Business Lending

Long Island Business Loan Brokers Arrested in Bust

June 13, 2019
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The owner of a Long Island based ISO/loan brokerage and several employees have been arrested, Newsday reports. Demetrios Boudourakis, whom deBanked has previously reported on, is charged with grand larceny, money laundering and other crimes for his role in an advance fee loan scheme. Boudourakis allegedly led a fraud ring that stole more than $2 […]

Prospa, An Online Business Lender, Goes Public In Australia

June 10, 2019
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Another online small business lender has gone public. This time it’s Australia-based Prospa, a company founded in Sydney in 2012. Prospa offers daily and weekly payment business loans with terms from 3-24 months and competes with companies like OnDeck and Capify. Earlier this year Prospa surpassed $1 billion in loans funded to 19,000 small businesses. […]

ForwardLine, One of the Original Funding Companies, is Back

June 5, 2019
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Steve Carlson, CEO, ForwardLine ForwardLine Financial originated well over $65 million in loans in 2018, according to CEO Steve Carlson. ForwardLine would not share its origination numbers, but Carlson said the company is comfortably on the deBanked list of top originators. ($65 million is the lowest origination number on the list). Last week, the company […]

CFA Report Shows Increase in US Factoring Volume

May 30, 2019
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The Commercial Finance Association (CFA) recently published a report on asset-based lending and factoring which showed a 10.4 % increase in domestic factoring volume in 2018 compared to 2017. While the increase isn’t enormous, it is consistent with a gradual growth in factoring, according to Jeff Goldrich, CEO at Princeton, NJ-based North Mill Capital, which […]

Funding These Franchises? Read This First

May 29, 2019
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subway store

United States Senator Catherine Cortez Masto is concerned with the abilities of four major franchises to repay business loans, according to a letter penned to the Small Business Administration. They include Subway, Complete Nutrition, Dickey’s Barbecue, and Experimac. The issues raised should be on the radar of every provider of capital. For Subway, Cortez Masto […]

Canadian Alternative Finance Event Calendar

May 28, 2019
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credit invisibles

Here’s what’s on the agenda this Summer for the Canadian alternative finance industry: June 5th Credit Invisibles Summit – Presented by the Canadian Lenders Association July 25th deBanked CONNECT Toronto – Presented by deBanked

Jonathan Braun Sentenced to 10 Years

May 28, 2019
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Fed courthouse Brooklyn

Jonathan Braun, who Bloomberg Businessweek profiled in a merchant cash advance story series, was sentenced to 10 years for drug related offenses this morning at the federal courthouse in Brooklyn. He will get credit for 17 months previously served in 2010 – 2011. He is scheduled to surrender on August 25th. Prior to the judge’s […]

Does The Borrower Even Exist? Image Algorithms, Site Inspectors Spot The Fakers

May 24, 2019
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snapshot

Their product research lab was the real deal. That’s what a business seeking capital hoped to convince a lender of when they snapped a photo of a $450,000 microscope and sent it over to underwriting along with two dozen other photos of their warehouse. Most of the pictures were genuine, but the microscope was not. […]

Lawyers: Earn CLE Credits While Learning About Alternative Finance

May 23, 2019
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AFBA CLEe

REGISTER HERE June 13 Sessions June 14 Sessions Case Law Updates Regulatory Download: The Complete Picture TCPA: Defining ATDS, Exploring the TCPA and How Emails are Covered Legislation, Business and Lobbying: How does it work and Does it work at all? Bankruptcy Updates Future Invoice Factoring and Traditional Factoring: Can’t We All Just Get Along? […]

BFS Capital Joins ILPA

May 23, 2019
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Ruddock

Mark Ruddock, CEO, BFS Capital The Innovation Lending Platform Association (ILPA), a group of online small business financing and service companies, announced today the addition of BFS Capital.  ILPA is known for creating the Straightforward Metrics Around Rate and Total Cost (SMART) Box. “We believe that transparency matters,” Ruddock told deBanked. “BFS Capital is committed […]

