Announcements
DataMerch.com Surpasses 20,000 Records Heading into 2019
January 9, 2019DataMerch.com surpasses 20,000 records heading into 2019
DataMerch continues rapid growth and adds many new members and merchant records
Tampa, Jan. 9, 2019 /DeBanked/ — Today, DataMerch.com, an online underwriting database for the alternative financing industry, announced that they have surpassed over 20,000 records in their database. DataMerch has been servicing funders in the alternative financing field since 2015 and has been widely adopted as the industry standard for online screening of merchants.
“We continue to grow our membership and database because our tool is so useful,” said Co-Founder Cody Burgess. “In 2018 we surpassed 60 active member companies with well over 500 individual users within those companies. We also added tools to support better member communication.” When asked what developments to expect looking forward in 2019, Mr. Burgess responded, “We have several projects we are working on to expand our features and membership. We are developing tools to make searching and reporting even easier, and we are planning on adding some additional industry markets to bolster results and relevancy.”
President and COO of IOU Financial Inc., Robert Gloer said, “We’ve been using DataMerch since the beginning and are thrilled with the results. We’ve automated our process where we screen every new application through DataMerch to check if there were issues with competitors in our industry. This allows us to save countless hours of time and money with an additional up-front underwriting tool that is easy to use.”
Management at DataMerch said they will continue to offer world-class support to members and improve the platform.
About DataMerch
DataMerch LLC was founded in 2015 and is designed to help funders determine if a future client of theirs has a bad track record in the alternative finance industry. DataMerch members can scrub their files using DataMerch’s specifically designed FEIN search and enter unsatisfactory businesses into the database. DataMerch currently has over 60 industry-leading subscribed members working together as a community. DataMerch can be accessed at https://www.datamerch.com and contacted for membership at support@datamerch.com
CAN Capital Hires Edward J. Siciliano as Chief Executive Officer
January 8, 2019Atlanta, GA (January 8, 2019) – CAN Capital, a technology-driven small business specialty finance company, today announced the appointment of Edward J. Siciliano as Chief Executive Officer. Siciliano brings over 30 years of experience in commercial financing, sales, marketing and operations.
Siciliano joins CAN Capital most recently from Marlin Business Services, a nationwide provider of commercial financing and depository products. While at Marlin, Siciliano served in roles including Chief Operating Officer, Interim Chief Executive Officer and EVP, and Chief Sales Officer. During that time, he was responsible for turning around Marlin post financial crisis by rebuilding the sales force, adding new products, improving operations, and driving optimal risk-adjusted returns for all segments, resulting in double-digit ROE and more than fivefold growth in originations.
After beginning his career at Xerox Corporation, Siciliano worked at Applied Theory Corporation as SVP of Sales and Marketing and at ALK Technologies, where he also led Sales and Marketing.
“Ed is a proven leader with deep industry knowledge and a strategist who is skilled at driving business growth,” said Gary Johnson, CAN Capital’s Executive Chairman. “Throughout his career, he has served the needs of small businesses while building loyal teams that deliver innovative products and a great customer experience. These skills will be invaluable as CAN Capital finds new ways to deliver on its mission of helping small businesses succeed.”
“It’s rare to have the opportunity to work with a company that is a pioneer in its space, yet has so much growth potential,” said Siciliano. “CAN Capital’s experience, brand recognition, data, and partner relationships make it uniquely positioned to support the expansion of the small businesses that drive the U.S. economy. I look forward to building a leadership team and working together to expand our offerings, invest in talent and technology, and help our customers grow.”
About CAN Capital
CAN Capital, Inc., established in 1998, is the pioneer in alternative small business finance, having provided access to over $7 billion in capital for over 81,000 small businesses in a wide range of locations and different business types. As a technology powered financial services provider, CAN Capital uses innovative and proprietary risk models combined with daily performance data to evaluate business performance and facilitate access to capital for entrepreneurs in a fast and efficient way.
CAN Capital, Inc. makes capital available to businesses through business loans made by WebBank, member FDIC, and through Merchant Cash Advances made by CAN Capital’s subsidiary CAN Capital Merchant Services, Inc. ©2018 CAN Capital. All rights reserved.
Follow CAN Capital on LinkedIn, Twitter and Facebook.
Janene Machado Wins PCMA’s RISE Award
December 18, 2018Janene Machado, deBanked’s event planner, was honored by the Professional Convention Management Association (PCMA) last week with the RISE Award. The RISE Award is given to a new member who has made the most impact to the chapter. With more than 7,000 members and an audience of more than 50,000 individuals, the PCMA is the world’s largest network of Business Events Strategists.
Machado volunteers on the New York Area Chapter Marketing committee and manages their social media content.
We congratulate her on her achievement.
deBanked’s “Ice Edition”
December 14, 2018
deBanked’s final issue of 2018 is in the mail. We’re calling it the ice edition because of how the cover’s colors came out. For November/December we cover the new legislation in California, what’s happening in New Jersey, and what may be still to come. In addition we tackle the concept of open banking, delve into Small Business Development Centers, and reflect back on the biggest moments of 2018. There’s more of course, but you’ll have to get your hands on the ice to see for yourself.
If you’re not already subscribed, YOU CAN REGISTER TO GET ALL FUTURE ISSUES HERE FOR FREE.
And don’t forget, the deadline to become a sponsor of deBanked CONNECT – Miami is Wednesday, Dec 20th. Email events@debanked.com to get signed up.
