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In Shopify's latest Edition, which introduced hundreds of new products and features, they announced two new lending products to their platform. I discuss their new Term Loans and Line of Credit products, my reaction to them, the details they share, and how they impact the business lending market in the above video.

Click to play video In the bygone era of business lending, options were limited, and the path to growth often felt shrouded in mystery. Traditional financing avenues held their own set of challenges, leaving many businesses yearning for a more transparent, lower friction, and adaptable solution. Enter the new wave of specialty revenue based financing (RBF) companies. The days of opaque, slow-moving underwriting, and extreme factor rates for merchant cash advances, the original term for revenue based financing, are going away. There are new ways to structure and market a revenue based financing product. The new generation of RBF players, like Capchase, Pipe, Flow Capital, Sellersfi, founderpath, and Novel, are carving out specialized niches within the broader RBF landscape. They wield a powerful weapon – a deep understanding of specific industries and the unique challenges businesses face within them. For instance, Capchase understands the intricacies of the subscription economy, offering SaaS companies a predictable and flexible way to fuel their growth. SellersFi speaks fluent e-commerce, helping online businesses navigate cash flow fluctuations and seize inventory opportunities without breaking a sweat. Pipe, a champion of high-growth B2B ventures, empowers them with the agility to capitalize on fleeting market opportunities. This laser focus on specific industries isn't just a marketing gimmick; it's a strategic shift. These companies tailor their RBF solutions to the nuances of each sector, offering terms and structures that resonate with the specific needs and risks of their chosen clientele. The result? Transparency, flexibility, and trust – a far cry from the shadows of the past. In addition, these developments add a sense of legitimacy to the RBF product itself on the larger stage when in front of regulators and legislators. And the numbers paint a promising picture. The global RBF market is projected to reach a staggering $1.3 trillion by 2027, with specialty players leading the charge. A 2022 Capchase report reveals that 72% of SaaS companies plan to utilize RBF in the next year, highlighting the growing acceptance of this alternative financing model. Similarly, AltFi identifies RBF as the fastest-growing alternative finance asset class in Europe, and PitchBook reports record-breaking RBF deals in the US, signifying an undeniable industry boom. So, for businesses seeking a growth catalyst, the landscape has transformed. Specialty RBF companies offer a refreshing alternative – industry-specific expertise, transparent terms, and a genuine partnership approach. It's no longer a one-size-fits-all solution; it's a tailored path to growth, paved with data, trust, and a deep understanding of your unique entrepreneurial journey. Embrace the new wave of RBF, and your business might just discover its very own happily ever after – one fueled by growth, agility, and a newfound financial clarity.

In a significant development regarding the Employee Retention Credit (ERC) program, lawmakers are proposing to end the ERC in the new 2024 federal budget bill. This move aims to redirect funds to other areas, reflecting a shift in legislative priorities and a response to issues surrounding the program, including fraudulent claims and processing challenges. READ THE REST OF THIS POST IN OUR FORUM

The Corporate Transparency Act and its progeny of required filings are a well publicized topic in itself, and it brings a wave of potential implications for the financial services industry.  The Financial Crimes Enforcement Network's (FinCEN) latest release on the Corporate Transparency Act (CTA) and Beneficial Ownership Information (BOI) filings signals a substantial transformation in the KYC (Know Your Customer) process, due diligence process, and underwriting. Overview of the Corporate Transparency Act (CTA) The CTA is a bipartisan initiative designed to enhance the transparency of corporations and limited liability companies in the U.S. Its primary objective is to mandate these entities to report beneficial ownership information, thereby aiding in the fight against illicit finance activities such as money laundering and corruption. This legislation marks a critical step in sealing the gaps that have historically allowed criminal enterprises to misuse corporate structures. Significance of Beneficial Ownership Information (BOI) BOI is the foundation of the CTA, necessitating businesses to disclose information about their true owners or controlling individuals. This data is pivotal for financial institutions and law enforcement in identifying the actual participants in financial transactions, which is crucial in preventing financial crimes. BOI filings are mandatory and apply to most small businesses and holding companies, including Corporations, Partnerships, and Limited Liability Companies (including single-member LLCs disregarded for tax purposes).  BOI filings do not apply to most trusts set up for estate planning purposes.  BOI filings apply to existing entities and entities created moving forward.  