Announcements
Alternative Finance Bar Association Conference is Friday June 8th
June 4, 2018The 2nd Annual Conference of the Alternative Finance Bar Association is being held on Friday June 8th, from 9am – 5pm in New York City. To learn more about the event, contact Tiffany Diaz at Tiffany@LRohanlaw.com
Discussion/Session Itinerary:
• Updates in the Regulatory Landscape
• Updates on recent Case Law and the takeaways
• Cyber Security
• Credit Facilities 101: What an Alternative Finance Company can expect
• Syndication Relationships: Partner? Participant? Investor?
• Overview of Key Employment Issues in the Industry
• Bankruptcy Developments: The Rise of the Adversary Proceeding
• Collections: What you should know BEFORE you enforce
Gibraltar Capital Advance Rebrands as Wellen Capital
June 4, 2018
Chicago, IL – June 4, 2018. Today, Gibraltar Capital Advance announced they have changed their name to Wellen Capital, LLC. Following the successful sale of related company Gibraltar Business Capital, LLC in February of this year, parent company TZ Mountain Capital Holdings, LLC began the process of re-branding Gibraltar Capital Advance.
Wellen is a data-enabled direct funding source in the merchant and business capital advance market. Since its founding in 2012, the company has experienced robust and steady growth, establishing itself as a leader in the small business finance market.
“The Gibraltar name has been well-regarded as a leader in the alternative finance market for many years. We entrust it to our former colleagues at Gibraltar Business Capital, knowing they’ll successfully carry the brand’s tradition forward” said Jim Teppen, President of Wellen. “We look forward to continuing to serve our customers, sales partners, and investors under a new name that we think embodies the values and culture of our company” said Teppen.
Along with the announcement of the new identity, Wellen is announcing the launch of WellenScore – a custom machine-learning based system for quickly and consistently conducting diligence reviews of small business funding applications. “The WellenScore system allows us to accurately analyze hundreds of individual elements of an application, and provide a decision back to our sales partners much more quickly than ever.” said Ed Job, Wellen’s Chief Operating Officer. “Our process leverages automation and data-enabled decisions, but isn’t just a ‘black box’” said Job. “Good funding decisions are made by working with our sales partners to gather needed data, and decide how to best structure a capital solution for our customers.”
About Wellen: Wellen Capital, LLC is a leading provider of working capital solutions to U.S. small businesses. Headquartered in Chicago, Wellen’s principal equityholders are Satori Capital, LLC of Dallas, TX and CCCC Growth Fund, LLC. of South Pasadena, CA.
Contact: Steven O’Connor
Phone: 224.374.1519
Email: soconnor@wellen.com
Yellowstone Capital Funded $64.5M in May
June 4, 2018Yellowstone Capital originated $64.5M in funding to small businesses in May, according to the company. The figure topped their previous month of $61M.
Breakout Capital Announces New $15MM Credit Facility with Medalist Partners
May 30, 2018Leading innovative fintech lender announces $15MM credit facility to further fuel its growth in small business lending
McLean, VA May 30, 2018 – Breakout Capital, a technology-enabled small business lender, announced today the launch of a new, $15MM credit facility with a fund managed by Medalist Partners. The new facility will enable Breakout Capital to continue the rapid expansion of its small business lending programs, including the award-winning FactorAdvantage℠ program, across the country.
“Medalist is an ideal partner to support our growth,” said Carl Fairbank, Founder & CEO of Breakout Capital. “They appreciate the tremendous value that FinTech lenders offer to small businesses through timely access to capital, and its vital role as a growth engine for our entire economy. And just as importantly, they are aligned with our values of innovation, transparency, and advocacy for small business.”
The facility will support Breakout Capital’s growth across traditional business loans, Breakout Bridge loans, and FactorAdvantage℠ program loans. In the patent-pending FactorAdvantage℠ program, Breakout Capital complements traditional A/R factoring with a hybrid business loan, enabling consolidations or overadvances.
“We believe the combination of strong underwriting, product innovation, and a top-notch management team is a great recipe for success,” said John Slonieski, Director of Private Credit for Medalist Partners. “We are excited to add this credit facility to our portfolio of high quality asset-based lending programs.”
