Long Island Business Loan Brokers Arrested in Bust
June 13, 2019The 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 […] |
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Bitty Advance Opens Office in NYC
June 6, 2019Eddie 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 […] |
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Canadian Alternative Finance Event Calendar
May 28, 2019Here’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 |
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Jonathan Braun Sentenced to 10 Years
May 28, 2019Jonathan 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 […] |
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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. […]
Lawyers: Earn CLE Credits While Learning About Alternative Finance
May 23, 2019
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
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
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 […]
The Road Back to Residual Commissions
May 17, 2019
Phil Dushey, President, Global Financial Services “We’re still getting resids from a company 14 years later.” That’s what Phil Dushey said about a factoring client he has at Global Financial Services, a New York-based financial brokerage firm he founded. He was speaking at deBanked’s “Broker Fair” to a room filled mostly with MCA brokers. Years […]
Small Business Finance Broker Wins Entrepreneur Of The Year
May 17, 2019
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
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
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
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
If you share any of these on social media, please remember to include #brokerfair Enjoy!
Shopify Capital Issued $87.8M in Merchant Cash Advances in Q1
April 30, 2019
Shopify’s small business funding division, Shopify Capital, issued $87.8 million in merchant cash advances in the first quarter of 2019, according to the company’s earnings report. The figure is a 45% increase over the same period last year. Overall, the company has funded more than $535 million in MCAs since inception. Shopify is primarily an […]
Does Your Merchant Cash Advance Company Pass The Scrutiny Test?
April 29, 2019
This story appeared in deBanked’s Mar/Apr 2019 magazine issue. To receive copies in print, SUBSCRIBE FREE The merchant cash advance business has come under repeated fire of late from regulators, legislators and customers. “Every aspect of the industry is under scrutiny right now. Syndication agreements, underwriting, and collections are the subject of bills in Congress […]
Has PayPal Eclipsed OnDeck in Small Business Loans?
April 26, 2019
It’s been said that Kabbage is on pace to surpass OnDeck in small business loan originations, but PayPal has already done it. When PayPal announced a working capital program in the Fall of 2013, few were predicting that the initiative would propel them to the top of the small business lending charts. Just two years […]
Merchant Cash Advances Surpass Leasing As Goto Financing Option for Small Businesses
April 16, 2019
Financing products sought (of those that applied for any kind of financing in 2018) More small business applied for merchant cash advances in 2018 than they did leasing, factoring, or equity investments. That’s according to a recent Federal Reserve study of small businesses with less than 500 employees. Nine percent of applicants applied for merchant […]
Learn From Josh Feinberg and Will Murphy in Person at Broker Fair
April 16, 2019
You’ve seen them on social media. Now you can see them in person. Josh Feinberg and Will Murphy of Everlasting Capital will be doing a joint presentation on how to scale your broker shop at Broker Fair on May 6th at The Roosevelt Hotel in New York City. Limited tickets are still available. Register now […]
Give Up Equity In Your Business?! Try Alternative Funding Instead
April 4, 2019
One thing you can’t get back is your company. Clearbanc Co-founders Andrew D’Souza and Michele Romanow Michele Romanow, a judge on Dragon’s Den, Canada’s version of Shark Tank, realized from the show that a lot of companies should not be pursuing venture capital at all. She recalled a company that was willing to give an […]