In certain circumstances, BOI filings are required upon changes in the entity’s ownership structure or management.  Failure to file may result in fines and prosecution. Access to BOI filings under Recent FinCEN Release and its impact on the financial services industry FinCEN's latest framework outlines the ability to access BOI, among others, by institutions with due diligence requirements. The Corporate Transparency Act (CTA) designates financial institutions as one of the authorized recipients of Beneficial Ownership Information (BOI) to aid in customer due diligence. FinCEN's proposal defines "customer due diligence requirements under applicable law" as their own regulations, which necessitate financial institutions to identify and verify beneficial owners of legal entity customers. For a financial institution to access BOI from FinCEN, a reporting company's consent is required. FinCEN suggests that financial institutions should be responsible for obtaining this consent, leveraging their direct customer relationships and existing processes. Although financial institutions must certify consent, they are not required to submit proof to FinCEN. Compliance will be monitored by Federal functional regulators and self-regulatory organizations (SROs) during routine Bank Secrecy Act (BSA) examinations. FinCEN also plans to provide financial institutions with a limited interface for accessing BOI, requiring specific identifying information for each reporting company. In return, institutions receive an electronic transcript of the BOI. Subject to certain conditions, financial institutions may share BOI with regulators and SROs, enhancing efficiency in customer due diligence and aiding in detecting compliance failures.  FinCEN Director Andrea Gacki emphasizes, "This final rule is a significant step forward in our efforts to protect our financial system and curb illicit activities."  It appears that FinCEN continues to view financial institutions as an integral part of its pursuits. Impact on Business Owners and Financial Institutions Business owners must prepare for compliance with these new transparency standards. Financial institutions may soon find BOI filings to be an integral part of their due diligence processes. While the full extent and mechanism of accessing BOI are still being clarified, it's clear that this data will be a vital tool in assessing the legitimacy and risk profile of businesses and their owners. The ability to access detailed ownership information will provide a new depth to due diligence, enabling more thorough assessments of potential risks associated with business relationships. For financial institutions, the challenge lies in integrating BOI into their existing due diligence frameworks while adhering to the new guidelines. The BOI access rule becomes effective on February 20, 2024. A subsequent rulemaking to revise FinCEN’s Customer Due Diligence rule is also anticipated. Conclusion The final rule on BOI access by FinCEN is a turning point in enhancing corporate transparency and fighting financial crimes. The potential integration of BOI filings into the due diligence processes of financial institutions signifies a major shift in how business relationships are vetted and managed. For anyone in the financial services industry or involved in conducting due diligence on clients and customers, it is crucial to stay attuned to developments in this area.

After the resounding success of our inaugural Holiday Mixer, Funder Intel is thrilled to announce our next networking event, set to take place on February 22nd, 2024, at the beloved Bar Rita in Fort Lauderdale, FL. Building on the momentum of our first mixer, which exceeded all expectations in attendance and engagement, we're excited to bring even more to the table in 2024. Why You Can't Miss This Mixer Our first event was just a glimpse of what Funder Intel can offer. For those who attended, the memories and connections made are still fresh. For those who couldn't make it, here's your chance to be part of something special. Exclusive Setting: Bar Rita, with its vibrant ambiance upstairs and outdoor section, offers the perfect backdrop for meaningful conversations and relaxed networking. The time remains the same, 6-8 pm EST, ideal for unwinding after work with industry peers. We have also added designated tables so that you can arrange to meet someone there. Network ahead of time by joining the Industry Events Group in the member's tab, after you purchase your tickets. Get Your Tickets Now! Given the limited space and high demand, we encourage you to secure your tickets early. Click below to ensure your spot at this not-to-be-missed event. What to Expect Prepare to immerse yourself in an environment where business meets pleasure. Whether you're looking to expand your network, find potential collaborators, or simply enjoy an evening among like-minded professionals, this mixer is where you need to be. A Look Ahead As Funder Intel continues to grow, so does our commitment to bringing the community together. These mixers are more than just events; they are catalysts for growth, innovation, and lasting relationships within the industry. Join Us Mark your calendars for February 22nd, 2024, and be part of an evening that promises to surpass our already high expectations. Remember, it's not just about who you know, but who you meet and the connections you foster.