Throughout 2018, Breakout Capital has continued to grow its origination volume, breaking records each month for new funding volume. In parallel, the company has continued to innovate in its technology program, with notable advances in machine learning, artificial intelligence, and use of the blockchain to support lending operations.
“We are privileged to have Medalist as a partner on our growth journey,” said Fairbank. “This new credit facility is key to our bringing more of our great products, together with our partners, to more small businesses.”
About Breakout Capital
Breakout Capital is a leading financial technology company, leveraging best-in-class technology to provide a wide range of credit solutions to small businesses across the country. Built on three pillars of transparency, education, and advocacy for small business, the company is one of the fastest-growing direct lenders in the space, and leads a world-class technology innovation effort. Breakout Capital is a Principal Member of the Innovative Lending Platform Association and an original advocate for the SmartBox™ standard for transparency and cost disclosure.
To learn more about Breakout Capital, please visit www.breakoutfinance.com.
About Medalist Partners
Medalist Partners is an SEC registered investment manager with approximately $900 million of assets under management as of May 1, 2018. The New York based firm manages strategies in specialty finance and structured credit. The business and track record was started within Credit Suisse and Candlewood Investment Group, LP prior to being spun-out as an independent, partner-owned firm in 2018.
To learn more about Medalist Partners, please visit www.medalistpartners.com.
Uplyft Capital Launches New Brand Identity, Putting its Business Friendly Technology Capabilities at the Forefront
May 29, 2018
Uplyft Capital, a technology-focused cash advance company today announced the launch of its new brand identity. The redesign emphasizes the company’s utilization of business-friendly technology solutions to improve communication, underwriting and servicing for its clients.
“Cash Advance companies in the US are broken and inefficient. We launched Uplyft in 2012 with one simple strategy in mind – to actually make receiving working capital simple, intuitive and human. We stand with our small business clients and we believe that technology can significantly improve the funding process. As we transition from a strictly human-based approach to a hybrid AI-driven model we believe we can service both Clients and Sales Partners more efficiently. Uplyft Capital is now better positioned to serve our growing and diverse client base,” said Michael Massa, Uplyft Capital CEO and Founder.
“The small business funding marketplace is changing quickly and we knew that we needed to transform with it. As we continue to grow, we want to provide improved capabilities for our trusted consumers, sales partners, and investors.
Uplyft Capital’s new logo visually exhibits the changed brand. Using a soft purple as its base for the icon, the lowercase “uplyft capital” wordmark is a more minimal and modern than the previous design. Uplyft Capital’s new icon plays with the “arrow in upwards growth” for small businesses, looking to get out of the current box they are in, a playful hearkening to Uplyft Capital’s mission to help the growth potential of each client.
“Uplyft Capital’s remarkable new identity is a product of focused research, strategy, and execution. We believe it perfectly conveys the foundational brand values of a modern, technologically-focused company adept and capable of tackling the future of small business funding, ” said Mr. Massa.
With the announcement of the rebrand, Uplyft Capital’s has also redesigned its consumer-facing user experience to better help customers and partners stay organized and efficient. With this redesign, users will find an improved user experience, particularly on mobile, with more natural and easy-to-use features with overall better reporting and tracking tools.
Announcing the Launch of the SBFA Broker Council
May 11, 2018Washington, D.C.—The Small Business Finance Association (SFBA) today announced the launched a new initiative called the SFBA Broker Council dedicated to bringing together responsible brokers that serve small businesses to focus on creating best practices. The Council is co-chaired by Jared Weitz, founder & CEO of United Capital Source and James Webster, CEO & co-founder of National Business Capital. The mission of the Council will be to create standards and a certification for brokers who agree to best practices focused on four basic principles—transparency, responsibility, fairness, and security.
“We want to give small business owners confidence that the brokers they work with are trustworthy, vetted, and committed to being responsible,” said Jared Weitz. “We need to take steps to promote brokers who are acting in the best interest of small business owners and send a clear message about the valuable role we play in the small business finance ecosystem.”
