Is The COJ Law In Effect Yet?
July 18, 2019Artwork by Cindy Recile The COJ bill passed, but where’s the governor’s signature? When the legislature passes a bill in New York State, there’s a documented procedure on the Senate’s website for how it becomes law. If the legislature is still in session, the governor has only 10 days to sign it. If the passed […] |
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Star Fundraiser For 1 Global Capital Settles With The SEC
July 15, 2019Henry J. “Trae” Wieniewitz, III was charged by the SEC on Monday for his role in allegedly selling unregistered securities in two companies, 1 Global Capital (the now defunct merchant cash advance provider) and Woodbridge Group of Companies (a purported real estate lending business revealed to be a $1.2 billion ponzi scheme). “Wieniewitz and Wieniewitz […] |
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Online Lenders Beat Credit Unions, Friends, and Family as Primary Source of Credit
July 14, 20197% of small businesses generating less than $5 million/year in revenue relied on online lenders as their primary source of credit in the last quarter, according to the latest Private Capital Access Index published by Pepperdine Graziado Business School. 3% relied on credit unions as their primary source and 6% relied on friends and family. […] |
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Confession of Judgment Bill Still Awaits Governor’s Signature
July 9, 2019New York State Governor Andrew Cuomo will have only ten days to sign S6395, the bill that prohibits companies from entering Confessions of Judgment in New York against non-New York State debtors, once its delivered to him. Only two possible contingencies could prevent that from happening: (1) An official veto (2) a pocket veto Neither […] |
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Making it Work: CanaCap and the Case for Canada
July 5, 2019
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
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
“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
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
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
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
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 […]
The Industrial Hemp and CBD Industries, and the Potential Risks for Merchant Cash Advance Funders
June 22, 2019
Authored by Josh Herndon of Global Legal Law Firm It seems that we are constantly being bombarded by news of the growing industrial hemp and cannabidiol (more commonly known as “CBD”) industries. Indeed, industrial hemp (and products derived therefrom, such as CBD) is now legal, and these industries have experienced substantial growth that is expected […]
It’s Official, The Confession of Judgment Era is Over
June 19, 2019
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
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
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
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 […]
Bitty Advance Opens Office in NYC
June 6, 2019
Eddie Siegel, CEO, Bitty Advance Bitty Advance has expanded to midtown Manhattan. The company’s first location, in Fort Lauderdale, FL, will remain intact as the corporate office. “We wanted to have a New York presence to hire sales talent, underwriters and, of course, raise more capital because obviously this is the mecca for finance,” said […]
Canadian Alternative Finance Event Calendar
May 28, 2019
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
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
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. […]
