Announcements
Rapital Launched to Support SMEs With Challenging Credit Situations
October 14, 2024A new Australia online lender has today been launched in response to evolving SME funding needs.
Rapital is set to transform the financial landscape to support both brokers and SME businesses facing difficulty in securing funding from existing lenders and banks.
Rapital will focus on offering a direct route for clients with challenging credit situations, such as low credit scores, with loans ranging between $5,000 and $250,000. With a focus on offering fast funding, Rapital aims to make decisions in as little as three hours so SMEs can access the cash boost they need quickly.
Access to funding remains an evergreen challenge for Australia’s SME community. According to a survey by Small Business Loans Australia, 90% of businesses indicated they would exercise caution in borrowing more money in 2024. Despite this caution, business loan demand has spiked, as reported by the Australian Financial Review. Rapital has been launched to help bridge the financing gap, providing SMEs that have been denied funding from traditional lenders with the essential cash boost they need to thrive.
Rapital’s ambition is to help turn a “no” into a “yes” for SMEs needing rapid and flexible financing solutions. The service promises an easy, transparent process with quick funding, empowering businesses to thrive and grow. In these challenging operating conditions, it is vital that smaller businesses have access to rapid and flexible capital. Rapital will offer a much-needed financial lifeline to the business profiles and industries that are often rejected by banks and other SME lenders.
About Rapital
Rapital’s mission is to empower businesses of all sizes, credit backgrounds and industries by providing brokers and SMEs with funding solutions tailored to meet the real-world challenges they encounter.
For media inquiries, please contact:
Rapital Media Team
Email: info@rapital.com.au
Website: http://www.rapital.com.au
Idea Financial Secures $50 Million Warehouse Facility to Expand Small Business Lending
October 1, 2024Miami, FL – Idea Financial, the leading provider of small business lines of credit, today announced the successful closing of a new $50 million warehouse facility led by Performance Trust Capital Partners. This strategic move significantly enhances Idea Financials’ lending capacity and allows the company to increase its maximum loan limit to $350,000 for well-established small businesses.
The new facility was made possible due to Performance Trust’s relationships with community banks and strengthens Idea Financial’s position in offering competitive and flexible financial products to Main Street businesses across the United States.
“Performance Trust has opened up an entirely new market for Idea Financial through their deep relationships with smaller community banks,” said Larry Bassuk, Idea Financial’s President and co-founder. “With this additional capital, we will continue our mission to be a premier provider of lines of credit for small businesses.”
Justin Leto, Idea Financial’s CEO and co-founder, added, “As the economy shows tremendous resilience and continues to grow, Idea Financial, along with Performance Trust, will be well-positioned to fuel that growth.”
Prior to this partnership, Idea Financial provided lines of credit up to $250,000. The increase to $350,000 allows the company to better serve the needs of growing small businesses requiring larger capital infusions.
Performance Trust Capital Partners, a full-service investment bank focused on community depository institutions, facilitated this deal by leveraging its relationships with community banks and aggregating the capital necessary to provide this substantial warehouse facility – a task typically requiring significant capital from super-regional or national banks.
This partnership marks a significant milestone in Idea Financial’s growth trajectory and reinforces its commitment to supporting small businesses across the nation.
About Idea Financial
Idea Financial is the leading non-bank provider of small business lines of credit in the United States. The company offers financial solutions to high-quality, established businesses needing funds to drive growth. To date, Idea Financial has funded thousands of American small businesses with hundreds of millions of dollars in loans, helping businesses #ChargeForward. For more information, visit ideafinancial.com.
About Performance Trust Capital Partners
Performance Trust Capital Partners is a full-service investment bank focused on community depository institutions. Their innovative approach enables syndication opportunities among community bank partners, allowing for the creation of significant facilities to support small business lenders. For more information, visit performancetrust.com.
For more information, please visit www.ideafinancial.com or contact Idea Financial at marketing@ideafinancial.com
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Broker Fair 2022 Has Sold Out
October 17, 2022
Tickets to Broker Fair 2022 sold out early Monday morning and tickets to the pre-show sold out a few hours later. Broker Fair, the industry’s largest annual event in NYC, is being held on October 24th at the New York Marriott Marquis in Times Square.
This event is where brokers, funders, lenders, and more gather for education, inspiration, and incredible networking opportunities to set themselves up for success. Broker Fair 2022 will mark deBanked’s twelfth event since 2017.
If you’re a broker in the small business finance industry or commercial lending space, THIS IS THE EVENT TO BE AT!
For inquiries and questions about the event or your tickets, email events@debanked.com.
North Mill Announces $353MM Term Securitization
October 17, 2022OCTOBER 14, 2022, NORWALK, CT – North Mill Equipment Finance LLC (“NMEF”) announced today the closing of its sixth commercial equipment backed securitization (ABS), NMEF Funding 2022-B (“NMEF 2022-B”). The $353MM transaction is North Mill’s 2nd ABS transaction this year, bringing the total privately placed bond proceeds raised this year to $724MM for the year. NMEF’s Capital Markets team has now raised $1.4B in bonds since inception. NMEF 2022-B featured fixed-rate asset backed securities across three classes of notes with the A note split into two tranches; an A-1 money market class, and a AAA/Aaa rated tranche by KBRA/Moody’s. This was NMEF’s first ABS issuance to be rated by Moody’s. It was also NMEF’s first transaction to include all investment grade tranches.