“We need brokers who believe in best practices to enter the national conversation about small business alternative finance and show policymakers how we serve small business customers,” said James Webster. “We all know there are bad actors out there, but the goal of this Council is to help show the how responsible brokers are working to capitalize underserved small businesses.
“We appreciate Jared’s and James’ leadership in creating this new initiative within SBFA,” said Jeremy Brown, chairman of RapidAdvance and chairman of SBFA. “It is important we send a message to the millions of small businesses we serve that we support brokers who understand that transparency, responsibility, fairness, and security are critical to our industry’s future.”
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 SBFA is supported by companies committed to promoting small business owners’ access to fair and responsible capital.
“Small business owners are a powerful constituency and we want to give them the utmost confidence in the alternative finance industry,” said Steve Denis, Executive Director of the SBFA. “This includes promoting brokers who are providing transparent capital solutions that they can trust.”
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.
6th Avenue Capital Announces Promotion of Darren Schulman to President
April 26, 2018Former Chief Operating Officer also appointed to company’s Board of Directors along with Chief Executive Officer Christine Chang
New York City – April 26, 2018 – 6th Avenue Capital, LLC (“6th Avenue Capital”), a leading provider of choice for alternative small business funding, announced today the promotion of Darren Schulman to President, effective immediately. In his new position, Schulman has oversight over originations, underwriting, operations, collections and strategic initiatives. He previously served as Chief Operating Officer, and will continue to report directly to Chief Executive Officer Christine Chang.
The company also announced today that Chang and Schulman have been appointed to the company’s Board of Directors.
“We are extremely fortunate to have a well-respected industry expert and innovator like Darren on our leadership team,” said Chang. “He’s made immeasurable contributions to our strategic direction and growth since joining us last year. I am confident Darren will continue to play a critical role in guiding our business forward in his new position as President.”
Schulman brings two decades of experience in small business financing and additional experience in banking to his new position. He joined 6th Avenue Capital in March 2017. Previously, Schulman served as COO at Capify (formerly AmeriMerchant), a global small business financing company, and President and CFO at MRS Associates, a Business Process Outsourcing (BPO) company specializing in collections. In addition, Schulman was an Executive Vice President at MTB Bank.
“6th Avenue Capital is made up of exceptional individuals who are focused daily on advancing the capital needs of small businesses. I am honored by the promotion and delighted to be joining the Board with Christine,” said Schulman. “Together we will continue to set a strategic course for our company and build on the momentum we’ve established over the past year helping small businesses across the country grow.”
For more information on these updates, or if you’re interested in discussing partnership opportunities with 6th Avenue Capital as an ISO, please contact Marc Seidel at bizsuccess@6thAveCap.com. You can also use that same email address to schedule time to meet with members of the team at the National Association of Equipment Leasing Brokers (NAELB) conference in Las Vegas from April 26 to 28.
About 6th Avenue Capital, LLC
6th Avenue Capital is changing the small business funding landscape by offering a data-driven underwriting process and fast access to capital with variable payment options. 6th Avenue Capital employs a unique blend of industry experts who are committed to the highest operating standards, including high touch service and a policy of direct merchant access to underwriters. For more information, visit www.6thavenuecapital.com or email bizsuccess@6thAveCap.com.
Media Contact
Bill McCue
Indicate Media
bill@indicatemedia.com
718.208.7391
Lendio Opens Franchise in Charlotte, NC
March 15, 2018
Today, Lendio announced the opening of its latest franchise in Charlotte, NC. Through the Lendio franchise program, Chris Cronk will help local businesses in the community apply for loans, review their options and secure funding.
The company has a network of over 75 lenders and its funding options include SBA loans, startup loans, equipment loans, commercial real estate loans and more. In the last fiscal year alone, Lendio facilitated more than $300 million in funding, according to the company.
“I’ve worked with numerous companies and witnessed their struggles to find capital,” said Cronk, who was a former investment banker for Bank of America Merrill Lynch where he advised and facilitated financing for companies of all sizes. “Charlotte is a fast-growing market and community. I’m excited to be a part of that growth by helping businesses in every industry find funding.”