Velocity Capital Group (VCG) Secures $15 Million Series A Financing
December 11, 2018
CEDARHURST, NEW YORK—DECEMBER 10,2018–Velocity Capital Group recently secured another $15 million in financing. This will strengthen their ability to provide assistance to more small businesses and organizations. While the name might be new to some, Velocity Capital Group is no stranger to the business world. Servicing small businesses for over 7 years, there have been more than 15,000 clients who’ve received the financial boost they needed due to the available funding from VCG.
CEO/Principle Jay Avigdor couldn’t be happier to reach this point. Jay started the business in a small room of his home with only a laptop, and in just a short period of time has transformed VCG into a large and highly respected financial group that services organizations with speed and dedication. With an aim to merge the finance industry with technology, VCG aims to leave funding at your fingertips. To date, VCG is making strides as one of the fastest growing finance companies in the industry.
When businesses have financial demands, their situation is urgent and must be addressed immediately. Going through a lengthy process that could end up in a loss would be a waste of time, but with Velocity Capital Group, the relationship is taken seriously from the onset. With a staff of over 20 employees, VCG strives to get you what you need when you need it. A few of the industries that Velocity takes pride in assisting include:
- Accounting & Collection Agencies
- Construction, Machinery, Mechanics, & Manufacturing
- Electronic & Media/Entertainment
- Healthcare Services & Rehab Center
- Religious Organizations
- Restaurants & Retail
- Technology & Wireless
- AND MORE!
The $15 million funding access will help VCG build solid foundations and partnerships. With Velocity’s breakdown of available funding ($5mil in series A round & a $10 million line of credit), they’re able to provide more funding for more businesses. In fact, many customers have already stated that the VCG team is “resourceful” and “always available.” Others have even said that they “love the charity aspect” of Velocity, because they give back to aiding organizations monthly. Their attention and consistency prove that they are more than just the average financial group; they’re family! Winston Churchill said it best: “From what we get, we can make a living; what we give, however, makes a life.” Velocity Capital Group takes pride in giving to others so they can ultimately help others make a life.
Companies and small businesses are urged to contact Velocity Capital Group today and see what financial options are available. With urgency and compassion, the knowledgeable staff of Velocity is ready to build your business or brand. The funding is there, the foundation is there; all it takes is one step. That one step can be the greatest decision for success in business.
Velocity Capital Group is ready and able to serve you. For additional information, visit our website at www.velocitycg.com, send an email to info@velocitycg.com, or call 833-VCG-FUND (833-824-3863). We’re also available on social media outlets.
Commercial Finance Coalition to Host Open House in NYC
December 11, 2018The Commercial Finance Coalition, an industry trade group, is hosting an open house for current and prospective members on December 18 in New York City. It’s at the Park Avenue Tavern from 6pm to 8pm. If you are interested in attending, please contact Mary Donohue at mdonohue@polariswdc.com.
SBFA Announces Support for The Small Business Fairness Act
December 7, 2018The Small Business Finance Association (SBFA) today announced support for S.3717, The Small Business Fairness Act introduced by Senator Sherrod Brown (D-OH) and Senator Marco Rubio (R-FL). The bill would provide the Federal Trade Commission more clarity to protect small business owners from being forced to sign a “confession of judgment” before obtaining financing. A “confession of judgment” requires a small business owner to waive certain rights in court before obtaining financing and, in some cases, allows the lender to seize the owner’s assets if there is a default.
“This is a bad practice that must be eliminated,” said Jeremy Brown, chairman of RapidAdvance and SBFA. “Unfortunately, certain small business financing providers are misusing “confessions of judgment.” We firmly support any legislation that will provide small businesses protection from the misuse of this practice. If a small business we fund runs into trouble, we believe they should be treated fairly and deserve our commitment to help resolve the issue in a manner that is professional and respectful.”
SBFA is a non-profit advocacy organization dedicated to ensuring Main Street small businesses have access to the capital they need to grow and strengthen the economy. SBFA’s mission is to educate policymakers and regulators about the technology-driven platforms emerging in the small business lending market and how our member companies bridge the small business capital gap using innovative financing solutions. The organization is supported by companies committed to promoting small business owners’ access to fair and responsible capital.
“Our core values are centered on providing fair and responsible financing for small businesses,” said Steve Denis, executive director of SBFA. “Small business owners are the backbone of the American economy and we should empower them with as many tools as possible to grow and create jobs. We look forward to working with Senator Brown and Rubio to eliminate the abuse of the “confession of judgment” and expand the role of responsible lenders nationally.”
In 2016, SBFA released best practices for the alternative finance industry to help better protect small businesses as they seek funding online. SBFA’s best practices are centered on four principles—transparency, responsibility, fairness, and security. As the industry’s leading trade association, the best practices have been agreed to by every member company and exist to give small business owners confidence in their financing decisions. These principles provide them a better understanding of what to expect from responsible alternative finance companies, which includes fully disclosing all terms and costs and ensuring the products SBFA companies offer are in the best interest of the small business customer.
The Small Business Finance Association (SBFA) is a not-for-profit 501(c)6 trade association representing organizations that provide alternative financing solutions to small businesses.
GreenSky Reports Record High Volume
November 8, 2018GreenSky reported record high transaction volume in the third quarter of $1.4 billion, up 33% year over year, from $1.05 billion in 2017. It also reported a record net income of $46 million and its revenue increased 29% to $113.9 million year over year.
Based in Atlanta, GreenSky (NASDAQ: GSKY) provides loans for home improvement and healthcare, among other purposes, and it has funded $15 billion to consumers and businesses.