The U.S. Senate failed to override President Biden's veto of a bill intended to overturn the Consumer Financial Protection Bureau's (CFPB) Section 1071 rule on small business lending, according to an article published by Consumer Finance Monitor. This development marks a pivotal moment in the ongoing debate over financial regulation and small business lending practices in the United States. Let's delve into the key aspects of this story: Presidential Veto and Congressional Override Attempt: Legal Challenges and Injunctions: Injunctions in Kentucky and Texas Cases: Additionally, the Revenue Based Finance Coalition (RBFC) has brought forth another legal challenge. This coalition, representing non-bank entities in sales-based financing, filed a lawsuit against the CFPB in a Florida federal district court. The RBFC argues that their type of financing does not fall under the definition of "credit" as per the Equal Credit Opportunity Act and Regulation B, challenging the CFPB's authority to regulate it under the 1071 Rule. These events underscore a complex and contentious legal battle surrounding the CFPB's regulatory authority, particularly in the area of small business lending. The resolution of these legal disputes, especially the forthcoming Supreme Court decision, will be crucial in shaping the future regulatory framework for small business lending in the U.S.

Small businesses drive the American Dream, yet securing crucial funding often feels like a financial obstacle course. Financing options have improved in recent years thanks to technology and business owner awareness but adding to the hurdle is a recent Consumer Financial Protection Bureau (CFPB) rule, now facing a legal challenge from the Revenue Based Finance Coalition (RFC), that demands extensive data collection on all loan applicants. The overarching question at hand of section 1071: is it truly protecting the entrepreneurs who are supposed to be protected against bias or is it drowning them in red tape and potentially eliminating financing provider options? The section 1071 rule mandates lenders gather a comprehensive dossier on every borrower, from demographics like gender, race, and even sexual orientation to business activities and detailed financial history. Supporters laud it as a powerful weapon against discriminatory lending, offering the CFPB crucial insights to level the playing field. Critics, however, paint a different picture. They argue the rule imposes a suffocating burden, particularly for smaller lenders, ultimately doing little to help businesses secure funding. They warn the mountains of paperwork and compliance costs could drive lenders out of the market, further squeezing access to capital for the very businesses the rule seeks to protect. Enter the Revenue Based Finance Coalition (RBFC), representing a rising segment of the financial technology world specializing in revenue-based financing models. These models, where lenders share in a percentage of a business's future sales rather than requiring traditional collateral, have become increasingly popular with all types of businesses including restaurants, e-commerce, Saas, manufacturing, and many other early-stage ventures. The RBFC has taken a firm stance against the 1071 rule, filing a lawsuit challenging its legality and excessive burdens on its members. They argue the rule's data demands threaten to stifle these very models, potentially depriving promising businesses of vital funding. The legal battle promises to be long and complex, with far-reaching consequences for both lenders and borrowers. The outcome will determine whether the rule stands or falls, significantly impacting the landscape of small business lending. This is not just a fight about data collection; it's a fight for the future of innovation and access to capital for the engine of the American economy. Funder Intel, a platform deeply invested in the success of small businesses and financial technology innovation, stands firmly behind the need for solutions that empower entrepreneurs while fostering a healthy lending environment. As the court case unfolds, we will stay tuned and continue to champion policies that strike the right balance between consumer protection and the freedom for innovation to thrive.

