Business Lending

Nav Co-founders Step Down From C-Level Positions

January 14, 2020
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Levi King, a co-founder of Nav Inc., resigned as the company’s CEO on Tuesday. In a two-part explanation on LinkedIn, King wrote. “To be clear, I’m not burned out on Nav. I’m not aspiring to do something elsewhere, and I’m not leaving the company. I’m still dedicated and passionate about helping Nav succeed. And, I […]

New Jersey Firms Up Its Confession of Judgment Bill

January 13, 2020
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The New Jersey State legislature strengthened its Confession of Judgment (COJ) bill last week by adding language that grants the Attorney General power to enforce monetary penalties against violators. S3581 would prohibit any provider of business financing from extending financing with a COJ. Business financing is defined as a loan, line of credit, cash advance, […]

Dodd-Frank’s Small Business Lending Data Collection Rule Could Still Take Years to Implement

January 12, 2020
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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 […]

New Small Business Administration Chief Confirmed

January 9, 2020
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The newest Administrator of the SBA was announced on Tuesday. Jovita Carranza was appointed after President Trump had tweeted the previous Thursday about her nomination. I am pleased to announce that Jovita Carranza will be nominated as the new @SBAgov Administrator. She will be replacing Linda McMahon, who has done an outstanding job. Jovita was […]

Big Money, Small Town: How SBA Loans Are Powering America

December 26, 2019
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big money small towns

This story appeared in deBanked’s Nov/Dec 2019 magazine issue. To receive copies in print, SUBSCRIBE FREE “The Mountains Are Calling” is the motto of Gatlinburg, an East Tennessee town of roughly 4,000 citizens known for its spectacular views of the Smoky Mountains and as a jumping-off spot for hikers, campers and winter skiers. The town […]

Online Small Business Borrowing Decisions Not Driven By Costs or Disclosures, Fed Study Finds

December 23, 2019
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uncertain terms

A new study on transparency conducted by the Federal Reserve on non-bank small business finance providers indicates that borrowers are not driven by costs or disclosures. The #1 reason for a business to apply with an online lender was the speed of the process, the study showed. #2 was the likelihood of being funded. Cost […]

1 Week Until deBanked CONNECT MIAMI

December 19, 2019
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DEBANKED CONNECT MIAMI IS BACK View The Agenda Here Get inspired by Brian Holloway’s Total Market Domination, find out how much your company is worth, and learn how to make the dough from the pros in 2020. Brokers Pay a Reduced Price Still need a ticket? Register here! Meet The Sponsors – Form Relationships Get […]

Fears of Possible Recession Don’t Phase CRE Lenders

December 16, 2019
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restaurant 3d

This story appeared in deBanked’s Nov/Dec 2019 magazine issue. To receive copies in print, SUBSCRIBE FREE Depending on your vantage point, a slowdown is either already in progress, just around the bend or several years away. But some alternative commercial real estate professionals are trying to filter out the noise. Instead, they are more aggressively […]

New Jersey is Propelling its Own Confession of Judgment Bill

December 12, 2019
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New Jersey Capitol Building in Trenton

The New Jersey legislature has climbed aboard the Confession of Judgment restriction train. On Thursday, the state’s Senate Commerce Committee advanced S3581, a bill that would prohibit the use of COJs in a “business financing” contract with a New Jersey debtor. The bill was introduced in March but had not experienced movement until today. New […]

Merchant Growth Partners with goeasy to Provide Funding via Physical Branches

December 11, 2019
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Merchant Growth goeasy

This month Merchant Growth, the Vancouver-based alternative finance company, announced its partnership with goeasy Ltd. that will see Merchant Growth’s services being offered in goeasy branches throughout Canada. Beginning with British Columbia, Alberta, and Saskatchewan in 2019, Merchant Growth aims to have expanded to the remaining provinces in the first quarter of 2020. Under the […]

National Funding CEO David Gilbert Caddied For Tiger Woods For a Day

December 6, 2019
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David Gilbert - Tiger Woods

