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With many changes happening in the alternative Finance industry. We

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 decided to check in with new and Veteran Brokers to see how

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 business is going for them and also to get their thoughts on the

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 current state of the industry Eric Benson joined

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 quickline funding in New York this year after spending more

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 than 30 years in the automotive industry. We are

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 a small business lending company.

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a brokerage

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we are signed up with a multitude of lenders.

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From a paper through dpaper Benson

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 says he switched to the alternative Finance industry

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 because it's a fast-paced environment and it

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 has unlimited growth potential the level of

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 ability to work so

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 quickly.

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And obtain something that

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 a business needs desperately in

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 such a fast turnaround time is

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 very exciting for me and having

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 an opportunity to provide a

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 service for a small business in

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 such a rapid time frame.

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Is extremely exciting and it's

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 very enjoyable like many

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 Brokers and funders Benson is aware of the new changes impacting

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 the industry. He says it's been a turning

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 point in how he does business you coming in so fresh.

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 I mean this is you know, you haven't been doing it for very long

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 when you hear that when you hear about the regulations happening

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 when you hear about it changing as someone that's just

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 you in the industry what exactly is going through your mind competition is

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 a great thing.

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If you are one company.

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within a 3000 mile radius

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and 20 other companies move in.

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Competition is good.

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Because it makes you become more aggressive.

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As far as providing them with the absolute

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 best plan available for what

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 their business needs and goals are we caught

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 up with fluid business resources president Jeremiah Lowe

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 started in the alternative Finance space back in

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 2007 an open his business in 2015. We

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 provide just several different funding funding

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 options for small businesses ranging from

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 merchant cash advances to equipment financing and

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 SBA Loans a few other products. He

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 says despite the changes in it. He's learned to

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 go with the flow and adjust his business 2007. It

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 was like

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I mean you barely needed any documents

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 to get funding. It's mostly

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 credit card processing merchant cash advances. Then

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 you'd seen it. You've seen it slowly evolved

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 to ach's but I

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 mean short-terms 12 months was a good a good

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 term back in 2007. Now a

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 lot of lenders are going out as far as 36 months.

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 It was impossible to get

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 an SBA loan back then and now it's it's just

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 much much easier. Like Benson Lowe

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 says, he's optimistic about the industry, but he says his

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 business has face challenges with the changes that you've seen

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 currently what are some of the challenges you guys are facing in

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 your business and in the industry overall.

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I guess there's just like a lot of misinformation out

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 there. There's bad Brokers that

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 may just be providing the wrong

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 guidance to clients. And that's

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 those are big hurdles that you have to get over

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 just providing the right information being truthful

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 honest with clients when you have other

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 Brokers that maybe aren't so truthful

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 and honest some of those challenges included just

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 how business is done due to new state regulations. Something.

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 Both Brokers say is needed there are

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 different changes in New York. It's like that disclosure law

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 with with aprs and everything.

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 I mean, I guess that doesn't look great

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 when you have to disclose the sort of

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 rate but a lot of lenders have been doing it for a while

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 now, so it's something that we're prepared

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 for and you know, I think

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 any change any sort of Regulation

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it's gonna weed out some of the Bad actors, so

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You know, we're rolling with the punches and we're ready for any

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 changes that come along. I am super excited.

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With respect to all of the legislation and

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 the compliance laws that are

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 starting to come into

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 play with it in this industry.

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I have dealt with the cfpb for my entire

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 career in the Auto industry.

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So I am very familiar with all of

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 those laws risk-based pricing credit score

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 disclosure truth in lending Tilla.

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That doesn't scare me.

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It makes me feel more feel more comfortable in

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 the industry in conjunction with our

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 company quickline funding as a whole

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 because we have that knowledge and experience.

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So it's nothing new to us both new and Veteran

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 Brokers say this industry is promising and if business

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 is done correctly, they believe more money can be earned than

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 ever before I would say just take your

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 time align yourself with good

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 partners that that have

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 a good model good honest model.

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Um, just take your time, you know, don't go diving into

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 marketing.

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When you just don't know if it works or not,

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 you know, you have to take your time test test here test there

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 and take your time. There's still a lot of money to

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 be made. I think that the industry is just

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 going to continue to grow and grow

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 and grow.

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And I don't see it stopping or

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 slowing.

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With the economic state that this country is in.

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And small businesses continuing to hurt

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 more and more on a daily basis.

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as opposed to going to their regular bank

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 or regular Credit Union, which may

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 take

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three four eight weeks before they ultimately get

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 a decision.

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To have a vehicle to provide them with a

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 service.

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To fulfill and need that they have within

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 a matter of hours.

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I think is a wonderful wonderful thing in New

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 York Johnny Fernandez de Bank news.