00:00.630 --> 00:02.580
Johny Fernandez: Breakout
Capital recently announced they

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had secured $20 million and
expanded access to credit. CEO

00:06.810 --> 00:10.080
and President McLean Wilson said
they had weathered the storm and

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never stopped funding. Now it's
quite a different story here

00:14.910 --> 00:18.690
over at Funding Circle, who
recently announced 120 layoffs.

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The company also announced it
will be relocating a significant

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portion of its employees in the
US over to the United Kingdom.

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Since the shutdowns began, they
have been focusing on PPP loans

00:29.640 --> 00:32.940
and 7(a) loans. They are not
alone in what has happened

00:32.970 --> 00:36.090
during the coronavirus crisis.
However, companies like PIRS

00:36.090 --> 00:39.090
Capital have encountered quite a
different story

00:39.120 --> 00:43.500
Unknown: 100% funding for real.
We've been funding since May 1,

00:43.890 --> 00:52.080
and we are fully operational. We
are funding basically to to the

00:52.110 --> 00:56.700
pre COVID standards as far as
the underwriting goes.

00:57.390 --> 00:59.100
Johny Fernandez: And here's
what's happening in downtown

00:59.100 --> 00:59.520
Brooklyn.

01:01.070 --> 01:03.590
Hey, everyone, I'm Johny
Fernandez with deBanked News and

01:03.590 --> 01:06.200
I'm here in a local New York
City neighborhood and as the

01:06.200 --> 01:08.900
economic activity starts to
bounce back up, you can see a

01:08.900 --> 01:11.810
lot of foot traffic here in this
neighborhood. And like many

01:11.810 --> 01:14.630
other neighborhoods, different
stores are opening back up and

01:14.630 --> 01:17.210
it's something that we'll start
to see more over the summer.

01:17.930 --> 01:21.080
Sean Murray: Thanks Johny.
Canadian small business lender

01:21.110 --> 01:24.590
Lendified is fighting for
survival. President and Director

01:24.590 --> 01:27.140
Kevin Clark had recently
tendered his resignation

01:27.140 --> 01:30.200
effective July 3. However, he
has since stated that he will

01:30.200 --> 01:31.970
stay on until the end of the
month.