1 00:00:00,000 --> 00:00:03,630 Johny Fernandez: Fernandez with deBanked TV. So you may be 2 00:00:03,660 --> 00:00:08,760 noticing that my co anchor co host, Sean, he's not here today. 3 00:00:08,880 --> 00:00:12,060 So he's actually not going to be joining me today. He will be 4 00:00:12,060 --> 00:00:15,270 back on Wednesday. But we're gonna pretend that Sean is still 5 00:00:15,270 --> 00:00:18,210 here, as we go through the headlines today, and we're gonna 6 00:00:18,210 --> 00:00:21,480 have a pretty good conversation about some of the future events 7 00:00:21,480 --> 00:00:24,420 for deBanked, then just got a couple of things, we're going to 8 00:00:24,420 --> 00:00:26,910 talk about that it's going to be really exciting. So we're going 9 00:00:26,910 --> 00:00:28,680 to go through them, and we'll get we're gonna pretend Sean's 10 00:00:28,680 --> 00:00:31,260 here. And I'm probably going to mimic what Sean would probably 11 00:00:31,260 --> 00:00:34,920 say during these conversations that I'm going to walk through. 12 00:00:34,980 --> 00:00:40,290 So I guess stay put, and let's walk through this together. 13 00:00:40,530 --> 00:00:42,930 Again, I'm Johnny Fernandez. And I'm so happy that you're here 14 00:00:42,930 --> 00:00:47,130 joining me on deBanked. TV, and Sean would say I'm Sean Murray. 15 00:00:47,130 --> 00:00:49,800 And it's like, Alright, cool. Alright, so the first things 16 00:00:49,800 --> 00:00:52,230 that we're going to first thing that we're going to talk about 17 00:00:52,230 --> 00:00:56,910 is regarding Kabbage, and they've actually gone back into 18 00:00:56,910 --> 00:01:01,440 the Small Business Funding area. So we did announce over the 19 00:01:01,440 --> 00:01:05,820 spring that they stopped lending to small businesses, but many 20 00:01:05,820 --> 00:01:08,670 assume that they're going to pick up where they left off. So 21 00:01:08,670 --> 00:01:14,970 in August of 2020, Kabbage, they had a repurpose as a checking 22 00:01:14,970 --> 00:01:18,210 account service. And then last week, Kabbage announced that 23 00:01:18,210 --> 00:01:22,260 they are returning to funding and they said that they're going 24 00:01:22,260 --> 00:01:30,450 to offer credit between $1,000 to $1,500 line of credits, and 25 00:01:30,450 --> 00:01:34,620 they we're gonna actually backed by Amex. So pretty much, you 26 00:01:34,620 --> 00:01:37,830 know, you can apply minutes if you want to apply using Kabbage, 27 00:01:38,010 --> 00:01:41,310 and you can access the working capital. Now we know that 28 00:01:41,310 --> 00:01:43,950 Kabbage has been in the game for quite some time, and they were 29 00:01:43,950 --> 00:01:48,060 actually one of the largest online small business lenders in 30 00:01:48,060 --> 00:01:51,840 2019. So it's definitely something that we had talked 31 00:01:51,840 --> 00:01:55,710 about before. And Sean, you know, if he was here, I'm pretty 32 00:01:55,710 --> 00:01:59,520 sure he would have said that, you know, it was no surprise 33 00:01:59,520 --> 00:02:02,550 because they had such a backing with American Express that they 34 00:02:02,550 --> 00:02:05,820 were going to kind of work towards something to kind of get 35 00:02:05,820 --> 00:02:09,930 back in the game. So yeah, it's definitely interesting to see, 36 00:02:10,020 --> 00:02:14,490 you know, how this will end up. And pretty much how, you know, 37 00:02:14,490 --> 00:02:18,780 they'll kind of take their spin on line of credit, and, you 38 00:02:18,780 --> 00:02:22,860 know, business lending for small businesses. So yeah, I mean, 39 00:02:22,860 --> 00:02:25,590 it's definitely something that a lot of people are keeping their 40 00:02:25,590 --> 00:02:30,030 eye on, especially after the merge with American Express. So 41 00:02:30,060 --> 00:02:32,820 the next topic of conversation that we're going to discuss is 42 00:02:32,820 --> 00:02:36,330 going to be about PPP loans. Now, Sean and I, we've talked to 43 00:02:36,330 --> 00:02:40,500 you guys about PPP loans. Since last