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So many 'Direct Funders'. Which ones to choose and how many total do I need? So many people pretending to be Direct Funders. Who can I trust? Who will do what they say they will? So many of these websites look and feel the same. It can often feel like a minefield out there for the ISO(Independent Sales Organization) or loan broker. If it's not dealing with unrealistic clients who want $1 million but only in business for 1 month, did $2,000 gross deposits and have a 450 credit score, then it’s dealing with funders who take 2 days for an offer, say they can fund the deal before telling you they can’t fund it or come back with 50 stipulations including DNA testing. The broker goes through all of this, only to mysteriously have his client go silent wondering what happened, or if he finally got the deal to the goal line and the commission into his account, had his money disappear one day when the business owner decided not to make a payment on the advance thus defaulting. Now the title of this article will lead to ways to get more ISO’s working with you, but the point of the above was that in order to have a better chance to stand out from the crowd and have these ISO’s work with you, then you must take the appropriate steps to make a meaningful connection with them. You can do this by addressing their concerns and objections in an empathetic way, upfront, on your partner page, because in the end we are all in the people business. So below we are going to go into a couple of examples of direct funders websites and how they did a good job in connecting with ISOs through the written word and video. Lendini- lendini.com If you take a look at the first part of the page, then it should be apparent to you that they know what the biggest concerns are for the broker. -They depend on Partners to meet their goal of being the best -Commissions, support, and fast approvals. -Then a deeper dive into the details of each partner program they offer, with an emphasis on ‘unmatched support’, comprehensive introduction session and a training program few offer. This goes to the ‘who can I trust’ question that ISOs ask themselves before signing up with a funder. Surely if they offer these additional services they should be trustworthy. Then Lendini builds on this by providing a couple of reviews by current partners, which is a must these days. They then continue to explain about their technology like their portal and provide a simple sign up form. Then complete the page with the major bullet points to leave you with including that they are a direct funder, commission max upsell and also the speed to offer and funding. From the brokers point of view, this is almost as complete a description you can provide to a broker before they speak to this funder Lendini. Hits on most all of the important topics or questions that a broker would want to know in a clear and concise way. Everest Business Funding- everestbusinessfunding.com/partners Now on this partner webpage I want to direct you to the video that they have near the bottom. It’s an animated video that serves to humanize them and address brokers concerns, such as: -Who do I send my deals to? -Are you a direct funder? Then they go over benefits: -Quick Turnaround -Offers in a few hours -Assigned Representative -Easy to 'Contact Us' to get information on your deal. Then they have real-life brokers give audio testimonials in their words. The great thing is that they sound like real brokers or more importantly real people who had success working with them. The video closes by saying we are a direct funder you can trust. Through the video, Everest understands once again that we are in the people business and with dealing with ISOs the trust business. To hammer this trust part home, right below the video is more credibility through the major sites that they have been featured on. In conclusion, if you want to stand out from all of the other direct lenders out there when seeking ISO business, then remember the basics. We are in the people business. We sell by connecting emotionally with our client’s desires and by seeing through their eyes. With loan brokers it is a matter of Trust. The power to have empathy and emphasize and address the biggest pain points and concerns of brokers will create a connection. Short simple videos can further humanize your company and make it much more approachable for the perspective ISO. The more credibility and real testimonials you can offer, the more likely the ISO will engage with your company. If you take this article to heart and implement these suggestions, then no doubt you will gain more ISO’s bringing you business. Have other suggestions? Leave a comment below. In our next article, we will explore the key performance indicators that you can use to better make sure that you are getting the right ISO’s to work with for peak profitability, efficiency and overall success.