“The transaction was well-received by institutional investors with 31 unique investors, including 12 new investors in the NMEF shelf, making it NMEF’s largest ABS investor base of all time. We attribute this to the addition of a big-three rating agency with a 4% base case cumulative net loss assumption as well as a reduction of the base case loss assumption from KBRA from 6.1% – 6.6% on our last transaction down to 4.79% on NMEF 2022-B,” said North Mill’s President and Chief Operating Officer, Mark Bonanno.
Pier Snider, NMEF’s Chief Financial Officer added, “The transaction includes a $101MM 3-month post-close prefunding period that gives NMEF a fixed cost of funds for 4th quarter originations in a rising rate environment.”
About North Mill Equipment Finance
North Mill Equipment Finance originates and services small to mid-ticket equipment leases and loans, ranging from $15,000 to $1,000,000 in value. A broker-centric private lender, the company accepts A – C credit qualities and finances transactions for many asset categories including construction, transportation, vocational, medical, manufacturing, printing, franchise, renovation, janitorial and material handling equipment. North Mill is majority owned by an affiliate of InterVest Capital Partners, Inc. (FKA Wafra Capital Partners Inc.). The company’s headquarters is in Norwalk, CT, with regional offices in Irvine, CA, Dover, NH, Voorhees NJ, and Murray, UT. For more information, visit www.nmef.com.
Dedicated Adds to its Senior Leadership
September 26, 2022
Dedicated Financial GBC today announced that Sarah Kelly has joined the company as its Director of Servicing. With over a decade of experience in the equipment leasing and finance industry, Sarah will spearhead the expansion of Dedicated’s servicing business. Using her extensive systems and technology project management skills, Sarah will focus on developing an industry-leading, cradle-to-grave experience for Dedicated’s servicing clients.
Sarah’s extensive experience includes positions at KLC Financial, K2 Capital, and–most recently–KSK Consulting.
“Sarah is a commercial finance industry veteran,” said Shawn Smith. “Heck, she was raised in commercial finance, so it’s in her blood. That, combined with her passion and excitement for giving back to those in need, makes her a perfect fit to head up our growing servicing division, and we are truly excited and thankful to have her on board!”
The Merchant Marketplace Announces Its New Launch with Industry Powerhouse Executive
September 19, 2022
BALDWIN, NEW YORK SEPTEMBER 19, 2022 – The Merchant Marketplace, a leading fintech platform provider of direct financing to small and midsize businesses, announced today the launch of its new leadership with backing from industry powerhouse executives. The company’s new leadership team brings over 75 years of collective financial, technology, and business experience within its core leadership group: Adam Schwartz as CEO and Kevin Harrington, the Original Shark Tank Investor, will serve as a Strategic Partner. This partnership will revolutionize how merchants and independent sales organizations (ISO’s) obtain capital for growing their merchant’s businesses, changing the game for entrepreneurs throughout the United States.
“We are looking to change the industry by using a true fintech platform to facilitate transactions amongst ISO’s, merchants, and the Merchant Marketplace,” said Merchant Marketplace CEO Adam Schwartz. “We understand the challenges many small business owners face when trying to secure financing to help make their dreams a reality. The Merchant Marketplace is happy to be a resource for entrepreneurs by providing them access to capital so they can build a successful business.”
The Merchant Marketplace created a proprietary syndication platform that offers real time data and full transparency. In most instances, the company will offer ISO’s a two percent syndication as bonus for every deal that it funds, with the ability to syndicate more funding if needed. ISO’s can earn another stream of income by being vested in every deal they fund with the Merchant Marketplace, as well as earn a referral fee. The platform also offers a profit-sharing program and technology tutorials to show ISO’s how to engage with the platform to help achieve the best end results.
“The merchant cash advance market has been witnessing an escalation in growth over the past few years with the help of innovation. Our technology integrates with over 25 different third parties to give us complete insights into our merchants, giving us the ability to make offers with lightning speed and efficiency. We understand the needs of our clients and we want them to be part of the process. We do not want to be seen as just another funder; we want to be seen as a business partner for our ISO’s,” said Merchant Marketplace Director of ISO Relations, Justin Strull.
For questions on the service and to sign up as an ISO, contact Justin Strull at 516-980-4932 or email in to justin@merchantmarketplace.com
About Kevin Harrington
As an original “shark” on the hit TV show Shark Tank, the creator of the infomercial, pioneer of the As Seen on TV brand, and co-founding board member of the Entrepreneur’s Organization, Kevin Harrington has pushed past all the questions and excuses to repeatedly enjoy 100X success. His legendary work behind the scenes of business ventures has produced more than $5 billion in global sales, the launch of more than 500 products, and the making of dozens of millionaires. He’s launched massively successful products like The Food Saver, Ginsu Knives, The Great Wok of China, The Flying Lure, and many more. He has worked with amazing celebrities turned entrepreneurs including, Billie Mays, Tony Little, Jack LaLanne, and George Foreman to name a few. Kevin’s been called the Entrepreneur’s Entrepreneur and the Entrepreneur Answer Man, because he knows the challenges unique to start-ups and he has a special passion for helping entrepreneurs succeed.