year, obviously, it was a 44 00:02:40,500 --> 00:02:43,980 hot topic. And you know, businesses everywhere were 45 00:02:43,980 --> 00:02:46,230 applying for it. People were getting it people were not 46 00:02:46,230 --> 00:02:49,200 getting it. So there was a big conversation regarding it. And I 47 00:02:49,200 --> 00:02:51,900 know Sean would probably say something along the lines of 48 00:02:51,900 --> 00:02:56,400 like man, like again with the PPP conversation. But this one 49 00:02:56,400 --> 00:03:00,030 is interesting, because this is a former NFL player, he was wide 50 00:03:00,030 --> 00:03:04,620 receiver for the for the bears. His name was Joshua Bellamy. And 51 00:03:04,620 --> 00:03:10,050 he was actually sentenced last week, because he actually 52 00:03:10,050 --> 00:03:13,680 committed PPP fraud. Now, according to the court documents 53 00:03:13,680 --> 00:03:17,520 ahad stated that his company, his company was called Drip 54 00:03:17,520 --> 00:03:22,110 Entertainment. They actually obtained about $1.2 million. 55 00:03:22,830 --> 00:03:27,900 Again, 1.2 million million dollars in PPP funding and PvP 56 00:03:27,900 --> 00:03:30,630 loans. So I know that's something that, you know, it's a 57 00:03:30,630 --> 00:03:33,840 lot of money. And this was aimed for small businesses to 58 00:03:34,050 --> 00:03:37,680 continue, you know, getting a continue to be in business 59 00:03:37,920 --> 00:03:41,340 during the pandemic. So, it was interesting, because reading 60 00:03:41,340 --> 00:03:44,760 through the documents, he can clearly see that he was using 61 00:03:44,760 --> 00:03:47,820 the money, and he admitted it too he was using the money for 62 00:03:47,820 --> 00:03:53,400 things like jewelry saying at the Seminole County, excuse me 63 00:03:53,400 --> 00:03:57,390 Seminole resort and casino in Florida, and he was just using 64 00:03:57,390 --> 00:04:01,140 the money, you know, on a bunch of different things that were 65 00:04:01,140 --> 00:04:06,930 not, you know, technically for business purposes. So now, he's 66 00:04:06,930 --> 00:04:12,030 been sentenced to 37 months, you know, in federal prison for 67 00:04:12,030 --> 00:04:16,380 this. Now, he did plead guilty. And again, sentence he was 68 00:04:16,380 --> 00:04:20,340 sentenced on Friday, December 10. Now, is it surprising that 69 00:04:20,340 --> 00:04:23,850 some of these celebrities have used this money to, you know, 70 00:04:23,910 --> 00:04:29,280 use it in things that, you know, are not business related? I'm 71 00:04:29,280 --> 00:04:32,490 not surprised by I don't know what Sean would say if he was 72 00:04:32,490 --> 00:04:36,300 here. But you know, it's not surprising, but it is a lot of 73 00:04:36,300 --> 00:04:41,790 money. And of course, he did get caught. So it's, you know, it's 74 00:04:41,790 --> 00:04:46,590 something that, you know, it's, it's not shocking, but it's more 75 00:04:46,590 --> 00:04:49,350 disappointing, because I know a lot of businesses were using the 76 00:04:49,350 --> 00:04:55,230 PPP loans to pretty much get on their feet. So, again, sentenced 77 00:04:55,260 --> 00:04:59,850 to federal prison last week, about 37 months in federal 78 00:04:59,850 --> 00:05:00,720 prison. And so 79 00:05:02,130 --> 00:05:08,220 Yeah, and he was fraudulently obtaining $1.2 million. That's a 80 00:05:08,220 --> 00:05:11,370 lot of money, not for business, but just in general. But, you 81 00:05:11,370 --> 00:05:16,260 know, it's still, you know, not actually, it's not the smartest 82 00:05:16,260 --> 00:05:19,770 move on his end obviously, so he is paying the consequences for 83 00:05:19,770 --> 00:05:22,470 it. And the next thing we're going to talk about is 84 00:05:22,500 --> 00:05:25,710 definitely something that we've all been able to see throughout 85 00:05:25,710 --> 00:05:28,890 the last couple of months is inflation. Now, we know that 86 00:05:28,890 --> 00:05:32,550 inflation has surged to a 39 year high as consumer prices 87 00:05:32,580 --> 00:05:35,790 soar. Now, this