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Moshe Kazimirsky: So good morning, everyone. First of
all, let me start and say thank you to the D bank team
for putting this amazing virtual conference together.

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I'm looking forward to the rest of the day. I see an
amazing content coming up. So this morning, our topic
is the alignment of data and people in a post-pandemic

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economy. My name is Moshe Kazimirsky. I'm the VP of
Strategic Partnership and Business Development in
Become. Together with me, Heather Francis, the CEO of

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Elevate Funding, very unique and boutique, MCA company.
Also, one of our partners at Become. As well we have
David Snitkof, VP of Analytics at Ocrolus, and I'm

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happy to say that another partner of ours we're also
using the amazing Ocrolus technology, mainly to analyze
bank statement and financial documents. So to all that

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don't know Become, Become is the leading online
platforms for small and medium sized businesses to find
an optimized funding solution. We started operating in

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Australia in 2016 and got into the US market late 2017.
We are a FinTech company. And we are using our
technology and algorithms to zoom into each small

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business, unique financial profile, analyze it and
match it with the right and optimal funding solution
for this specific business. Our ecosystem has more than

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50 leading lenders and FinTech partners. We are trying
to cover all loan products from SBA to line of credit,
cash advance, equipment financing and even more. As a

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tech company, we're very much focusing on that our
secret ingredients obviously, is that we use data
analysts to improve online funding processes using

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API's in order to integrate with our partners and share
with them all the data that we have. Obviously in light
of the COVID we've been tracking a lot of data and

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trends to better understand how the pandemic has impact
businesses in the long run and obviously also in the
short run. Obviously, in this panel we're gonna discuss

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in here about the new ways that in-human processes will
be combined in a post covid economy. Things like how
important is location following a lock down how the PPP

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and EIDL depositing customers account actually being
viewed. Our businesses are managing the cash flow
today. And also different way to merchant to interact

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with different new companies known bank, FinTech. So
let me again, transfer this microphone to my team mates
in this panel, Heather Francis.

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Heather Francis: So I'm Heather Francis, CEO and co
founder of Elevate Funding. We are located in
Gainesville, Florida, as you can see the nice, sunny

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picture from behind me. We are actually in office,
we've been in office for over a month and a half now.
We really are very fortunate with our location. I know

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a lot of people are like, where's where's Gainesville?
Don't always know. But sometimes there's a benefit of
being rural. And we had that benefit through this

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pandemic, and we're able to have the managerial staff
continue to come into the office. We did keep some of
the support staff more at home during this but so yeah,

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so I'm actually coming to you from the Elevate Funding
office. Not sure if I'm the only panelist, you know,
throughout Broker Fair that may be doing that. I know a

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lot of people are still stuck working at home. So, but
glad to be here, glad to be sharing our insights.
Elevate Funding is a direct funder. We've been funding

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throughout the pandemic. We are a balance sheet funder.
We don't have any covenants, which has allowed us to
continue to operate and to pick where we want to put

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our money in and to fund through that. So I find that
we're very fortunate in that sense that we were set up
in that manner to be able to do this. So I am I'm

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looking forward to the panel and discussing what we've
seen while funding during the pandemic and you know how
we're moving forward and what we're looking at.

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Moshe Kazimirsky: Thank you, Heather. To you, David.

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David Snitkof: All right. Hi, everyone. This is David
Snitkof. I am head of analytics at Ocrolus and very
excited to be here today at the virtual conference. I

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am not in Florida, it's not as sunny here. We're not
back in the office yet. But we're in New York based
company. And Ocrolus is a FinTech infrastructure

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company that's focused on document and data driven
workflows. And so we work with many of the largest
lenders in small business lending, personal lending,

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mortgage lending, auto lending, and our mission is to
help financial services companies make high quality
decisions in an automated and efficient way, with

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trusted data. And I think it's a very interesting time
in history to be doing this. I've been in the data and
analytics and product development world for about 15

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years, and I've worked in business credit, I've worked
in consumer credit, as I've worked as a founder as an
employee and manage various risk portfolios. And it's a

