CFPB Initially Proposed to Exclude MCAs, Factoring, and Equipment Leasing From Section 1071
December 17, 2020
After ten years of debate over when and how to roll out the CFPB’s mandate to collect data from small business lenders, the Bureau has initially proposed to exclude merchant cash advance providers, factors, and equipment leasing companies from the requirement, according to a recently published report.
The decision is not final. A panel of Small Entity Representatives (SERS) that consulted with the CFPB on the proposed rollout recommended that the “Bureau continue to explore the extent to which covering MCAs or other products, such as factoring, would further the statutory purposes of Section 1071, along with the benefits and costs of covering such products.”
The SERS included individuals from:
- AP Equipment Financing
- Artisans’ Bank
- Bippus State Bank
- CDC Small Business Finance
- City First Bank
- Floorplan Xpress LLC
- Fundation Group LLC
- Funding Circle
- Greenbox Capital
- Hope Credit Union
- InRoads Credit Union
- Kore Capital Corporation
- Lakota Funds
- MariSol Federal Credit Union
- Opportunity Fund
- Reading Co-Operative bank
- River City Federal Credit Union
- Security First Bank of North Dakota
- UT Federal Credit Union
- Virginia Community Capital
The panel discussed many issues including how elements of Section 1071 could inadvertently embarrass or deter borrowers from applying for business loans. That would run counter to the spirit of the law which aims to measure if there are disparities in the small business loan market for both women-owned and minority-owned businesses.
One potential snag that could complicate this endeavor is that the concept of gender has evolved since Dodd-Frank was passed in 2010. “One SER stated that the Bureau should consider revisiting the use of male and female as categories for sex because gender is not binary,” the CFPB report says.
But in any case, there was broad support for the applicants to self-report their own sex, race, and ethnicity, rather than to force loan underwriters to try and make those determinations on their own. The ironic twist, however, according to one SER, is that when applicants are asked to self-report this information on a business loan application, a high percentage refuse to answer the questions at all.
The CFPB will eventually roll the law out in some final fashion regardless. The full report can be viewed here.
Canada’s Top Lending Leaders of 2021
December 16, 2020
The Canadian Lenders Association released its 2021 Leaders in Lending awards. The association is the voice of Canada’s lending ecosystem and represents more than 100 companies in commercial and consumer lending.
All CLA members are vetted and accredited based on their corporate standards
and values. Their role is to support the highest level of lending in Canada,
servicing a wide spectrum of business and consumer borrowers’ growth requirements.
See previous year’s leading lending companies
See previous year’s leading lending executives
2021 Award Winners:
Lending Woman of the Year
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Tiffany Kaminsky | Co-Founder of Symend
Tiffany Kaminsky is the co-founder of Symend, a fintech that uses analytics and behavioural science to create individualized debt recovery programs. The startup, which has offices in Calgary, Toronto and Denver, received USD $52 million in funding earlier this year and plans to hire up to 200 more roles in 2021. |
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Nicole Benson | CEO of Valeyo
Nicole Benson is the President & CEO of Valeyo, a business solutions provider to financial institutions in Canada. Nicole drives every facet of business forward, with a focus on growing, evolving, and innovating Valeyo’s suite of solutions to meet the changing needs of its clients and the financial services industry. |
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Andrea Fiederer | CMO of goeasy
Andrea Fiederer is EVP & CMO of goeasy, a leader in non-prime financial services with over 2000 employees. Andrea is responsible for goeasy’s overall marketing and brand strategy for both the easyhome and easyfinancial business units. |
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Elena Ionenko | Co-Founder of Turnkey Lender
Elena Ionenko is the Co-Founder of Turnkey Lender, a loan origination platform. Under Elena’s leadership, the company has entered 50+ local markets, raised over $3.5 million in venture capital and launched regional offices all over the globe. |
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Minal Shankar | CEO of Easly
Minal is the CEO of Easly, a SR&ED financing firm. This year Minal has doubled Easly’s capital under management & customer base. Prior to leading Easly, Minal was an investment manager for the VC firm Northgate Capital and an associate in the Technology Investment Banking group at J.P. Morgan Chase. Minal holds an MBA from the NYU Stern School of Business. |
Fintech Innovator the Year
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Flinks
Flinks is a data company that empowers businesses to connect their users with the financial services they want. |
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REPAY
REPAY is a leading provider of vertically-integrated payment solutions. |
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VoPay
VoPay seamlessly connects you to the banking ecosystem enabling anyone to offer efficient and simple bank account payment processing. |
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Fundmore
