Getting back to our interviews with industry members, recently we had a conversation with Matthew Feit, President of High Power Capital Group. We cover a number of topics including how he got started in business lending, the current dynamics he is experiencing, a lighting round of off-topic questions, and maybe most importantly what he thinks will help improve the industry.
Let's get to it!
Shane Mahabir: Tell me who you are, where you're from, and why you are in Finance.
Matthew Feit, High Power Capital group. I'm from the New Jersey shore, the best place on earth. Why I'm in finance, I would say, the simple answer is just to help entrepreneurs, to assist them, to give them some value when it comes to obtaining capital outside the bank.
Shane Mahabir: What were you doing before this?
Matt F: I've been in sales since I was twenty years old but directly before this I was doing commercial roofing.
Shane: Tell me how it is currently in the business lending industry.
Matt F: So it's fairly consistent. Right now I would say that the units going out are less, but the average deal amount has gone up.
So for instance, in the first quarter of this year, our average deal size is over 55k.
For the last 2 years, it was always hovering between about 35 to $40,000. Also better quality deals.
Shane: And these are a variety of products?
Matt F: Yes, our main 3 products are an MCA, a loan, or a line of credit. Those are the 3 products we focus on. We can do SBAs, and we can even do actual factoring, but those are the 3 main products that we do weekly.
Shane: And what do your days consist of?
Matt F: So on a typical day. I wake up. I drink a good amount of caffeine, and then I begin my morning routine. I check in and do my Zoom Meetings with my office in New Jersey.
Constant check-ins with current clients.
There's always time scheduled to work on follow-ups and things of that nature, but for the most part, for the last so many months, Shane, I've been working on a new brand
which is a Florida-based funding company. So that's been consuming a lot of my day-to-day time over the last 6 months or so.
Shane: And what's the reason for the new company?
Matt F: Well, in 2024 especially, branding is so important. And we're just bringing the same authenticity that we have currently with High Power. We're very keen on having transparency. We are big on having a presence online including Google reviews. So what we're doing is essentially to revamp things, keep it fresh and keep it interesting.
Shane: So is it more of a rebrand?
Matt F: So a rebrand, and also to target Southern businesses, the Southern demographic, like Georgia, Alabama, Florida, even Louisiana. These States, I've noticed particularly have fundable small businesses. They are super hardworking Americans and they seem to really benefit most from our products.
Shane: What are your goals for your company this year?
Matt F: I'm not looking to have a massive call center of a hundred people on the phone. I'm looking for a basketball team worth of people, a starting 5 worth of solid people. Be genuine and honest, and people that wanna work with long term and looking to do that down here in Tampa, where I moved in July of 23.
Shane: What type of things keep you motivated?
Matt F: My family. Providing for my family, being there for them, and being a problem solver for people around me, my team, and my beautiful girlfriend.
Shane: Now time for the lightning round.
What's your largest deal so far in your career?
Matt F: So MCA 750K, a loan of 1.25 million.
Shane: Do you use Generative AI?
Matt F: No.
Shane: Do you prefer cold calls or email campaigns?
Matt F: Prefer email. But I love a good cold call, too, so I could say both. But I will go with the email, it's a little easier.
Shane: What is your favorite country you have visited?
Matt F: Man I'm a travel junkie, so it's very hard, but I love Gibraltar. It's between Gibraltar and Bermuda. They're so cool and very similar.
Shane: If you could go anywhere, where would it be?
Matt F: Man, that's a tough question anywhere. Possibly Dubai. That would be amazing.
Shane: OK are you a sports fan?
Matt F: A hardcore sports fan. Giants, Nets, Devils, and also UFC.
Shane Mahabir: Last question. Please give me your state of the industry and things that could be changed.
Matt F: So I would say that in this constantly evolving industry, the regulations are rapidly changing from State to State. The main thing that would help is truly holding ISOs accountable for sales tactics, and even regulating who is allowed to be a broker. There should be a fiduciary duty of being a broker, because, like in real estate. I wish that type of motto and credo was instilled in funding brokers.
I just think we need to clean up the industry and keep people accountable. The RBFC is a group that is helping with that. It's a great coalition of very forward-thinking, politically minded people who care about the best interest of this industry. So you just can't get every Tom, Dick, and Harry in this industry cold calling because there are some bad apples.
To contact Matthew Feit, visit High Power Capital Group