For sales teams in the business loan space, what are your top lead channels? Are you consistent in all channels on a monthly basis? We are going to take a look at the main channels for sourcing leads, how they are worked by sales teams, and to what percentage they account for in a typical ISO business. Whether you are an owner of an Independent Sales Organization or a member of an inside sales team for a funding company, leads are priority number one. Without a good, steady flow of leads, your business will struggle. Having good salespeople to work these leads is second. Then it becomes marrying the two with processes and systems to get the desired results. Here is a list of lead sources: Buying lists with contact info to call and run email campaigns- This is the main channel for getting deals, accounting for more than 50% of leads typically. Most brokers will tell you they make dozens if not hundreds of calls per day so the need to purchase lists is constant. The lists are usually bought from lead brokers like who typically source their data from various sources including online business lists to UCC filing lists to Dun & Bradstreet, among other places. Other companies may use website scraping and aged leads that they sell at a lower cost. With any leads that have email addresses, there will be a consistent email marketing campaign from the ISO. Many companies will offer all the contact data but do your due diligence. Organic Website traffic - having a very good website that ranks for valuable keywords by optimizing your site is so important these days but it takes time and money to get the job done. The number of leads gained from organic traffic will correlate to how much time you put into your site to build credibility with Google or other search engines. It can range from as little as just a couple percentage points of your total leads to more than 40% of them. There are some companies that are so highly invested in technology that they gain more than 80% of their leads this way with an Ad Spend of tens of thousands of dollars per month. Social media marketing(free and paid) - Using your personal profile or a company page on Facebook, Linkedin, Twitter or other platforms can drive customers to your business at no cost. You can also pay for things like boosting posts. One tip is to always use hashtags appropriately. Then search tags that could lead to clients. On Twitter, search keywords and respond to tweets or direct message them. Instagram paid ads in posts or stories seem to be the latest high-frequency channel on social media with good ROI. Paid ads on Google and other search engines - Google ads are not cheap when you have to compete on the best keywords like 'business loan' as companies with much larger budgets are competing there. However, with A/B testing different ads at small dollar amounts, you can drive a decent amount of leads, scale-up on the ones that test well, and gain more web traffic as your site ranks higher in Google once you gain more click-throughs. Brokers see on average 5-10% of their leads going this route until they commit bigger budgets to spend on this. Networking in social media groups and message boards - Joining groups and other message boards that cater to business owners allows for networking and getting your company and personal brand out there. Referral partners - One of the most underrated yet highest quality leads are those you get from referral partners like CPAs or mortgage brokers that are able to send clients that need a different product than what they can offer. On Linkedin, many are using automation tools to connect and message a high volume of targeted people which has a higher open and response rate than almost anything besides text messaging. You have to be consistent with your effort to procure relationships. This is a long-term play where you mainly need to create value in the relationship and not always seek to get something in return. The amount of business you could see from this channel is probably in the 20-25% range. Strategic partners in other verticals - Companies that offer other services for merchants, like website builders such, or payment processors, can be high volume lead sources given the right agreement and technology in place. More often these days you will need to use APIs to build a high volume lead flow. This technology and others help everyone get a file through the submissions process faster. The amount of leads depends on the partner but could be 50% or more. Radio advertising - Not often used, but brokers and funders alike have had success with advertising on the radio, mostly locally or regionally. It's a really good strategy to become your local 'mayor' of business loans, thus creating the view that you are the experts in the local area. This increases website traffic and referrals. And as long as you are doing great work you will receive 5-star reviews, which grows your brand and business. TV Advertising - Only a few of the larger funders have done TV ads for any substantial length of time. Most recently I have seen Newtek on major cable networks but Rapid Advance and Ondeck have done it in the past. To run TV ads in the media ecosystem of today doesn't make much sense for the majority of Funders with sales teams no less ISO shops. Trade Shows or other events - Many cities or states have trade shows for business owners to either attend or be part of the exhibitors. Small Business Expo is held in many cities including NYC and Miami each year. This will be more to build brand awareness with the occasional immediate deal but also establishes long-term relationships. Organizations like local Chamber of Commerce or BNI - These groups will likely have fees to join and you have to invest your time but it will pay off if you commit yourself to the long term. Live transfer calls - where you hire a 3rd party company to transfer merchants to you once they have a qualified person interested in your loan products. They are not cheap but a good way to feel their quality out is to request an initial trial batch. If you search on linked you will find many of these companies or people offering them. It can be difficult to find a good quality source that does what they promise. There may be some channels we didn't cover but won't be a large piece of the legitimate lead source pie. You don't need to use all of these channels especially if you are succeeding with what you are doing but you should always look to adapt to the ever-changing environment. For example, with the advent of new technology and laws for robocalling, will that affect the calls your office is doing by automatic dialer? If so, you should be adding more resources to other channels to gain consistent leads. Either way, you should frequently take a review of your pipeline to see what percentages your lead channels are divided into. Always think ahead to where the industry is going when competing with the new entrants or largest fintech companies.