FundMore.ai is an automated underwriting system that uses machine learning to streamline the Pre-Funding process for loans. |
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Provenir
Provenir offers a suite of risk analytics tools for lenders to make adjudication faster and simpler. |
Executive of the Year
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Jason Mullins | CEO of goeasy
Jason Mullins is the President & CEO of goeasy, a leader in non-prime financial services with over 2000 employees. Since joining goeasy in 2010, Jason has helped the company scale to $1 billion in market capitalization with compound earnings growth of 28%. Jason is a recipient of Canada’s Top 40 Under 40 Award. |
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Wayne Pommen | CEO of PayBright
Wayne Pommen is the CEO and Founder of PayBright, a Canadian leader in the BNPL space. His firm has partnered with 7,000 domestic and international retailers, and has approved over $1 billion in consumer credit. This year PayBright was acquired by Affirm in a $340 million transaction. |
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Lawrence Krimker | CEO of Simply Group
At just 33 years of age, Lawrence Krimker has built Simply Group into a category leader in home equipment financing. This year his firm acquired competitors Dealnet & SNAP Financial in transactions that totalled over $750 million and brought his firm to $1.45 billion in assets under management. |
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Andrew Graham | CEO of Borrowell
Andrew Graham is the CEO and Co-Founder of Borrowell, Canada’s first fintech to provide free credit monitoring. This year Andrew launched Borrowell Boost to help the 53% of Canadians living paycheck to paycheck meet their bill payments. |
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Maria Soklis | President of Cox Automotive
In the 6 years that Maria Soklis has led Cox Automotive Canada, the company has become a category leader in software and financing solutions for consumers and dealers across the country. Maria has also left her mark with initiatives that promote diverse and inclusive workplaces, and this year signed the BlackNorth Initiative CEO Pledge. |
Emerging Lending Platform of the Year
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Moselle
Moselle is a digital platform that simplifies the importing workflow for small medium business owners. |
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Moves
Moves is a financial services platform for independent “gig” workers. |
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Vendor Lender
VendorLender is Canada’s first POS lender for dealers in the equipment finance space. |
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Lendle
Lendle is Canada’s first interest free credit provider. |
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goPeer
goPeer helps everyday Canadians to achieve financial freedom through Peer-to-Peer Lending |
Small Business Lending Platform of the Year
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Merchant Growth
Merchant Growth is a leading Canadian financial technology company that specializes in small business financing. Over the past decade, Merchant Growth has supported Canadian businesses with hundreds of millions of dollars in growth financing. |
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Loop
Launched this year, Loop builds credit & payment products specifically for online merchants. The company is operated by the LendingLoop team that popularized P2P lending in Canada. |
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Thinking Capital
Thinking Capital is one of Canada’s best known fintech lenders to the small business sector. This year the firm has forged relationships with multiple Credit Unions and hit $1 billion in loans deployed. |
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OnDeck
Since its launch in 2015, OnDeck Canada has |
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Clearbanc
Canadian based Clearbanc is the world’s largest e-commerce funder. Their data-driven approach takes the bias out of decision making. Clearbanc has funded 8x more female founders than traditional VC. |
Consumer Lending Platform of the Year
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Flexiti
Flexiti is a leader in point of sale financing for retailers and has been named one of Canada’s fastest growing companies two years straight. |
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CHICC
CHICC is one of the country’s leading rental & homeimprovement financing companies. |
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Marble Financial
Marble uses fintech to empower Canadians to improve their credit score, manage debt, and budget to achieve financial goals. |
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PayBright
PayBright is one of Canada’s leading buy now, pay later providers. This year the firm was acquired by BNPL giant, Affirm for $340 million. |
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goeasy
Canada’s leading alternative financial services provider servicing non-prime Canadians through its easyhome and easyfinancial divisions. |
Auto Lending Platform of the Year
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GoTo Loans
GoTo Loans is a fintech lender focused on helping consumers access the equity from their vehicle and the leading provider in Canada for automotive repair loans. |
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Auto Capital Canada
