Illinois State Rep Proposes Database of All Funded Deals
A representative of the Illinois State legislature has introduced a bill proposing a state-controlled commercial financing database that would require all licensed providers to input their deals. Primarily targeting non-bank providers of commercial financing, the database would serve to monitor licensees, prepare industry reports, and relay instances of illegal activity to law enforcement. Read more
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NACLB Conference Founder Files Chapter 11 | Kris Roglieri, founder of the National Alliance of Commercial Loan Brokers (NACLB) conference and Prime Capital Ventures, filed for Chapter 11 bankruptcy amidst escalating legal issues, which include his home being raided by the FBI, several lawsuits, and allegations of running a multi-state fraud scheme. Read more
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Shopify Capital Renewal Rate Greater than 70% | Shopify Capital's latest quarterly earnings reveal that its funding business is growing. Shopify President Harley Finkelstein claimed the capital product's success was evident in the repeat renewal rate of over 70%, which he said demonstrated the company's capacity to aid merchants in accessing necessary growth funding. Read more
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