The recent developments in Missouri's MOBUCKS small business loan program, as reported by the St. Louis Post-Dispatch, offer a vital glimpse into the state's economic landscape and the challenges faced by small businesses. State Treasurer Vivek Malek's announcement regarding the overwhelming demand for the MOBUCKS program, which led to its closure just six hours after reopening, underscores the critical need for financial support among local enterprises. Overview of the MOBUCKS Program MOBUCKS, a state-funded initiative launched in 1985, is designed to assist small businesses, farmers, agriculture businesses, affordable housing developers, and local governments. The program's aim is to provide lower interest rates to borrowers, typically reducing rates by 2-3%. This is achieved through the funds managed by the Missouri Treasurer's office. Key Points from the Article Rapid Closure Due to High Demand: The program received 142 applications, amounting to about $119 million, in just 6 hours, leading to its swift closure. Diverse Applicants: Among these applications, 97 were from small businesses, 39 from agri-businesses, and six for multi-family housing. Adjustments to Maximize Impact: Recently, Treasurer Malek reduced the maximum loan amount from $10 million to $5 million, aiming to assist more businesses and make efficient use of the available funds. Legislative Challenges and Efforts: Malek is advocating for legislation to increase the program's statutory funding cap from $800 million to $1.2 billion. This proposal, which doesn't expand the state budget, involves increasing the amount the treasurer can invest into MOBUCKS funds. The response to the MOBUCKS program highlights the acute demand for financial assistance among small businesses in Missouri, reflecting broader economic pressures. The program's swift closure after reopening demonstrates not only the high demand for such financial support but also the limitations imposed by the current funding structure. The legislative efforts to increase the funding cap, while maintaining the state budget's integrity, suggest a recognition of the need to adapt and expand support mechanisms for small businesses. However, the failure of similar legislative efforts in the past indicates potential challenges in navigating the political landscape to secure the necessary changes. The situation with Missouri's MOBUCKS program is a telling indicator of the ongoing challenges faced by small businesses in accessing affordable financing. Treasurer Malek's proactive approach in seeking to expand the program's reach and his understanding of the business environment are commendable. However, the real test lies in navigating the legislative process to ensure that the program can meet the growing needs of Missouri's small businesses. This scenario not only reflects the state of small business finance in Missouri but also serves as a microcosm of similar challenges nationwide. Policymakers at all levels should take note of these developments and consider similar measures to support the backbone of the American economy — its small businesses.

In the ongoing case of defrauding MCA funder Caymus Funding, Inc., according to the press release from the Department of Justice, two more defendants have been sentenced. Dillon Arceneaux, 33, from Marrero, Louisiana, and Zeb Sartin, 37, from Duson, Louisiana, faced U.S. District Court Judge Jane Triche-Milazzo for their roles in a conspiracy to commit wire fraud and money laundering. Arceneaux received a sentence of 3 years of probation, with the first 12 months to be served in home confinement. He was also fined $10,000 and ordered to pay $1,604,581 in restitution. Sartin, similarly, was sentenced to 3 years of probation, with the initial 12 months in home confinement, and must pay $2,100,690 in restitution. Both defendants were also ordered to pay a mandatory special assessment fee of $100 per count. This case, as previously reported, involved Arceneaux and Sartin conspiring with Ryan Mullen, Duane Dufrene, Grant Menard, and Lance Vallo. They used shell corporations in Louisiana, which had no assets, to defraud the Georgia-based merchant cash company, Caymus Funding, Inc. Mullen and Dufrene established the others as owners of these corporations, created fake vendor accounts, and falsified bank records. Mullen, using an alias, acted as a broker for these corporations. The group obtained funding from Caymus Funding, Inc. by supplying fake vendor accounts and false bank records. The company wired millions in advances to Arceneaux, Vallo, Menard, and Sartin, who then laundered some of the funds back to Mullen and Dufrene. They eventually closed their non-existent corporations, resulting in losses of approximately $6.4 million to Caymus Funding, Inc., with Arceneaux and Sartin responsible for significant portions of these losses. This case serves as a reminder of the risks involved with commercial financing and the importance of thorough due diligence in the underwriting process. The elaborate scheme orchestrated by these individuals highlights the lengths to which fraudsters will go to deceive and defraud financial institutions.