AutoCapital Canada is a national auto finance company that works with dealer partners to help clients finance the purchase of new and used vehicles. This year the firm acquired competitor Rifco. |
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Carfinco
The Western Canada based lender is a leader in non-prime lending to the auto sector. |
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Canada Drives
Canada Drives is a leader in fintech auto lending. This year the firm hit over 400 employees and 1 million transactions, servicing consumers across Canada, the US, and the UK. |
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Clutch
Clutch aims to bring speed and convenience to used car sales by taking the experience completely online. The fintech raised a $7 million round this year from Real Ventures. |
Technology Lending Platform of the Year
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BDC
Launched only five years ago, BDC’s Tech Group has become a leader in lending to Canadian technology entrepreneurs. |
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TIMIA
TIMIA is a specialty finance company that provides growth capital to technology companies in exchange for payments based on monthly revenue. |
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Flow Capital
Flow Capital Corp. is a diversified alternative asset investor, specializing in providing minimally dilutive capital to high-growth businesses. |
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Venbridge
Venbridge is a Canadian finance company offering non-dilutive venture debt, SR&ED financing, and tax credit consulting services. |
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SVB
SVB has lead the technology lending movement for 35 years. The firm opened their first Canadian office last year. |
State That Wooed Yellowstone Capital to Its Shores Has Changed Its Mind
December 8, 2020
The Attorney General of the State of New Jersey filed a lawsuit against Yellowstone Capital, LLC and several affiliated parties on Tuesday.
The 55-page complaint trots out a long list of allegations but appears to hone in on the company’s actions or alleged lack of action on the reconciliation provision of its merchant cash advance agreements. The AG alleges that the manner in which the defendants conducted themselves should subject the agreements to the state’s lending laws.
Notably, the State says these unlawful acts began in July 2015, months before the State lured Yellowstone to relocate its headquarters there from New York.
In September 2015, for example, the New Jersey Economic Development Authority approved Yellowstone for up to $3.3 million in Grow New Jersey tax credits. When Yellowstone officially moved to Jersey City in 2016, the city’s mayor even made a personal appearance at the office to welcome them.
Now that Covid-19 is ravaging the state’s economy, the political opinion has seemingly changed.
“We are taking action today to protect our State’s small businesses and small business owners from predatory practices in the market for merchant cash advances,” said Attorney General Gurbir Grewal. “Local businesses are struggling due to the COVID-19 pandemic, especially since many were unable to take advantage of the limited relief made available by the federal government through the Paycheck Protection Program. We will not tolerate – now or ever – efforts to take advantage of them through predatory lending and collection practices.”
In 2015, however, New Jersey officials assessed that Yellowstone would have a “net benefit to the State of $23.3 million over [a] 20 year period” and that it was economically important to attract their business operation. Yellowstone was at that time considering a move to White Plains, NY from the company’s original Manhattan offices, State officials argued, so they really had to offer the tax credits for them to come to New Jersey instead.
“Yellowstone is comprised of a team with years of industry experience,” says a 2015 project summary prepared by NJ Economic Development Authority officers Diane Ubinger and Mark Chierici. “As both a direct source of funding and as part of the country’s largest Independent Sales Organization network (‘ISO’) it has numerous in-house funders who concentrate on specific industries/businesses, while also having numerous funding partners within the MCA industry who fund its ‘outside-the-box’ transactions.”
But later in 2019, the deal changed when Yellowstone’s capital investment requirement was not met, the Authority’s communications director told AltFinanceDaily. As a result the company ended up not receiving the tax credits.
“The NJEDA is committed to ensuring that businesses approved for tax incentives are compliant with all program requirements and to making sure that companies that do not meet their commitments to the taxpayers of New Jersey do not benefit from NJEDA-administered programs.”
Additional allegations in today’s complaint were made regarding Yellowstone’s historical use of confessions of judgment, a recovery tool that was largely eradicated by the passing of a law in New York in 2019.
The AG’s case was filed in Hudson County in the Superior Court.
Yellowstone Capital offered no comment to this story.
Update: 12/9/20 This story has been updated to reflect the current status of the tax credits as provided by NJ EDA.
Oikocredit Expands Its Commitment to Mexican SMEs With Investment in Aspiria
December 4, 2020
Aspiria (www.aspiria.mx), a digital lender targeting underbanked small and medium enterprises (SMEs) in Mexico, has completed an important Series A funding round with participation from social impact investor and worldwide cooperative, Oikocredit.