was an article that, you know, we have online 88 00:05:35,790 --> 00:05:39,630 posted on deBanked.com. And it's, uh, it definitely talks 89 00:05:39,630 --> 00:05:44,010 about, you know, everything going up. So we've hit a 39 year 90 00:05:44,010 --> 00:05:47,670 high. And we've seen things like gasoline go up, we've seen 91 00:05:47,670 --> 00:05:51,420 things like groceries go up, things like red meat, eggs, 92 00:05:51,480 --> 00:05:55,620 milk, everything has gone up. Now, we do know that economists 93 00:05:55,620 --> 00:06:00,600 say they predict that the surge will continue to be at 6.8. And 94 00:06:00,600 --> 00:06:03,060 that the Labor Department says that the increase for food and 95 00:06:03,060 --> 00:06:07,410 energy, you know, will continue to possibly go up. So that's 96 00:06:07,410 --> 00:06:10,440 something that obviously, it's not shocking, because, you know, 97 00:06:10,440 --> 00:06:14,400 we have seen the trend. But it's something that it's impacting 98 00:06:14,400 --> 00:06:17,880 all of us. So the inflation is going high. And I felt like in 99 00:06:17,880 --> 00:06:20,430 previous videos, Sean and I, we've talked about inflation, 100 00:06:20,460 --> 00:06:23,100 and how that's going to impact all of us how that's impacting, 101 00:06:23,280 --> 00:06:25,800 you know, this space, and just how it's impacting the country 102 00:06:25,800 --> 00:06:31,410 in general. So it's definitely something that I mean, it was 103 00:06:31,410 --> 00:06:34,080 bound to happen at this point. I mean, we've talked about here on 104 00:06:34,080 --> 00:06:37,890 the show, and unfortunately, you know, it does affect, you know, 105 00:06:37,890 --> 00:06:42,060 our pockets and how we're actually, we're using our money. 106 00:06:42,060 --> 00:06:45,270 So we'll definitely be interested to see how that's 107 00:06:45,270 --> 00:06:48,330 gonna play out within the next couple of months starting in the 108 00:06:48,360 --> 00:06:50,490 new year and see what happens in the summer, there's different 109 00:06:50,490 --> 00:06:53,940 predictions going on for the summer. So you know, if you want 110 00:06:53,940 --> 00:06:56,400 to buy anything from like a house, to a car to your 111 00:06:56,400 --> 00:07:00,840 groceries, it's something that's impacting just across, you know, 112 00:07:00,840 --> 00:07:05,370 the spectrum in in different areas. And I know Sean could 113 00:07:05,370 --> 00:07:08,790 attest to that. It's something that we've seen firsthand how 114 00:07:08,790 --> 00:07:13,020 it's impact, you know, us, in general. So we'll see what 115 00:07:13,020 --> 00:07:16,830 happens. So that's all the headlines. I know, it's a short, 116 00:07:16,830 --> 00:07:20,670 it's a short, short day regarding headlines and the 117 00:07:20,670 --> 00:07:22,830 topics that we're discussing about obviously, if Sean was 118 00:07:22,830 --> 00:07:25,920 here, we'd be going back and forth and talking, you know, 119 00:07:25,920 --> 00:07:30,720 kind of doing a little bit more elaboration on everything. But 120 00:07:30,750 --> 00:07:33,330 you know, there's no one to talk to here. So he's not here for 121 00:07:33,330 --> 00:07:37,650 the day. But something we have been talking a lot about is 122 00:07:37,650 --> 00:07:40,710 about the events that are going to be going on with deBanked. So 123 00:07:40,710 --> 00:07:43,890 obviously, we just wrapped a Broker Fair, it was a success. 124 00:07:44,070 --> 00:07:47,790 Everyone's happy. If Sean was here, he'd say it was a success 125 00:07:48,360 --> 00:07:49,260 with his beard. 126 00:07:50,530 --> 00:07:52,570 And that was exciting. So obviously, we're gonna keep the 127 00:07:52,570 --> 00:07:56,470 momentum going. We have deBanked Connect Miami, so I'm going to 128 00:07:56,470 --> 00:07:59,920 introduce that right now. I'm going to play my Miami music. do 129 00:08:00,070 --> 00:08:05,230 do do do do do do doo doo doo doo doo doo go. Alright, so this 130 00:08:05,230 --> 00:08:11,320 is a book from the last deBanked Connect. So this year, this time 131 00:08:11,320 --> 00:08:14,560 around. So it's gonna be happening next year on March 24. 