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pretty interesting time because the pandemic has caused
everyone to really rethink their approach to lending
both data wise and operationally and so many of the old

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ways of doing things. It's actually time to reimagine
them. And people have had a bit of the time and space
to do so. And so I think going forward in the in the

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aftermath of the pandemic, and this is what we'll talk
about today, there's a real chance for both lenders, as
well as the companies that support them to rethink the

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way they manage risk, the way they work with data, the
way they issue credit. And ideally, to do that in a way
that one makes these companies better off and and

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faster growing and more profitable, but at the end of
the day, is better for the consumer or business in
terms of access to capital that they need to grow the

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economy.

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Moshe Kazimirsky: Thank you, David. So just before we
start with the first topic, we will be opening for
questions. So if you would like to submit a question to

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the panel members, please do it via the Q&A section and
not the chat section. Hopefully, we'll have enough time
to review and answer most of the question. So for the

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first topic for our session, what kind of different
things will people be looking for when assessing risk?
Have you been seeing any kind of pattern? Anyone would

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like to start?

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Heather Francis: Yeah, sure. So yeah, as I stated in my
intro, you know, we've been funding throughout the
mitigation efforts. And it was slim pickings on what we

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could fund that is for sure. But during this time, we
did transition our data sets. But it wasn't so much as
adding new data, but weighing the data a little bit

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differently through this. So one area, I think that we
had really put some more emphasis in was going to be
and I think this is a no brainer for most people was

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monitoring state and national restrictions. So that's
something that we do on a normal basis, usually, you
know, month to month check in just from a regulatory

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standpoint. But we had to switch this to be as most of
you know, a daily occurrence because of closings that
we're taking place. And we had to assign one main person

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to continue to monitor state and local government. I
mean, we were even going down to county regulations, at
the height of everything to where counties were

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dictating what could be open and what couldn't be open.
So we had to really lean on state local websites, and
kind of go through and go through what they feel is

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essential business. Some places were allowing
constructions, other was not some had construction, but
the permitting office was closed. So there was no new

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construction to be done. So we really had to dive in,
it wasn't just a macro view, we were having to do a
micro view on this. We were also as you guys know,

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Elevate is very transparent. And so with this data, we
shared it with all of our signed up ISO partners and
gave them a link to a designated website that we

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created, where it highlighted and real time data, what
was open in what state and what we could actually fund.
And so we were very open and transparent with that and

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communication so that we could continue to service and
provide funding options both for our referral partners
and for our merchants, our renewal merchants. So that

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was one area that we had to really switch over and wait
are decisions on. And it is going forward, what we
continue to have to monitor. We, as most people know

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we've been, we created a new product called a bounce
that was for states opening up and we've been
monitoring and providing that data to our referral

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partners as well on where we can find now that it is
moving forward. And you know what industries that we're
looking at there. We're having to unwrite the

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consumer's activity, not our business owners activity.
And so we really dove into while again, this is a data
set that we continuously monitor, it was one that we

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had to put more weight in. So what you're seeing here,
and what we're showing you is from Foursquare, the data
is comparing foot traffic from a baseline date of

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February 19, 2020. Prior to everything going on with
COVID-19. And before states stepped in and started
asking people to shut down. The first time that you'll

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see here, it goes until May 22. This is when we started
analyzing on an open up basis where the foot traffic
was when we were opening and what we could fund into.

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And then we have another bi weekly review that we did.
And you can see the changes that's associated with a
June 5 date. As you can see, the data is very important

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during the reopening phase is we're learning where
people are comfortable going, consumers are going to
drive what remains open and what businesses thrive. And

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we need to understand what they're comfortable with.
You can see some small changes in the two weeks
clothing and casual dining did move up slightly. Casual

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dining has a 9% increase, we're still seeing
restaurants that have takeout, do a whole lot better
than if it's sit down, we're seeing a better response,

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if there's takeout available there. And then clothing
stores actually had a 19% increase, which I don't know
if that's a pent up demand there. Or if it's just more

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of people going we want to support local and small
business and they're getting out and trying to buy
something. I do know from, you know, our local area,