The Series A closing also saw follow-on investments from Aspiria’s current shareholders. The proceeds from the capital round will strengthen Aspiria’s financial capability to support Mexican SMEs.
With its investment in Aspiria, Oikocredit continues its commitment to support SMEs in Latin America, as Oikocredit sees SMEs as playing an important role in areas such as job creation.
Aspiria began operations in 2015 and has lent thousands of loans throughout Mexico. The institution has leveraged digital technologies, data analytics and high-quality service to support the financial needs of Mexican SMEs.
Guillermo Hernandez, CEO and cofounder of Aspiria, commented: “At Aspiria we are very excited to have Oikocredit onboard. SMEs have faced big challenges due to the pandemic and are in need of great financial services. Oikocredit’s investment is an acknowledgement of the tremendous potential of the Mexican SME sector. We look forward to continuing to serve a multitude of SMEs and helping create thousands of jobs in the country”.
Rodrigo Villalta, Equity Officer at Oikocredit, said: “At Oikocredit, we are proud to become shareholders of an institution whose mission is to provide financial support to SMEs that have been typically excluded from the formal financial system”.
“Mexican SMEs are key contributors to employment generation and economic development. We are happy that we can contribute towards building stronger social impact in the country by supporting access to the formal financial system for Mexican SMEs.”
About Aspiria
Aspiria works to increase access to capital to small businesses. Through our platform and the use of statistical credit origination models, we make it fast and simple for the small business owners who have been shunned by the traditional banking system, to obtain financing to continue growing their business.
For more information see: www.aspiria.mx
About Oikocredit
Social impact investor and worldwide cooperative Oikocredit has 45 years of experience funding organisations active in financial inclusion, agriculture and renewable energy.
Oikocredit’s loans, equity investments and capacity building aim to enable people on low incomes in Africa, Asia and Latin America to improve their living standards sustainably. Oikocredit finances close to 689 partners, with total outstanding capital of € 856 million (September 2020).
For more information see: http://www.oikocredit.coop
Note for editors
For more information or to request an interview, please contact Leyda Mar Blanco, Marketing Manager, Aspiria, press@aspiria.mx
Libertad 1966, Col Americana, Americana, 44160 Guadalajara, Jal., Mexico
Become Releases a New Shopify App – Beprofit, to Expand Its Offerings to the E-Commerce Market
November 25, 2020
Tel Aviv, Israel – November 25, 2020 – Become, the leading online platform for small and medium businesses to find and optimize their funding solutions, announced today it has released a new Shopify app offering ‘BeProfit’.
With the expansion of the ecommerce landscape in light of the coronavirus, Become noticed the need for a single intuitive dashboard that ecommerce sellers can use to track and manage their profit and expenses. With BeProfit, Shopify sellers across the globe can now trace their profits in real time and discover what areas of their business they can optimize to increase their bottom line.
“Creating BeProfit has been a big part of our ‘pivot strategy’ during COVID-19. Building a Shopify app is a totally new and exciting realm for Become,” said Eden Amirav, CEO and Co-founder of Become. “Although offbeat, BeProfit falls in line with our underlying mission – to create a better world of funding for businesses and essentially help business owners become more. Being more profitable is not only something all businesses aspire to achieve but it is also something that will make a business become more fundable down the line.”
With many e-commerce sellers struggling to calculate, map and understand their profits, BeProfit calculates and organizes everything for them in a process that takes a matter of minutes. The app enables sellers to know exactly how much they’re making and spending, and more importantly on what. The dashboard integrates with a number of external sources, such as shipping service providers, external marketing platforms, and payment processors. This results in both visual and dynamic financial reports that update in real-time.
Noam Sinansky, CEO and Co-founder of Spire Jewelry – one of BeProfit’s first users said it’s “the first app that really manages to put in order all the financial information of my store! The app helped me get rid of complicated excel files, it just displays the information in a convenient, simple, and accurate way.”
To learn more about BeProfit, visit apps.shopify.com/beprofit-profit-tracker
About Become
Become, is the leading online platform for SMBs to find and optimize their funding solutions. The company uses its proprietary technology to nurture each business throughout the funding cycle. Become is rapidly growing with near 200,000 loyal business owners registered through its platform. The company has built an ecosystem of more than 50 leading lenders and partners and has facilitated over $285 million in tailored business loans to date.
