Announcements
RDM Capital Funding Secures $7.5 Million Credit Facility from Charleston Capital
September 12, 2018Clifton, NJ – RDM Capital Funding, LLC, a technology enabled specialty finance company, announced that it has entered into a new $7.5 Million credit facility with Drift Credit Opportunities Fund, LP, an affiliate of Charleston Capital Management, LLC. This is the first institutional credit facility for RDM Capital Funding, which was launched in 2015 and focuses on financing for small businesses throughout the United States of America.
“This facility allows us to expand our ability to serve more small businesses and help them with their working capital needs. We are pleased to partner with Charleston Capital and take this major step toward our continued growth,” said Reuven Mirlis, Chief Executive Officer of RDM.
“RDM represents an attractive opportunity for Charleston Capital as they have quickly established themselves as a disciplined underwriter with substantial operating controls,” said McLean Wilson, the Chief Executive Officer of Charleston Capital, “We expect them to become a significant presence in the space over the next few years and look forward to their continued success.”
About RDM Capital Funding:
Founded in 2015, RDM Capital Funding is a technology enabled specialty finance company, which provides working capital to small businesses. The company provides small businesses easy-to-access capital, through a quick, efficient and transparent process. RDM is headquartered in Clifton, NJ and employs 11 personnel.
About Charleston Capital:
Charleston Capital Management is an alternative asset manager that seeks to generate attractive, absolute returns by opportunistically and tactically investing in areas where conventional sources of capital are disproportionately unavailable. Charleston Capital was formed to expand the spectrum of opportunities for investors seeking risk adjusted returns that are less correlated to other markets. Specifically, the firm seeks to exploit inefficiencies that are borne from transactions requiring significant amounts of intellectual as well as financial capital. The firm is headquartered in Charleston, South Carolina and is part of inFactor, a FinTech firm focused on liquidity solutions for businesses. The Drift Credit Opportunities Fund is a credit strategies fund focused on structured loans to FinTech enabled Non-Bank Financial Services companies, which underwrite loans to small and medium sized businesses in the United States of America.
Contacts:
RDM: info@rdmcapitalfunding.com (877) 667-4647
Charleston Capital: media@charlestoncm.com (843) 310-3528
Kalamata Capital Group is a Sponsor of deBanked CONNECT – San Diego
September 12, 2018Kalamata Capital Group is a sponsor of deBanked CONNECT San Diego. The half-day event for funders, lenders, brokers and industry professionals is being held at the Andaz on October 4th!
Check out photos from deBanked’s past CONNECT event in Miami
PaySmith is a Sponsor of deBanked CONNECT – San Diego
September 12, 2018PaySmith is a sponsor of deBanked CONNECT San Diego. The half-day event for funders, lenders, brokers and industry professionals is being held at the Andaz on October 4th!
Check out photos from deBanked’s past CONNECT event in Miami
OnDeck Small Business Online Lending Tops $10 Billion
September 12, 2018OnDeck is the world’s largest non-bank online small business lending platform.
Federal Reserve says small businesses are turning to online lenders in record numbers
NEW YORK, N.Y., September 12, 2018 – – OnDeck® (NYSE: ONDK), today announced it has achieved a milestone in the Financial Technology (FinTech) industry, becoming the first non-bank online lender to surpass $10 billion in total loans originated to small businesses. OnDeck, with operations in the United States, Canada and Australia, is now the world’s largest non-bank online lender to small business by total loan volume.
The achievement by OnDeck, a pioneer of the FinTech lending industry, is the latest indication that small businesses increasingly prefer to seek financing online. According to the recent Small Business Credit Survey from the Federal Reserve, small business owners are turning to online lenders in record numbers. In 2017, 24 percent of small businesses seeking credit applied online, up from 21 percent the previous year. Not only did the total number of loan applications to online lenders increase in 2017, but satisfaction rates of small businesses soared almost 50 percent year-over-year.1
OnDeck provided its first small business loan online in 2007, taking just 11 years to pass $10 billion in total loan volume in a digital lending market it helped create. The majority of OnDeck’s lending occurred in the last few years as it gained scale, with the company originating $2.1 billion in loans in 2017 alone.
“If reaching $10 billion dollars in total loan volume online tells us anything, it’s that the days of old-fashioned lending to small businesses are numbered,” said Noah Breslow, Chairman and Chief Executive Officer, OnDeck. “We created OnDeck because we believed the Internet could revolutionize and speed up the way underserved small businesses access capital. Today, we are helping to fill a credit gap across hundreds of industries by providing fast, secure and transparent loans that enable small businesses to grow, generate economic activity and create jobs. We look forward to providing billions more in financing and powering the small business lending migration to the online model via our OnDeck-as-a-Service platform.”
Small businesses are the economic backbone of America, accounting for more than 99% of all U.S. companies1 and employing over half of all private sector workers2. However, they still face a growing credit gap. According to the Federal Reserve survey, 54% of small businesses report credit shortfalls3 and lower-income communities are disproportionately impacted. Traditional large banks deny 44% of all small business loan applications3 and many are steadily exiting the small business credit market. Since 2008, small business lending from traditional sources has fallen over 20%4.