132 00:08:15,160 --> 00:08:18,010 Specifically, the team wanted me to emphasize that it's going to 133 00:08:18,010 --> 00:08:22,840 be taking place at the JW, Marriott Marquis, not the JW, 134 00:08:22,840 --> 00:08:26,830 Marriott the JW, Marriott, Marquis, special attention to 135 00:08:26,830 --> 00:08:30,820 that it's going to be going on on March 24. So I'm going to 136 00:08:30,820 --> 00:08:34,210 break down five reasons why you should go. Because to be quite 137 00:08:34,210 --> 00:08:36,700 frank with you, it's an event that you're not gonna want to 138 00:08:36,700 --> 00:08:40,210 miss. And again, it's going to be happening in a pretty awesome 139 00:08:40,210 --> 00:08:43,630 place down in Miami. So five reasons why you should attend. 140 00:08:43,870 --> 00:08:46,570 Number one, we're going to be there. All the team here in 141 00:08:46,600 --> 00:08:48,490 deBanked is going to be there. So if you've been to a deBanked 142 00:08:48,490 --> 00:08:54,400 event, you know that by far, it's the it's a fun event and 143 00:08:54,400 --> 00:08:57,520 the people there are awesome, and you get to meet all of us. 144 00:08:57,820 --> 00:09:01,060 So that's first reason. Second reason it's going to be in 145 00:09:01,060 --> 00:09:04,000 Miami, it's going to be in March. I mean, if you're living 146 00:09:04,000 --> 00:09:06,670 here in New York, March is still kind of you know, we're still 147 00:09:06,670 --> 00:09:10,060 dealing with winter like the last bit of winter. So you know, 148 00:09:10,060 --> 00:09:14,440 you want nice weather, sunshine and great people. Come on 149 00:09:14,620 --> 00:09:17,410 deBanked Connect Miami. The third reason why you should go 150 00:09:17,410 --> 00:09:20,170 is because it's a great place to network. Something we saw with 151 00:09:20,170 --> 00:09:22,540 Broker Fair is that a lot of people were meeting other 152 00:09:22,540 --> 00:09:25,270 people, either for the first time or reconnecting with 153 00:09:25,270 --> 00:09:28,900 people. So listen, this is the best place to meet people, if 154 00:09:28,900 --> 00:09:33,010 specially if you live in down south. So, you know, this is a 155 00:09:33,010 --> 00:09:36,730 South Florida event. You know, whether you're here in Miami, or 156 00:09:36,730 --> 00:09:39,850 in New York, this is the event you want to be there to connect 157 00:09:40,000 --> 00:09:43,360 with people to just kind of get a better feel for people that 158 00:09:43,360 --> 00:09:45,430 you want to work with people that you've been working with. 159 00:09:45,700 --> 00:09:48,280 And if you're new to the industry, this is a no brainer. 160 00:09:48,280 --> 00:09:52,570 You guys like definitely take the time off of work, spend the 161 00:09:52,570 --> 00:09:57,070 money and network. So the fourth reason why this is the event to 162 00:09:57,070 --> 00:10:00,970 be at is because this is going to be more of a Happy Hour feel, 163 00:10:00,970 --> 00:10:03,970 so it's not going to be the whole day. But it's still gonna 164 00:10:03,970 --> 00:10:08,230 be a time for you to grow in the knowledge of this space of this 165 00:10:08,230 --> 00:10:11,140 industry, because things are changing. And something that I 166 00:10:11,140 --> 00:10:14,620 saw over at Broker Fair was that there's a lot of adjustments 167 00:10:14,620 --> 00:10:16,960 that people need to make, whether you're just starting in 168 00:10:16,960 --> 00:10:20,110 the business, or whether you're super experienced in the 169 00:10:20,110 --> 00:10:22,630 business, whether you're a seasoned veteran, you know, it's 170 00:10:22,630 --> 00:10:25,870 definitely always time to learn and grow and see what other 171 00:10:25,870 --> 00:10:29,260 people are doing. So the networking aspect again, and the 172 00:10:29,260 --> 00:10:32,980 fifth reason why you would want to go here is because, you know, 173 00:10:32,980 --> 00:10:37,300 