Become’s latest service is a Shopify App “BeProfit”, organizes complex data into an intuitive and interactive dashboard. Shopify sellers can easily track their profit and expenses to see which areas of their business needs improving in order to become more profitable.
Become is backed by Benson Oak Ventures, Magenta Venture, Viola Credit, RIO Ventures Holdings, Entrée Capital and iAngels. The company has offices in San Francisco and Tel Aviv. For more information, visit: become.co.
Media Contact
Amit Shalgi
shalgi@become.co
+972547331141
In Loving Memory of Elliot J Dabah
November 17, 2020
Elliot J Dabah, CEO of NYC-based Merchants Cash Partners, LLC, recently passed away. Known throughout the merchant financing industry, friends and colleagues began collecting kind words to reflect on his life to be able to share them here.
Elliot Ashkenazie, his business partner and best friend, said “Elliot Dabah would step up and help anyone in need whether that be his own employee, another ISO, or a complete stranger on the street. He didn’t keep any secrets so he would have an advantage over others, he simply paid it forward and helped the community as a whole benefit from it. Merchants Cash Partners will work tirelessly to carry on his legacy and his values.”
“Elliot Dabah was the heartbeat of the Financial District and he was an integrated part of my life, both professional and personal,” said Gigi Russo. “Not only did Elliot and I live three blocks from each other, but I first had the privilege and pleasure of meeting him while I was working for AltFinanceDaily, at CONNECT San Diego. We quickly became close friends. He truly never took advantage of our tight knit friendship. His professional support was a reflection of his character— a respectable person that respected his family, friends and business associates. Elliot wanted everyone to succeed. He believed that friends and business colleagues should support one another to build a viable network.”
Tom Dool of Power Funding, said “Of all of the offices I’ve ever visited, I can honestly say that no other partner of mine compares to Merchants Cash Partners. From the moment I met both Elliots, they were inviting. I could tell right away that they had a special bond of shared enthusiasm, honesty, generosity, thoughtful, caring people.” He adds, “Elliot [Dabah] lived life with such a genuine love for people and getting to know people, discussing higher level ideas, sharing feelings. He was one of the best and I’ll never forget him.”
“Elliot was one of the most welcoming people I had the pleasure of knowing,” says Colt Kucker of Libertas Funding, “and always tried helping out whether it be a customer, myself, or anybody in need. He was a hard worker and will truly be missed by all he came across.”
Justin Friedman of Enova SMB, described Dabah, “Smart, strategic, urgent, generous and wise are a few words to describe Elliot. He was universally popular and a known professional in our industry, which isn’t common to come by. He cared about his customers and business relationships. Elliot’s presence in alternative lending was a positive one and he will be remembered for exactly that.”
Ben Lugassy of SOS Capital states that he was “Always smiling and enthusiastic, Elliot was the embodiment of joyful. A friend with tremendous respect and gratitude, he will always be remembered and in our prayers.”
Paul Boxer of Velocity Capital Group added, “Every-time I met Elliot he had the largest smile, always happy to talk shop and discuss the industry. He was very knowledgeable and had a wealth of information, he will surely be missed.”
Ken Peng of Elevate Funding recounts that Elliot, “was always great to work with. He was always very friendly and understanding when we did review any of his files. He will be missed.”
Gigi Russo, who was instrumental in putting this tribute together, further added that Elliot “treated everyone he came into contact with as a friend.” He has “a sincere, dignified, and affable reputation that will follow him after his passing. He will surely be remembered for supporting his colleagues, clients, business acquaintances, and network. The legacy Elliot has left behind is simple: Respect one another. Support one another. Honesty and hard work are necessities of success.”
Part of Elliot’s legacy is the company he built. Merchants Cash Partners, despite the pandemic, was so successful this year that it outgrew its office space.
“Elliot had a revolutionary style of making this industry a community,” says his partner Ashkenazie. “He referred clients and prospects alike to small firms and national firms, expecting nothing in return.”
Coincidence would have it that a photo of Elliot at a AltFinanceDaily event was often used in event marketing promotions. As to how that picture came to be used so prominently, AltFinanceDaily President Sean Murray said that “Elliot embodied the community we were trying to portray. A nice young business professional who radiated positive energy. Who is part of this industry? It’s guys like Elliot. That’s what we wanted everyone to know.