Canada’s Alternative Financing Market Is Taking Off

May 20, 2019
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Canadian dollars

This story appeared in deBanked’s May/June 2019 magazine issue. To receive copies in print, SUBSCRIBE FREE Canadians have been slow out of the gate when it comes to mass adoption of alternative financing, but times are changing, presenting opportunities and challenges for those who focus on this growing market. Historically, the Canadian credit market has […]

Small Business Finance Broker Wins Entrepreneur Of The Year

May 17, 2019
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Sonia Alvelo Award at the Latinas & Power Symposium

Left: Latin Financial CEO Sonia Alvelo receives the Entrepreneur of the Year Award from Connecticut Secretary of State Denise Merrill Sonia Alvelo, CEO of Newington, CT-based Latin Financial LLC, has been awarded Entrepreneur of The Year by the Latinas & Power Symposium. The event, incubated in Hartford, Connecticut in 2004, is the largest of its […]

How To Scale Your Broker Shop

May 15, 2019
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Broker Fair 2019

Above: Will Murphy, Everlasting Capital When it comes to hiring, it’s quality over quantity. That’s what the co-founders of Everlasting Capital Josh Feinberg and Will Murphy told a packed room at deBanked’s Broker Fair last week. They presented a panel called “How to Scale Your Broker Shop,” where they shared tips on how to do […]

Merchant Relationship Status: It’s Complicated

May 14, 2019
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merchant relationship status

Brokers will often say that building strong relationships with their merchants is critical to their success. John Celifarco, Managing Partner at Horizon Financial Group, a five person ISO in Brooklyn, said that the advantage they have over larger competitors is the relationships they’ve developed with their merchants. Celifarco’s office is even in a streetfront store, […]

Broker Fair 2019 Makes Major Splash in the Heart of Manhattan

May 10, 2019
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Broker Fair Crowd

If a tiny ray of light were created from every conversation about small business financing, then the Roosevelt Hotel in midtown Manhattan would have been tantamount to the sun on May 6th. It was the site of deBanked’s 2nd annual Broker Fair and the grand old lobby was abuzz with brokers, funders and vendors from […]

Broker Fair 2019 Photos

May 10, 2019
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Broker Fair

If you share any of these on social media, please remember to include #brokerfair Enjoy!

Amazon Now Among The Top Online Small Business Lenders in The United States

May 8, 2019
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Jeff Bezos

Amazon has joined PayPal, OnDeck, Kabbage, and Square as being among the largest online small business lenders. On Tuesday, Amazon revealed that it had made more than $1 billion in small business loans to US-based merchants in 2018. Amazon says the capital is used to build inventory and support their Amazon stores. By selling on […]

OnDeck Slips To #3 in Tight Pack of Top Small Business Lenders

May 3, 2019
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falling

With most 2019 Q1 earnings in for public companies, the industry’s biggest lenders are off to the races. Square reported on Wednesday that Square Capital, its business lending arm, originated $508 million in loans in the first quarter of the year. Meanwhile, OnDeck originated $636 million this quarter, according to its earnings report released yesterday. […]

OnDeck Originations Slide in First Quarter

May 2, 2019
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OnDeck

OnDeck’s originations dipped in the first quarter of this year to $636 million, down from $658 million in the previous quarter. “We made some adjustments to credit policy mid-quarter to pull back in certain areas and our funding advisor channel volume decreased sequentially as a result,” said OnDeck CEO Noah Breslow. In other words, OnDeck […]

Square Originated $508M in Business Loans in Q1

May 1, 2019
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squarepos

Square Capital, Square’s business lending arm, originated 70,000 small business loans for a total of $508 million last quarter, according to their recent earnings report. As a payments company first, Square processed $22.6 billion in gross payment volume in Q1 and generated a net loss of $38 million on $959 million in revenue.