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we've seen where a lot of people move to boutique shops
getting stuff online. And so some of that could be a
little bit more of getting new customers through that

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online presence that they created. You can see foot
traffic and grocery has actually decreased as well as
the big box stores. Again, that could be a little bit

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too supporting local, I know farmers markets are coming
back open as well. We have a couple people in our
office who use farmer's markets a lot over going to the

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grocery store. And they were having to once that
closed, you know go that route. So that's definitely
what we pay attention to. And we do monitor it on a bi

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weekly basis to follow the trends and see where people
are wanting to go and to be more comfortable with. You
can go ahead and scroll down a little bit more. Now. I

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know some of us are a little shocked by some of these
numbers, you're like, you know, why is a bar still at
50% occupancy? I mean, a lot of people felt like how,

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how is that happening? That's closed spaces for the
most spot. And I know we all have the need to be
social. And that's something that we all missed out on.

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But even as of last week, it only it only has a third,
you know, third drop and what it normally sees. And
that's a little shocking. And what you can see is that

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there are some areas in our country that were not
heavily impacted. I know some of us have our optics of
what's going on in our daily lives. So a lot of people

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in our space are located in New York and California.
And these were the very heavily regulated areas where
everything was pretty much shut down. And there wasn't

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a lot for everyone to go out and to do. Us here in
Florida was a little bit different, especially in our
county. We were able to move about a little bit more

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and still able to get out with more open seating,
dining and, and things like that. So you can see in our
bottom graphs that we went ahead and looked at

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demographic on a state by state basis, regional basis.
And you can see in the beginning, the South really had
a huge amount more of traffic and flow going on a foot

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basis wise and and where people were comfortable going
out and about. And that's also some of the states that
opened up the earliest in the COVID-19 response. As of

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last week, you can see it's a little bit more spread
out now we're seeing you know, Midwest is coming into
that they're having a higher foot traffic, even North

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East is seeing more foot traffic increase. So we're
really able now to see on a regional basis that's
spreading out and for Elevate, we're more comfortable.

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And those who are our referral partners know that we've
opened up a whole lot more states that we're working
with over the past two weeks, because of some of this

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data. And so this is definitely something going for
that we'll continue to monitor and to continue to look
at. It will be like I said it is data that we've always

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had. It's going to be more weighted in our review,
probably over the next year as we go into a possible
second wave and to see and understand what consumers

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are comfortable with. Because most of our small
businesses do cater to a consumer model, and that
that's who they're, you know, tending to. So I'll go

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ahead and turn it over to David to see, you know, what
he had to say.

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Moshe Kazimirsky: Thank you, Heather.

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David Snitkof: Yeah, thanks, Heather, that data is
really fascinating. And the whole approach you're
taking is, is really interesting. And it's just an

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example of the old way of underwriting business credit
is no longer sufficient. If you were to only look at
people's repayment history, their credit profile,

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things like that, you wouldn't get all the data, you
need to make the right kind of lending decision. And,
you know, generally there's this idea that the past is

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prologue, and that the greatest predictor of future
results is past behavior. And this type of pandemic
really makes that no longer the case, if you had, for

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example, two restaurant owners, and one of them paid
every bill he's ever had for the past 20 years. And
another one of them was overextended and missed some

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payments and, and defaulted on a credit card or
something like that, you would think the two of them
are very, very different risks in a normal period of

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time. Today, they might both be good risks, or they
might both be bad risks, depending on as you said, do
they have foot traffic? Do they have takeout? You know,

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how much did they pay in rent? How much did they pay in
payroll were they able to get disaster funding. And so
there's so many other data points that lenders need to

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be able to consider to make a good small business
credit decision. And the way I think about this is that
there are three principles going forward for business

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lenders coming out in the recovery. And that's more
data more time and more detail. In more data. What that
means is, we need to think beyond the traditional data

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sets that people have used to underwrite credit. And so
it's a great example to look at Foursquare foot traffic
data. To look at, you know, COVID disease data at a

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very granular geographic level. To be able to actually
underwrite, as you said, your business's customers,
your customers, customers, because you want to know the

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level of demand for their products and services, to be
able to not just look at people's repayment records,
but also look at their bank statements, their

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transactions, their tax documents, their identity
verification, their payroll, all these things to really
understand the dynamics of the business in more detail.

