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Strategic Funding Leads Investor Group to Acquire Assets of BankCard Funding

August 8, 2012
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For Release on MPR: New York, NY – August 8, 2012. Strategic Funding Source, Inc., announced that it has led an investor group in the purchase of the assets of BC Funding, LLC, doing business as – BankCard Funding (BCF), through an Article 363 auction process of the Eastern District of the US Bankruptcy Court in Long Island, NY. Both Strategic and BCF are leading providers of merchant cash advance and alternative finance products to small and mid-sized businesses throughout the United States. The purchase included the entire performing portfolio of merchant cash advance contracts along with all other tangible and intangible assets of the company.

“This purchase is an extremely positive development for the newly restructured BankCard Funding, its merchants, sales partners and creditors.” said Andrew Reiser, CEO of Strategic Funding. “We have a long and profitable relationship with BankCard Funding and look forward to working with Barry Sharf as he positions the company for future growth.” The newly reorganized company will continue to operate independently under the BankCard Funding name with Mr. Sharf directing new business development. Funding and servicing of all merchant advances and investor syndication accounts will be done on the Colonial Funding Network, a wholly owned subsidiary of Strategic Funding.

Mr. Sharf commented that “this is an outstanding opportunity for BankCard Funding to expand its unique business model. There are distinct differences in the market positioning of each company and this alliance permits for broader market penetration, financial stability and improved operational efficiencies. Partnering with Strategic and its Colonial technology platform will allow both companies to compete more effectively in a highly charged market. I am very excited about this new relationship.” BCF will continue to operate from their Syosset, New York offices.

About Strategic Funding Source, Inc. –
Strategic Funding Source, Inc. ( ) is a leading provider of specialty finance solutions in the form of merchant cash advances through credit card receivables purchasing, revenue based financing (RBF-ACH) of bank deposits and commercial loans to thousands of small businesses nationwide. Strategic is recognized as the technology leader in servicing the factoring and loan transactions of over 100 funding companies and investor partners. Established in 2006, Strategic has financed thousands merchants by purchasing more than $325 million of receivables from small and mid-sized businesses. The company maintains its headquarters in New York City and regional offices in Williamsburg, Virginia and Seattle, Washington.

David C. Sederholt, Chief Operating Officer
Strategic Funding Source, Inc.
Phone: 212-354-1400

United Capital Source Provides Medium-Sized Business With $1,250,000

March 9, 2012
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United Capital Source Funds $1.25 Million DealdeBanked (MPR) has learned and confirmed that New York based funding provider, United Capital Source (UCS) has provided financing to a medium-sized business in the amount of $1,250,000. While the parties have requested to keep certain specifics of the arrangement under wraps, the business is involved in the sale and repair of highly specialized equipment, and has operations and headquarters in multiple states.

While it was not structured in the traditional Merchant Cash Advance sense, it is believed to have been set up with fixed payments. UCS has received a lot of attention in the last six months due to the wide variety of clientele they are servicing. With deals ranging from a few thousand dollars to over a million, they are quickly becoming a top choice for any business in need of capital.

MPR has been doing research to quantify the size of the Merchant Cash Advance industry. In a recent article, the term itself was redefined. We’ve known for some time that there were some larger advances/loans being done within the space but not all of them are being publicized. What we’ve discovered is that it is not unusual for deals to reach as high as $2 million. The recent media attention on CNN and FOX is also an acknowledgment that the Merchant Cash Advance concept has penetrated the mainstream and is no longer an alternative, but the standard.

– deBanked

Mike Steeneck Joins American Finance Solutions & Opens East Coast Office

January 29, 2012
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For release on MPR — AFS is proud to announce that after five years in sunny Los Angeles, we have finally opened our first East Coast office. More importantly, we have added another valuable member to the AFS team.

We are pleased to announce that Mike Steeneck, an industry veteran with years of experience in the payment processing and alternative funding arena has joined AFS as Vice President of Business Development. Many of you know Mike from his last position as EVP/COO of OnePay. Mike has also held positions as President of Business Development at AdvanceMe and Senior Vice President of Sales and Acquisitions at First Data where he successfully launched many newly formed business units.

Mike’s focus will be on building relationships with East Coast ISOs and processors nationwide. In addition, Mike will be instrumental in crafting sales strategy and product development as AFS enters new markets and diversifies its sales channel. Most importantly, Mike will work closely with our existing and new ISO partners to increase sales and help AFS build on its reputation as the funding source of choice.

Mike brings tremendous experience and expertise to AFS and we’re thrilled to have him. Mike can be reached directly at 800-760-5516, ext 141 or by email at

American Finance Solutions