favor of Pearl Beta Funding, LLC against Champion Auto Sales, LLC in 2018, but even so, it hasn’t stopped lawyers from trying to invalidate merchant cash advance (MCA) contracts on behalf of aggrieved customers. That’s because […]
Quarterspot is Shifting Its Business Focus
January 22, 2020
Last week, several industry insiders reported receiving an email from NY-based company Quarterspot that said their agreement had been terminated. The contents stated that the company is “shifting its business focus and will no longer be originating loans, but will continue to service currently outstanding loans.” deBanked has confirmed that to be true. More information […]
Broker Fair 2020 Announces Two Special Keynote Speakers
January 17, 2020
Two special guests will speak at Broker Fair 2020 on May 18th in New York City. Scott Rasmussen and John Henry will complement a roster of leading professionals from the commercial finance industry. Broker Fair 2020 will be deBanked’s largest ever event. TICKETS ARE ON SALE NOW AND EARLY BIRD PRICING IS STILL AVAILABLE!
deBanked CONNECT MIAMI Kicks Off Today
January 16, 2020
deBanked’s annual South Florida event, deBanked CONNECT MIAMI, begins today at 1:30pm at The Loews Hotel in Miami Beach. Check-in will take place at the Rotunda on the 2nd level. This event is SOLD OUT. More than 500 people are registered to attend this year. Got an event question? Email: events@debanked.com Got a general deBanked […]
Dodd-Frank’s Small Business Lending Data Collection Rule Could Still Take Years to Implement
January 12, 2020
Small business lenders: Are you ready to regularly submit loan application data to the Consumer Financial Protection Bureau? No? Good, because almost ten years after Dodd-Frank passed, the provision that requires the CFPB to collect small business lending data still hasn’t been implemented. And apparently we’re still years away. Section 1071, as it’s known, modified […]
Jonathan Braun Has Checked In To Prison
January 2, 2020
Jon Braun, who Bloomberg Businessweek profiled in a 2018 story series, checked into FCI Otisville on Thursday. He was sentenced to 10 years in prison on May 28th for drug related offenses he committed a decade ago. He was originally scheduled to surrender on August 25th but he successfully delayed the date until today, January […]
The End Of An Era – deBanked Through The Decade
December 30, 2019
deBanked estimated that approximately $524 million worth of merchant cash advances had been funded in 2010. In 2019, merchant cash advances and daily payment small business loan products exceed more than $20 billion a year in originations. THE LARGEST SMALL BUSINESS FUNDERS OF 2008 AdvanceMe First Funds Merchant Cash and Capital Business Financial Services AmeriMerchant […]
How GRID Finance’s Cash Advances Are Building Stronger Irish Communities
December 27, 2019
Above: The Design Tower on Grand Canal Quay in Dublin, home of GRID Finance’s headquarters Five years ago, a small company in Dublin put Ireland’s fintech scene on the map by advising local SMEs to “get on the GRID.” GRID Finance, founded by Derek F Butler, introduced a peer-to-peer lending model to Irish businesses at […]