David Gilbert, the CEO of National Funding, had the honor of caddying for Tiger Woods on Wednesday at the Hero World Challenge pro-am in the Bahamas. Gilbert earned the opportunity by being a very generous participant in a Woods charity event held earlier this year. The proceeds went to the TGR Foundation. Gilbert told deBanked […]

Hedge Fund Billionaire With Fintech Focus is Buying The New York Mets

December 4, 2019
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New York Mets

Steve Cohen, the hedge fund billionaire behind Point72 Asset Management, is reportedly buying a majority stake in the New York Mets. After a long infamous run at the helm of S.A.C. Capital Advisors, Cohen founded Point72 and with it, an early-stage venture capital fund that focuses on areas like fintech and artificial intelligence. Among the […]

The Broker: How Gerald Watson Mixes Factoring with MCAs

December 3, 2019
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Gerald Watson - The Watson Group

Role? I’m the owner of The Watson Group, a factoring broker company.   How did you end up in the industry? I got started in what I call the contract financing industry about 35 years ago, kind of by accident. I had spent years working with a large management consulting company in Boston and we […]

StreetShares Discontinues Major Segment of Its Financing Business

December 3, 2019
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military metal

StreetShares quietly discontinued a major part of its financing business on November 15, a new disclosure filed with the SEC revealed. “For new customers, the Company is no longer offering to factor invoice receivables,” the letter signed by General Counsel and Chief Compliance Officer Lauren Friend McKelvey says. The company had purchased more than $112 […]

The Current State of SME Lending in Canada

December 1, 2019
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Canada Finance

According to the latest statistics, there were 1.18 million employer businesses in Canada, with the majority of them located in the provinces of Ontario and Quebec. 1.15 million (97.9%) represented small businesses 21.926 (1.9%) referred to medium-sized ventures Only 2.939 (0.2%) accounted for large corporations Small and medium companies are blooming in Canada: they represent […]

Broker Fair / Black Friday ONE-DAY ONLY Special Price

November 28, 2019
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broker fair 2020

Broker Fair Returns to New York City on May 18, 2020. Take advantage of this special ONE-DAY only discount code and get 29% OFF THE EARLY BIRD PRICE. This incredible deal ends at 11:59pm EST on 11/29/19. Promo code: brokerfair29 Register here Broker Fair’s two previous annual events sold out in advance. Hundreds of brokers […]

Flender Makes BIG Mark in Ireland’s SME Lending Market

November 26, 2019
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Dublin Ireland

Ireland can seem like a small place, so much so that on my way to meeting with Colin Canny, Flender’s Head of Partnerships, I quite literally bumped into Flender’s co-founder & CEO Kristjan Koik who was walking through Dublin’s Silicon Docks. I recognized Koik from the who’s who catalogue of executives I had compiled before […]

Canadian Lenders Summit Recap

November 23, 2019
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Top Canadian Companies of the year

The Canadian Lenders Association’s largest annual event brought together hundreds of executives from the fintech and lending industries. It was hosted at MaRS, a dedicated launchpad for startups in Downtown Toronto that occupies more than 1.5 million square feet and is home to more than 120 tenants, many of which are global tech companies. After […]

IOU Financial Originated $41.4M in Loans in Q3, Continued Profitability

November 14, 2019
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iou homepage

IOU Financial originated $41.4M in business loans in Q3, according to the company’s latest published financial statements. The figure is a modest increase over Q2’s $38.5M. IOU also kept up its trend of profitability with net income $1M. Shares of IOU, which trade on the Toronto Stock Exchange, are valued at around (CAD) 14 cents […]

Costs, Losses Soar At StreetShares

November 12, 2019
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military metal

StreetShares increased revenue by nearly 40% year-over-year, according to the company’s latest fiscal year 2019 filing, but costs soared and increased by almost 90%. StreetShares reported a staggering $12.3M loss on only $4.4M in revenue. That loss was much wider than the previous year’s loss of $6.5M on $3.2M in revenue. Whereas startups may spend […]