North Mill Hits $1 Billion in Originations on Anniversary of Recapitalization
August 1, 2022AUGUST 1, 2022, NORWALK, CT – North Mill Equipment Finance LLC (“NMEF”), a leading independent commercial equipment lessor headquartered in Norwalk, Connecticut, announced today that the company crossed the $1 billion mark in total originations since its recapitalization by an affiliate of Wafra Capital Partners, Inc. (WCP).
Four years ago this month, North Mill was acquired by WCP, a New York based SEC-registered investment adviser that manages or advises funds and accounts that invest in specialty finance, rental and leasing platforms. “They’ve been an extraordinary partner, supporting our growth strategy every step of the way,” said David C. Lee, Chairman and CEO for North Mill. “The fact that we’ve reached one billion in volume in four short years, on our anniversary date, is a testament to their collaboration along with the passion, dedication and hard work espoused by the entire team at North Mill.”
Since the recapitalization, North Mill has undergone a major transformation, graduating from a niche-lender that focused on challenged credits in the transportation sector to a multi-faceted provider of financial solutions spanning the A to C credit markets. The company now finances assets ranging in diversity from construction and medical equipment to major franchises such as Dunkin Donuts, Subway and Burger King. Expanded operations have necessitated the opening of regional offices in multiple locations across the nation.
North Mill’s leadership team has reworked every facet of the organization by investing in the technology and funding and marketing infrastructure necessary to originate new business exclusively through the third-party channel. The company has consistently reported record-breaking headlines the last few years, most recently declaring an all-time high for the second quarter of 2022 as organic originations surged to $146.6M, up 34% from the first quarter. Just last month, North Mill made another major announcement as the company introduced a simpler pricing scheme, imparting a level of transparency and connectivity between the organization’s buy rates and credit parameters. The enhancement makes it much easier for referral partners to determine borrower eligibility and to identify the potential buy rate at which a deal will likely price.
About NMEF
NMEF originates and services small to mid-ticket equipment leases and loans, ranging from $15,000 to $1,000,000 in value. A broker-centric private lender, the company accepts A – C credit qualities and finances transactions for many asset categories including construction, transportation, vocational, medical, manufacturing, printing, franchise, renovation, janitorial and material handling equipment. NMEF is majority owned by an affiliate of WAFRA Capital Partners, Inc. (WCP). Headquartered in Norwalk, CT, NMEF has regional offices in Irvine, CA, Dover, NH, Voorhees NJ, and Murray, UT. For more information, visit www.nmef.com.
North Mill Enhances Rate Card Program
July 18, 2022
JULY 18, 2022, NORWALK, CT – North Mill Equipment Finance LLC (“NMEF”), a leading independent commercial equipment lessor headquartered in Norwalk, Connecticut, announced that the company has implemented major enhancements to its pricing scheme, simplifying its buy rate structure and connecting each price point directly to the credit parameters company analysts use to assess each transaction.
The upgrades provide a decisive benefit to the hundreds of referral agents with whom NMEF partners. Brokers can now identify the credit variables NMEF reviews when analyzing a deal. As such, they can determine readily whether a borrower’s credit background matches the parameters associated with a particular buy rate outlined on the new price cards. Moreover, the revised pricing is configured in a “waterfall” format. If a borrower does not meet all the credit requirements outlined in one price panel, the transaction will generally flow to the next price panel, and so on.
“The feedback we receive from our broker partners often provides the blueprint for change,” said Paul Cheslock, Vice President, Customer Relations, North Mill. “As a lender that remains totally committed to the third-party channel, we take the recommendations we receive from referral agents very seriously. In this case, imparting a level of transparency and connectivity between our pricing and credit review methodology was cited as an opportunity. They spoke, we listened.”
The new pricing scheme comprises two sets of rate classifications based on equipment type. One class includes buy rates for most of the equipment that NMEF will consider financing while the other class is designed solely for heavy duty Class 8 sleeper trucks, logging equipment, and printers. Additionally, the cards have rates for borrowers with better credit backgrounds and more time in business vs. those with more challenged credit histories and/or less business experience. For questions on North Mill’s rate card program, please contact Don Cosenza at (203) 354-1710 or dcosenza@nmef.com.
About North Mill Equipment Finance
North Mill Equipment Finance originates and services small to mid-ticket equipment leases and loans, ranging from $15,000 to $1,000,000 in value. A broker-centric private lender, the company accepts A – C credit qualities and finances transactions for many asset categories including construction, transportation, vocational, medical, manufacturing, printing, franchise, renovation, janitorial and material handling equipment. North Mill is majority owned by an affiliate of WAFRA Capital Partners, Inc. (WCP). The company’s headquarters is in Norwalk, CT, with regional offices in Irvine, CA, Dover, NH, Voorhees NJ, and Murray, UT. For more information, visit www.nmef.com.