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On the more time piece of it, very often, you had lead
lenders looking at let's say, 90 days of bank
statements or something like that, I think you're going

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to see a lot of lenders going to six months or going to
a year and even doing things to make sure that they
have persistent access to data from their customers.

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Because again, to look at only a short period of time
doesn't encompass the seasonality and change that, in
reality is has always been a part of small business.

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But I think that volatility is increased, even more so
today, and will continue to do so in the future,
particularly, if there's a second resurgence, and

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likely, you know, the recovery is not going to be even
across geographies. And if there's a second resurgence
of COVID, that's not going to be even across geography.

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So having a wider timeframe to look at is super
important. Remember, third thing is more detail where I
think in underwriting a small business, lenders need to

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be acutely aware of the unique financial dynamics of
any particular business. So understanding the gross
margin inherent to a particular industry, apart from

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just the revenue, understanding whether expenses are
fixed or recurring, understanding how much cash a
business has in the bank. And has that been trending

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one way or the other? How many days or weeks or months
of expenses does that cash pay for in the event that
they have to be shut down and they can no longer make

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revenue. So it just will become and I don't think we're
going to go back to the old world. I think once people
have woken up to this, lenders will realize well, then

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in order to make a credit decision, we need to have
access to very deep, detailed and and wide timeframe
data about our customers, and we need to be able to

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process it in an automated and efficient way.

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Moshe Kazimirsky: Thank you. Thank you guys, we
actually cover quite a bit about what the industry
actually need to do in order to adjust. So I completely

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agree with you, David, that our timing and more
details. Do you believe the industry there's a more
data that the industry need to look for in order to

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adjust for everyone to be able to really move forward?

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David Snitkof: You know, so I think there's one thing
one thing that we haven't discussed yet obviously is
the capital side of every lenders business and that's

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really interesting and Heather, you have an unique
advantage There being a balance sheet lender and not
having covenants. And so you, you luckily don't have to

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deal with that. But and that's a great position to be
in. But of course, you know, what do lenders sell, they
sell money. And so the money has to come from

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somewhere. And so for most lenders, managing that
capital side is really important. And I think, you
know, the debt capital markets, whether that is, you

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know, banks, or hedge funds, or pensions or family
offices or things like that, that provide the capital
for lenders to do business, they themselves are going

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to become more sophisticated and more discerning in
terms of the criteria and the restrictions they put on
top of that capital. So you're no longer and maybe  be

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content to look at new very simple aggregate metrics on
what their lenders are doing and what their
underwriting, they may actually want to see some of the

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same data points that we were just talking about. And
so for every lender, managing that market and trying to
match up, you know, borrower demand, and the supply of

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capital will be really important, and it'll probably be
in flux for the next year.

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Heather Francis: I'd also like to add on to that a
little bit, and that we're also kind of in a titanic
situation going forward. Right now, when we're looking

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at these merchants, we're kind of seeing the tip of the
iceberg. And there's a lot of issues hiding underneath
that we unfortunately, don't have visibility into just

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yet. And some of the data is going to be missing only
because data is as good as what's coming in. And we
have a lot of credit reporting, we have a lot of

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delinquency reporting that has been put on hold. We
even have, you know, in some places where rent has been
paused, you know, for two or three months, eventually,

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this is all going to come due. And this is all going to
be out there lurking to come at the business owners.
And it's definitely going to catch some people by

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surprise, if we're not going into funding and looking
at these business owners with the assumption that what
we see here is not the full picture. And understanding

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the ability to repay, not two months down the way, not
three months. But in a six month time frame. And I know
our space, especially and the tier A funding that

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happens, you know, we have people who do usually 12 to
14 months, some even out to 18 months, I think that's a
very risky market at this time to put that on a client.