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In a recent Forbes article by Matthew Erskine, significant developments in the implementation of the Corporate Transparency Act (CTA) were discussed, shedding light on the final rule issued by the Financial Crimes Enforcement Network (FinCEN). This rule, known as the "Access Rule," plays a pivotal role in defining the disclosure and safeguarding of Beneficial Ownership Information (BOI). The article provides a comprehensive analysis of the Access Rule, its implications, the feedback from various stakeholders, and the costs associated with compliance. Key Points from the Article: Access Rule Provisions: The Access Rule allows FinCEN to disclose BOI to specified entities such as U.S. federal agencies, law enforcement, foreign law enforcement, financial institutions, and Treasury officers. These recipients are subject to stringent security and confidentiality requirements and are generally prohibited from re-disclosing BOI except under specific circumstances. The rule also imposes civil and criminal penalties for unauthorized use or disclosure of BOI. (BOI is an individual who either directly or indirectly exercises substantial control over the reporting company or owns or controls at least 25% of the reporting company's ownership interests.) Stakeholder Criticisms: Banking Trade Groups: Groups like the American Bankers Association (ABA) and the Bank Policy Institute (BPI) have criticized the rule for its limitations on banks' access to the BOI database, questioning the reliability of the BOI and pointing out potential conflicts with the Anti-Money Laundering Act of 2020. Republican Lawmakers and State Attorneys General: They have raised concerns about the rule's complexity and the efficiency and accuracy of beneficial ownership data access. Anti-Corruption Advocates: They suggest improvements such as removing the court order requirement for non-federal law enforcement to access the directory and broadening banks' access to the information for anti-money laundering compliance. Challenges for Law and Accounting Firms: These firms must prepare for the new CTA regulation, understand filing requirements, and be ready for potential penalties for non-compliance. They need to ensure current company records and increase due diligence activities. Filing Deadlines and Procedures: The original 30-day filing deadline for new reporting companies has been extended to 90 days for entities formed between January 1, 2024, and January 1, 2025. Existing companies have a broader timeframe for filing their FinCEN reports. Compliance Costs for Small Businesses: Filing a BOI report and retaining legal and accounting counsel can be costly, with estimates suggesting up to $2,615 per entity in the first year and an average compliance cost of around $8,000. Small businesses are estimated to spend an additional $5.6 billion annually on ongoing reporting and compliance. If you fail to file a report, there are serious consequences: Anyone found to be deliberately disregarding the reporting obligations can face substantial civil fines, accruing up to $500 daily as long as the non-compliance persists. Additionally, criminal sanctions could include a maximum of two years in prison and fines reaching up to $10,000. Conclusion The implementation of the Corporate Transparency Act marks a significant shift in the regulatory landscape, especially concerning the management and disclosure of beneficial ownership information. While the Access Rule aims to enhance transparency and combat illicit finance, the response from various stakeholders highlights a series of challenges and inefficiencies. As the CTA comes into effect, it becomes crucial for all affected parties to adapt to these changes. The feedback from various stakeholders may lead to further refinements in the rule to ensure that it meets its intended objectives without imposing undue burdens on businesses and financial institutions. The coming years will be pivotal in assessing the effectiveness of the CTA in enhancing corporate transparency while balancing the operational and financial impacts on the business community. Read the full Forbes Article here