“Elliot totally noticed how often we were sharing his photo,” Murray said. “He told me that he thought that was pretty cool.”
Fed Lowers Minimum Main Street Lending Program Loan to $100,000: Too Little, Too Late?
November 8, 2020
“$100,000, we can make that work,” said Ryan Metcalf, head of Public Policy Affairs at Funding Circle. “But we can help a lot more small business if it was $50,000.”
Metcalf was referring to a recent change in the minimum loan amount in the Main Street Lending Program (MSLP.) Just recently, the Federal Reserve lowered the minimum loan amount for the MSLP for a third time, to $100,000. The change was intended to broaden the underused Cares Act aid facility but it might not be enough.
Though changing the program days before, at a press briefing Thursday Fed chair Jerome Powell said SMB aid projects like PPP and the MSLP were up to the gridlocked House and Senate.
“The Fed cannot grant money to particular beneficiaries; we can only create programs or facilities to make loans that will be repaid,” Powell said. “Elected officials have the power to tax and spend, and to make decisions about where we as the society should direct our collective resources.”
Despite Powell’s talk of inaction in the face of an undecided congress, Metcalf said the Fed’s actions have proved that changes can be made to existing programs. Metcalf has been fighting for changes to MSLP for months on behalf of the small business lending community, he says.
In July, Metcalf, in partnership with the Innovative Lending Platform Association and Marketplace Lending Association, wrote a letter to the fed to argue for changes to the MSLP.
The letter argued that the Cares Act made non-depository finech lenders eligible to participate in PPP lending. Though these lenders saved millions of jobs, they were not allowed to lend through the MSLP facility.
Even if they could, the minimum loan size was still too large for “main street” American businesses that needed capital. The letter advocated for a lower minimum of $50,000, allow lenders that were approved for PPP to lend in the MSLP, and create a Special Purpose Vehicle for fintechs.
Metcalf said the Fed has only responded, “that is not under consideration.”
So far, 400 borrowers have taken out $3.7 billion in loans, of the $600 billion allocated. The program offers Fed backed five-year loans with differed principal and interest payments and minimal rates. With the facility’s deadline approaching Dec 31 and no changes in sight, Metcalf said the program’s vultures are circling.
If new aid, revisions, or at least an extension is not passed by when the government is funded Dec 11, Metcalf said the program might be finished.
Back in September, Powell testified before Congress that lowering the minimum any further wouldn’t change the adoption rate.
“We have very little demand below a million, as I told the chair a while back,” Powell said. “We’re not seeing demand for very small loans. And that’s really because the nature of the facility and the things you’ve got to do to qualify, it tends to be larger sized businesses.”
Mnuchin has consistently argued that grant programs like PPP would most benefit smaller firms. Metcalf said this was only the case because the MSLP facility has left out smaller firms and alternative lenders that need the capital.
“My response to that was no, there’s been no uptick in your program because the requirements of the program are not attractive enough to make it workable,” Metcalf said. “Don’t scrap the entire program altogether; look at the proposal that we sent you back in July and work with us on amending the facility.”
Pearl Capital is BACK
November 5, 2020
Pearl Capital was among the many small business finance companies that hit the pause button in 2020.
Now it’s BACK.
The company announced today that it was resuming funding MCAs after a long stretch of facilitating PPP loans, of which it processed more than $1.75B through a partnership it had with Cross River Bank.
“Pearl did not default on its senior credit line due to its superior underwriting and has added $250 Million in committed financing to expand its activities,” said company CEO Sol Lax. “If you are a small business and you have survived COVID, you shouldn’t have to shut your doors because you have limited access to capital. We are going to be there for small business both in further iterations of PPP as well as MCA.”
Pearl expects to resume at full speed rather than with limited capacity and highly restricted guidelines. According to the announcement, “Pearl’s ISO Partners can expect lighter stipulation requirements with fewer requested documentation than before and updated pricing. Virtually all business types are eligible for funding from Pearl including high risk industries like auto sales, real estate, home-based businesses, and insurance.
[…]
“We’re thrilled to have the ability again to continue to provide financing for companies during an especially difficult time for businesses across the country and give much needed financial support to businesses,” Lax said.