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And I think you'll you'll see going forward that those
timeframes are going to start reducing, because we do
have such a unknown coming up in the next three to six

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months.

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Moshe Kazimirsky: Thank you guys, I'm changing the
topic a little bit. In the past two months, the focus
for small businesses was mainly on the payment

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protection plan. And the idea. It's actually a two part
question. Should the PPP deposit be separated from the
regular cash flow or operational or even a position as

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a loan? And can you predict some kind of patterns
coming from PPP transaction or the behavior of the
small businesses?

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Heather Francis: Well, I know it Elevate. Yeah, we
don't take PPP revenue in. That's definitely not
something that we're looking at. It's great that they

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got it. I know, when we see PPP in there. It's
especially for the customers that we already have an
account with, we're really happy with that. We're more

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likely to renew, especially if we see that and it's
very indicative of the merchant having a relationship
with their bank. I think we all saw in the first round

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of PPP, that the bank relationship was very crucial.
And then I think in the second round, we saw that the
alternative finance avenue was able to get in on a

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timely manner, the PPP applications and we were able to
see that as well. And we've seen that through our
clients. I do know if we're funding a file that has

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that in there, it is a little bit more of a cushion, in
the sense that we see it as that's one cash flow
overhead the merchant has gotten taken care of. So we

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know that they're wanting to be open. They're making
sure their employees are on the books so that they can
continue once things return to normal. For us. It's a

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positive indicator for funding, but we don't look at
the revenue from it when we're considering funding as
far as you know what we count.

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David Snitkof: Yeah, it's very interesting and PPP has
been a super interesting experience. You know, we were
we were fortunate to work with a lot of the lenders who

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are doing PPP financing, and we were a big part of
helping them scale their operations to be able to get a
lot of funding to small businesses and we'll be working

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with with many, many lenders as part of that.
forgiveness for PPP. And we have solutions around that
too. It's you know, yet another unique thing about this

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situation is that, you know, it's A typical that a very
large number of your small business customers all have
a very large piece of cash flow all at the same time.

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And so you know, you do have to look at that distinct
from other sources of influence a customer's bank
account, you wouldn't want to count it as revenue,

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because it's not business revenue, it's not really
indicative of their ability to sustain a business and
have customers and run their operation. It is, as you

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said, Heather, indicative of their ability to have a
cash cushion, and weather the storm. What I think will
be interesting for lenders is to identify those people

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who have had a PPP deposit. And then also see how
quickly that cash becomes depleted. So are they able to
take that and really hold it in reserve for a rainy

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day? Or is it something that they have to deplete very
quickly. And so that rate of PPP deposits depletion
will be an interesting metric for lenders to track to

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understand the financial health of their customers
going forward.

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Moshe Kazimirsky: Thank you. We touched a little bit
about underwriting for the short term and also for the
long run. What do you see has changed from the

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underwriting perspective, today, and also in the
future?

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Heather Francis: As I stated before, we're looking more
at consumer behavior for the merchant and the merchant
alone. We've always been a funding company who looks at

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cash flow patterns, even up to the day of funding,
that's something that we've all we've always done. I
know it's a pain point for a lot of our referral

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partners, they'll be like, oh, we're always looking to
see is the cash level still on-point from when we
underwrote the file, that's always been something that

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Elevate has stuck to our guns on with that. So it's
been a little bit of an adjustment for our underwriters
from that cash flow point of view, because we're

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getting some somebody who's had no receivables in April
and May, we're taking a look at some really heavy
negative bank accounts, March, April, May. And we're

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still having to take a leap of faith, so to speak, on
what they've done in the last week, what they've done
the last two weeks, what they've done the last three

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weeks, and what they were doing prior to COVID-19 and
make a complete picture for underwriters, that it's
somebody that we want to invest in and to put money

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into. So I know that's been a big shift for Elevate and
where our underwriters are definitely. We're having to
kind of say, Oh, it's okay. I know, there was 12

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negatives in April, like I know, but we're going to
have to look past that and, and move on. And where are
they at right now? And what are we looking at going

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forward. So it has been an adjustment. And like I said
before, we did create a new program to kind of
accommodate for that are Bound program, you can reach

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out to our ISO partners, developers for that if you
want to learn some more, Ken and Michael are here all
day. But that's one of the things to kind of help

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accommodate, we did create something for underwriters
and for the merchants alone to kind of to move forward
with this new way of thinking of underwriting and

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people who have had no revenue for three months, and
still find a way to fund them.