this is Miami is a hub for the FinTech community for 174 00:10:37,390 --> 00:10:40,420 alternative finance, you know, it is becoming a place where 175 00:10:40,510 --> 00:10:43,090 there's a lot of movement going around. So I wouldn't be 176 00:10:43,090 --> 00:10:45,370 surprised if there was people that are not from the 177 00:10:45,370 --> 00:10:48,400 alternative finance industry, if they end up showing up. So it's 178 00:10:48,400 --> 00:10:52,000 definitely definitely, you know, being it's going to be it's a 179 00:10:52,000 --> 00:10:55,270 hub, it's becoming a hub already. You know, we have I 180 00:10:55,270 --> 00:10:57,640 know there because I've been there personally, to do stories 181 00:10:57,640 --> 00:11:00,970 for deBanked. You know, the mayor, there's also you know, 182 00:11:00,970 --> 00:11:04,480 city leaders that they're really trying to implement and bring 183 00:11:04,540 --> 00:11:07,450 all together people from the FinTech community, people from 184 00:11:07,450 --> 00:11:10,630 the alternative finance community. So it's a very 185 00:11:10,630 --> 00:11:13,780 welcoming place. So you if you haven't been there, since 186 00:11:13,780 --> 00:11:16,930 everything kind of started with that movement, I definitely 187 00:11:16,930 --> 00:11:19,630 would suggest for you to check it out. Because, again, you 188 00:11:19,630 --> 00:11:23,980 know, is a great place to really see if it's, you know, how you 189 00:11:23,980 --> 00:11:26,260 can benefit from it. So again, 190 00:11:27,290 --> 00:11:32,750 Miami, deBanked deBanked, Connect Miami, March 24, at the 191 00:11:32,750 --> 00:11:38,510 JW, Marriott, Marquis, again, JW, Marriott, Marquis, please, 192 00:11:38,660 --> 00:11:41,270 if you haven't gotten your ticket, do so already. The 193 00:11:41,270 --> 00:11:46,100 information is online. And yeah, we can definitely hope to see 194 00:11:46,100 --> 00:11:49,760 you guys there. So that's all the time for today. Again, this 195 00:11:49,760 --> 00:11:53,420 was a quick episode, because obviously Sean's not here and 196 00:11:53,420 --> 00:11:55,760 we're just going through some of the the different topics and 197 00:11:55,760 --> 00:11:58,880 conversations of this week's headline. So if you have any 198 00:11:58,880 --> 00:12:02,090 questions, if you have any, anything that we would you would 199 00:12:02,090 --> 00:12:05,000 want us to talk about here on the show, please reach out to us 200 00:12:05,030 --> 00:12:07,940 don't hesitate. Then also, don't forget to follow us on our 201 00:12:07,940 --> 00:12:10,700 social media links. And most importantly, don't forget to log 202 00:12:10,700 --> 00:12:14,480 on to deBanked.com every day to make sure you know the latest on 203 00:12:14,600 --> 00:12:18,020 the headlines that's going on and also the Daily Funder, make 204 00:12:18,020 --> 00:12:20,150 sure that you're there if you want to connect with other 205 00:12:20,150 --> 00:12:24,920 people in the community in this space, specifically. Great 206 00:12:24,920 --> 00:12:28,160 topics also over there. So again, if you want to reach out 207 00:12:28,160 --> 00:12:30,560 to us, talk to us and let us know what you want to hear 208 00:12:30,560 --> 00:12:34,250 about. Please let us know. Again, regarding Broker Fair, 209 00:12:34,520 --> 00:12:38,330 there's pictures online now. So if you haven't checked those 210 00:12:38,360 --> 00:12:42,200 out, please check it out. Also the sizzle reel that's also on 211 00:12:42,230 --> 00:12:45,950 deBanked.com. So definitely don't miss out. Check those out. 212 00:12:45,950 --> 00:12:48,530 And then obviously, hopefully, we'll see you at deBanked 213 00:12:48,530 --> 00:12:52,160 Connect Miami, you're not gonna want to miss this one. So from 214 00:12:52,160 --> 00:12:55,430 all of us here at the deBanked studio in Brooklyn. I'm Johnny 215 00:12:55,430 --> 00:12:59,900 Fernandez. This is not Sean Murray, but he would say I'm 216 00:12:59,900 --> 00:13:01,940 Sean Murray. And we'll see you guys next time.