Identifying the developing credit gap over a decade ago, OnDeck transformed the means by which small businesses access capital, using proprietary technology and a small business credit scoring system, the OnDeck Score®, to more efficiently evaluate a business’ creditworthiness and make lending decisions in real time. OnDeck provides term loans and lines of credit to small businesses and can supply customers with funding in as little as one business day. The economic impact of this online lending activity is substantial. Immediate infusions of capital enable small businesses to purchase inventory, cover operational costs, or expand without delay, which can stimulate economic growth and help create jobs in their communities.
OnDeck and the Impact of Online Lending on the Economy
An Analysis Group report commissioned by OnDeck in 2015 analyzed the economic impact from the first $3 billion OnDeck lent to small businesses. The report estimates that those loans powered $11 billion in business activity and created 74,000 jobs nationwide. In 2018, OnDeck announced it had provided small businesses more than $10 billion in capital.
In May of 2018, a report on small business online lending in the United States revealed that OnDeck and four other small business lending platforms funded nearly $10 billion in online loans from 2015 to 2017, generating $37.7 billion in gross output and creating 358,911 jobs and $12.6 billion in wages in U.S. communities. The upsurge in online lending is filling a critical financing gap for small businesses across industries, according to NDP Analytics, a Washington, D.C.-based economic research firm. See the NDP Report here: http://www.ndpanalytics.com/online-lending/
OnDeck Company Timeline
Download here: https://www.ondeck.com/wp-content/uploads/2018/09/10-year-timeline-02.pdf
BFS Capital is a Sponsor of deBanked CONNECT – San Diego
September 4, 2018BFS Capital is a sponsor of deBanked CONNECT San Diego. The half-day event for funders, lenders, brokers and industry professionals is being held at the Andaz on October 4th!
Check out photos from deBanked’s past CONNECT event in Miami
Bitty Advance is a Sponsor of deBanked CONNECT – San Diego
September 4, 2018Bitty Advance is a sponsor of deBanked CONNECT San Diego. The half-day event for funders, lenders, brokers and industry professionals is being held at the Andaz on October 4th!
Check out photos from deBanked’s past CONNECT event in Miami
United Capital Source Selected to Service BizBloom’s Portfolio
August 19, 2018
Great Neck, NY, August 20, 2018 – United Capital Source has been selected to service the BizBloom portfolio. BizBloom, a NY-based small business financing brokerage that launched in 2015, recently underwent a management change. The company’s president, Thomas Costa, has stepped down.
Costa is also no longer involved with a related business, Accredited Business Solutions, LLC (ABS), which does merchant processing.
“We are happy to use our resources to manage BizBloom’s book,” United Capital Source CEO Jared Weitz said. “It’s something our team is really good at. Our in-house CRM and technology enables us to take on the additional work seamlessly, Our employees are all industry veterans and best of breed.”
Weitz was also recently selected to co-chair the Broker Council of the Small Business Finance Association.
ABOUT UNITED CAPITAL SOURCE:
United Capital Source is a leading small business funding organization headquartered in New York. Thousands of small businesses throughout America rely on the small business loans, business lines of credit, merchant cash advances, working capital loans, credit card factoring, accounts receivable loans, SBA loans, and Equipment financing placed by United Capital Source. Companies with credit challenges unsuitable for traditional bank lending work with United Capital Source for faster funding approvals, reducing financing costs and increasing business funding choices. Our delighted customers are across industries from aviation, construction, dentistry, franchises, healthcare, manufacturing, communications, real estate, retail, and wholesalers. For more information, visitUnitedCapitalSource.com or call 855.933.8638. Visit the United Capital blog on our website and follow United Capital Source on Twitter, LinkedIn and Facebook.
Wellen Makes the Inc.5000 List
August 15, 2018
Chicago — August 15, 2018 — Inc. magazine today listed Wellen Capital on its annual Inc. 5000, the most prestigious ranking of the nation’s fastest-growing private companies. The list represents a unique look at the most successful companies within the American economy’s most dynamic segment— its independent small and midsized businesses. Companies such as Microsoft, Timberland, Vizio, Intuit, Chobani, Oracle, Zappos.com, and many other well-known names gained their first national exposure as honorees of the Inc. 5000.
“We’re so pleased to be included in the Inc. 5000. This honor reflects the hard work our team has put in not just this past year, but over the last several years that has driven the revenue growth that earned us a spot on the list.” said Wellen President Jim Teppen. “We couldn’t have done it without our sales partners, key vendors, and financial backers” added Teppen. “Those relationships provided crucial support in our growth over these past few years.”
The Inc. 5000 is a list of the fastest-growing private companies in America. Started in 1982, this prestigious list of the nation’s most successful private companies has become the hallmark of entrepreneurial success. Complete results of the 2018 Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/inc5000.
About Wellen Capital:
Since 2012, Wellen (f/k/a Gibraltar Capital Advance) has been providing working capital solutions to small and mid-sized businesses across America. Headquartered in Chicago, Wellen supports American business growth with its capital advance product – allowing customers to access between $10,000 and $250,000 in short-term working capital.
Contact:
Steven O’Connor
224.374.1519
soconnor@wellen.com