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David Snitkof: Yeah. What's interesting is that you
know, what our computer is good at computers are good
at automating things that already exist and finding

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patterns where that pattern has been borne out through
history. at this particular time, there's a lot of
there's a lot of things that are super unique. And so

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what's interesting is having that that combination of
human intuition as well as automated data, and making
the computers and the humans really work well together.

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What I'm very interested to see and also be a part of
going forward is how we will begin to automate some of
this logic and intuition. So it makes sense that now

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for a small business, you know, they're going to
explain why they were negative 12 times in the last
month, they can explain why they had no revenue and you

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understand it, you probably don't want to be having
those one-off conversations forever. And so how do you
actually start building that type of anomaly detection

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into your models and into your automated systems, where
you can tell you know, someone who, who missed payments
or something due to a very legitimate and

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understandable event, versus someone who is actually
chronically unreliable and that'll be a very
interesting thing to automate going forward.

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Host: I'm gonna chime in real quick we have a 10 minute
mark, so we could start taking any questions and
answers anybody has any?

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Moshe Kazimirsky: Yeah. Don't you want to cover another
like last topic? I really want to discuss with you
about merchant and business owners changing the way to

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interact with non bank. And now FinTech giving what
we've seen in the past few months, mainly around the
PPP, the first round of the PPP, the second round

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shifting between banks and FinTech.

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David Snitkof: Yeah, and I think, you know, a typical
small business owner doesn't, they don't care. And they
shouldn't care in the sense that if you are the

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business, your job is to keep that business running,
your job is to keep that business funded, so that you
have that lifeblood to run your business to pay your

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employees, to be able to provide services to your
customers. So if you can get that from a bank, then
that's wonderful, unfortunately, and, you know, one of

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the things that spurred the creation of the industry
that we're all a part of is that banks have not been
particularly good at providing credit to very small

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businesses. And, you know, it just hasn't been there
focus banks can't really do it profitably. And they're
much much better at dealing with larger markets. And so

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if you can get the right kind of funding from your
bank, that's great. If you can get it from a FinTech
company or alternative lender, then that's good too.

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But I think the bar has been raised, and in an age
where switching costs are basically zero on the
internet, we have this golden age of customer service.

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And so small businesses as well as consumers are going
to demand, you know, good funding on the right terms
with full transparency, with speed of decisioning. And

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with a good relationship, and if they can get that from
someone who's not a bank, a FinTech company or
alternative funding provider, then that's a great

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scenario for them.

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Heather Francis: Yeah, I definitely say, you know, in
the past 10 years, there's already been a movement to
more alternative finance versus bank. And some of that

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is technology based, we have a lot of people who are a
whole lot more comfortable providing data through the
internet through their phone device. And so it's

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definitely given way to non bank companies, alternative
finance companies to grow and to have a relationship,
you know, to David's point with with the customer at

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different levels. If I will say, we are seeing in our
space, you know, in a funder, that a credit profiles
that we haven't really seen in the subprime sector or

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in the alternative finance, because they've had direct
relationships with banks that are no longer there.
We're seeing bigger revenue streams coming through,

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we're seeing you know, better credit profiles. And so
it definitely is a time and place for us to really
highlight how our industry is able to assist small

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business, we should really take this opportunity to
expand on what we can do and how we can help. I
definitely think it's a little bit of our moment to

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shine, because a lot of banks have pulled back on what
they're able to do at this time.

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Moshe Kazimirsky: Absolutely. So some questions from
our audience. had, I think I believe this one, probably
will be obvious to you, what percentage of decrease in

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the last three months is the limit that would walk?

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What percentage of decrease in the last three months,
I'm assuming the business cash flow operation is the
limit that would walk in order to be able to be able to

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get some funding?

