Business Lending

Making it Work: CanaCap and the Case for Canada

July 5, 2019
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What leads an alternative financer to establish their own business in Canada? For Evan Marmott and his partner Adam Benaroch, it was the level of opportunity that the country offered in comparison to United States, where the alternative funding industry had become bloated and saturated with funders and brokers alike by 2017, when the pair […]

Merchant Advance Capital Rebrands to Merchant Growth

July 3, 2019
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Merchant Advance Capital, which trumpets itself as Canada’s fastest and most transparent small business financier, is rebranding as Merchant Growth. The company has offices in Vancouver, BC and Toronto, ON and was founded in 2009. “I founded our company out of my apartment 10 years ago,” David Gens is quoted as saying in a company […]

2M7 Financial Solutions and the State of Alternative Funding in Canada

July 1, 2019
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“What’s a cash advance?” This is how Avi Bernstein, CEO of 2M7 Financial Solutions, recalled a typical conversation in 2008, when his company was founded in the Canadian market. According to him, customer knowledge of alternative financing methods was dismal, partly due to a handful of homogenous banks dominating the scene as well as a […]

“Do It Better Than How You Learned It”: How Paul Pitcher Came To Be In Canada

June 27, 2019
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Few kids who dream of running their own international business actually grow up to live that fantasy. Even fewer end up working alongside their childhood heroes. Paul Pitcher is doing both, and he’s loving every minute of it. Growing up in Annapolis, Maryland, the Managing Partner at First Down Funding and SharpShooter Funding studied at […]

WATCH CAPITOL HILL HEARING LIVE: Crushed by Confessions of Judgement: The Small Business Story

June 26, 2019
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us capitol

The House Committee on Small Business will meet for a hearing titled, “Crushed by Confessions of Judgement: The Small Business Story” today at 11:30am. This hearing is intended to bolster support for The Small Business Lending Fairness Act, a bill to outlaw COJs in small business loans and merchant cash advances nationwide. (Read more about […]

As New Regulations Sweep The Industry, Find Out Where The Next Big Opportunities Are

June 25, 2019
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what's next

Change is coming to the small business finance industry. Are new opportunities on the horizon? Be sure to find out when you attend one or both of these two great upcoming events! deBanked CONNECT Toronto | July 25, 2019 Less Than 30 Days Left! Tap into the vast opportunities in Canada. Meet the players, learn […]

Federal Lawmakers Not Convinced NY Confession of Judgment Ban is Enough

June 25, 2019
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US Capitol

The recent New York State law that effectively ended the era of Confessions of Judgment in the small business finance industry is apparently not enough to satiate the outrage of some federal lawmakers. This morning, Rep. Nydia M. Velázquez (D-NY) and Rep. Roger Marshall (R-KS) introduced the “Small Business Lending Fairness Act” that would outlaw […]

It’s Official, The Confession of Judgment Era is Over

June 19, 2019
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COJ Tombstone

The New York State legislature passed a bill (S06395) late Thursday night that effectively eliminates Confessions of Judgment (COJ) in the small business finance industry. The Senate voted in favor 61-1. The Assembly voted in favor 83-43. The new law which goes into effect immediately after Governor Andrew Cuomo signs it, prohibits anyone from filing […]

Michele Romanow to Keynote deBanked CONNECT Toronto

June 18, 2019
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romanow

Michele Romanow, a TV star on Dragon’s Den and Co-founder of Clearbanc, will be the keynote speaker at deBanked CONNECT Toronto on July 25th. She joins other industry executives speaking at the event from across the business finance industry in Canada. Tech titan Michele Romanow is an engineer and a serial entrepreneur who started five […]

That’s All Folks! COJ Ban in New York May Pass on Wednesday

June 17, 2019
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The End

The New York legislature has until Wednesday night to pass two bills that would prohibit the use of COJs, one on out-of-state debtors entirely and the other from being used as a condition in a financial contract. Either or both would effectively outlaw their use in the small business finance industry in New York State. […]

Long Island Business Loan Brokers Arrested in Bust

June 13, 2019
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Suffolk County Police

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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Australia Lending

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

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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cfa chart

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 […]