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Heather Francis: Well, so Elevate, I guess a little bit
of a look behind the curtain, we're actually not
looking at the revenue from March, April and May. For

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our clients, we're really taking a look at what was
done prior. And to David's point earlier, looking at
banks over a year timeframe versus what we saw in the

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last three months. So that's fine. As long as prior to
the pandemic we were looking at above 12,000. That's
our requirement there. And is if we can see that

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they're on trajectory, to get back to that, whether
it's based on their location being open. So we're okay
with that. We are fine with that we have our Bound

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product that most of them will, you know, fall into.
But I mean, we're not giving them 100,000 I don't I
don't want to set anyone's expectations up for that.

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That's for sure. But we are looking at and funding
files without holding them accountable to their April
Mays.

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Moshe Kazimirsky: Yeah. David, are you seeing something
from your own regarding the changes and decrees in the
last in the past three months?

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David Snitkof: I think, No, I agree with what Heather
said, I think it's going to be very particular to the
individual business as well as to the lenders like the

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three the last three months or so anomalous that you
wouldn't want to use them as an indication of a
business's viability other than if the business didn't

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actually have the capital cushion to make it through
which unfortunately, has been the case for many
businesses. So I think you know, In a pandemic

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situation where just legally some businesses are not
allowed to do business, the real name of the game for
them is, is just to survive, to just have the capital

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to get to the other side no matter what, and then you
really want to evaluate their ability to get up and
running again.

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Moshe Kazimirsky: Yeah. Okay. What is your perspective
of what will happen in the next 6,12, 18? months? I
know, it's a hard question.

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Heather Francis: Oh, um, so I think we have a lot
coming up against us in the next 6 to 12 months, we
have an election, that every week goes a different way,

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we have a possibility of a second wave of COVID-19. We
don't know what states and counties are going to do for
that. I know what's been set at a national level. But

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I, from what we saw states kind of do their own thing
as well. And so there's a lot there. We also have, you
know, the rest of the plagues that were listed in the

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apocalypse, I understand 2020 is the year for that. So
those are all coming down the line, I'm sure. But
seriously, I'm kind of the mindset, if you don't know,

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you just don't know and say it. And I really don't have
an idea of what's happening in the next 6 to 12 months,
there's still a lot of shake up to come in our space.

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Elevate has always been forward looking three to six
months, when we offer on files, we're going to continue
to do that, you know, that three to six month

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timeframe, we may reevaluate in September, if we have a
better idea of the landscape to extend out further than
that. But there's a lot, a lot to happen in the next 6

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to 12 months, I couldn't even begin to speculate what
it would all cover.

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David Snitkof: Yeah, I also don't have a crystal ball
and wouldn't pretend to have one. But it you know, one
thing that does keep coming to mind for me is that good

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enough, just isn't good enough anymore. And what I mean
by that is when you're a FinTech innovator. And, you
know, the problem you very often run into in financial

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services, is that, you know, the existing solutions are
sometimes good enough. You know, someone may say, Well,
bank financing is good enough, or existing capital

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markets are good enough for existing ways of
underwriting are good enough. And maybe they're sub
optimal. Maybe you could do better, maybe you could be

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a little more automated, maybe you could be a bit more
data driven. But you know, what, it's good enough for
now. And it works. The silver lining of what we've just

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been through as a country as a world as an industry is
that all those things that were good enough, they were
on pause. And so it's given people the time and space

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to reimagine what they could do, and actually look at
the capabilities that are now technologically available
to us, where we can say, well, maybe we can provide a

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great, personalized customer experience to every small
business or consumer out there. And maybe we can be
much more data driven and automated and our decisions,

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maybe we can actually extend better terms on financing
to people, because we're able to predict risk better.
And because we're able to optimize our marketing spend

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and optimize our cost of capital better. So I think one
of the one of the good things about a disruption is it
takes away some of the good enough and a lot of those

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sacred cows that couldn't be disrupted before are
actually now ready to be disrupted. And we will
hopefully in the next year, several years, see very,

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very rapid innovation along those lines.