Establishing and growing your merchant cash advance deal flow from ISOs and other sales partners is not easy in the competitive market of today. It takes a lot of time, relationship building, and consistent execution of your funding operations as a whole to accomplish this. From our many years of experience in ISO Relations departments for funders, with a pulse on current ISO department growth plans, we are going to share with you some detailed processes, strategies, and ideas that can be implemented into your ISO Relations department immediately. Regardless of how long a mca direct funder has been in business they are always looking to find ways to grow and improve the ISO generated submissions part of the business. There are older funders who have done away with the ISO channel completely, then others who have reduced it, but most will have a majority of their business from ISOs. Lets first discuss a few differences between new direct MCA funding companies and the mature funders, which may have already tried much of what we will share however things can always improve with slight adjustments. If your direct mca funding company is new, and isn't just a white label or do most of your business as a broker, most of the time you want to get as many ISOs on board as possible to send as many submissions as possible. That won't last long as you will find many submissions don't fit your box which leads to many ISOs who stop sending after a few of declines even though they didn't take the time to learn your box. Costs will also add up, pipeline gets clogged and time to reach decisions on files will negatively affect your best performing ISOs. Funders who have been in operation for several years have likely learned from the time wasters, double funders, money wasted at trade shows, etc, and are carrying out new strategies. Some things will always be a part of an ISO department like building relationships, constant contact with brokers, speedy service and more. The following are in no particular order some ideas, actions, or strategies for increasing submission volume and ultimately funding more deals: 1. Set company goals for volume for month and year. Reveal this to your entire company and let them know monthly numbers. Some companies like to keep this secret but those are missing out on the opportunity for greater buy-in and productivity from their employees. 2. No secret that probably biggest keys are speed and communication. So you can't think whatever you are doing now is good enough, it can always be better! And competition is only getting tougher with new entrants and company acquisitions. Evaluate the time it takes from submission to offer and improve on that by either advances in technology or solutions to bottlenecks. 3. Work any existing relationship to find new ISOs. Meaning anyone in the industry you know or even closely connected to it. You should have your ISO Manager always searching for new referral partners, cause even someone brand new that starts out as 1 person with only a couple submissions a month can turn into a big mca broker shop. 4. Set KPIs for measuring performance like conversion ratio to hold ISOs accountable. Let ISO owners know where they stand. Set up calls to specifically discuss this topic. If they don't meet standards then terminate them after a period of time. Refer to our blog post on KPIs for more info. 5. Make sure ISO reps get clear understanding of your underwriting. Its vital that ISO rep be very knowledgeable when negotiating offers and describing why offer is what it is and why the brokers request can or cannot be met. It will save everyone time and money if an ISO manager or rep can be an extension of underwriting even though they don't make the ultimate decisions. 6. Get feedback from current ISOs on their experience working with your company. It is always better to keep this in an organized or documented way, not just verbal feedback that people soon forget. Even encouraging them to leave feedback on your website or sites like ours. 7. Make field visits to most brokers in the regional area and when it makes financial sense nationally. Keep the visits consistent. 8. Set budget for visits to ISOs for everything from buying lunches every so often to sending holiday gifts. 9. Create email campaign with content that will benefit brokers, not just ask for more deals. Should run consistently, at minimum 1x/month. 10. Use the various industry forums and social media groups to connect with brokers directly. 11. Make sure you know maximum daily/weekly submissions can handle that doesn't clog pipeline. Then review submission numbers with brokers. 12. Track offers won and lost after negotiating. Can use reporting features in salesforce or any other software. Once have results, train ISO relations staff to improve ratios. 13. Do video conference calls every so often including onboarding. This makes it a little more personal and great for those you can't visit in person. 14. Offer promotions to ISOs, i.e. bonus points for total monthly funded. This is not unique, seems everyone has a bonus every month. But you do have to come up with creative bonuses or prizes like sports tickets or a vacation. Goal is to create loyalty. 15. Social media - So many platforms but lets talk about Youtube first. Not many Funders have a large following or engaged audience so there's opportunity there. Create a YouTube channel with informative videos geared towards brokers and other sales partners. Video connects differently with your audience. If brokers think of you as an expert they will visit your channel for more info or otherwise stay in contact with you. Brokers and potential brokers are on youtube learning about the industry by video moreso than other social media platforms although Facebook is right there. That is not to say don't post or share on others like Linkedin, Facebook, Twitter and Instagram. They are all important. Lets discuss Linkedin. Linkedin - Sharing your videos from Youtube to LinkedIn is a must, make it unique content that will show what your company is all about. Brokers want to be able to trust you, so allow them to see inside of your business, let your ISO reps make videos showing their personality, be repetitive with key underwriting minimums, category of paper you fund and always stay consistent. Consistency is priority, across all platforms. Don't post one day, then 2 weeks then 2 months later. Since Linkedin is the place for business specifically don't be afraid to get into the weeds on your product and service. Make content brokers others want to share. Its very important that in order to get engagement you must comment, like or share on other posts! This is why most don't succeed in any substantial way. If you look at most funders and ISOs accounts on Linkedin, Twitter or Instagram they have minimal following and engagement. Taking action on some if not all of these points will increase your submissions if nothing else but everyone wants more than that. Its up to you and your ISO relations team to perform and execute to create long lasting partnerships and many funded deals. Are you ready to take action? Start with some of the above steps.

***Note from Editor: This article was written before the Covid-19 pandemic started to cripple the country. We may update the article after things return to a more normal state. During my 20-year tenure in the MCA world, I have observed some amazing developments in the evolution of the product, including: The move from a credit-card based product to one that is principally retrieved via daily ACH; Turns extending from 4-6 months, which was the standard in 2000, to 24 months and beyond; The increasing popularity of weekly, bi-weekly and even monthly retrievals, as opposed to the daily pulls that were at the heart of the original product; and The emergence of Stacking behind other Funders not just as an emergency measure to assist a merchant at an unusual point of need, but rather as an entire business strategy for many in the long list of merchant cash advance companies. I am frequently asked by MCA Funders and MCA Brokers what I think are the biggest developments happening right now in the alternative business finance arena. Here are the 2 biggest evolutionary changes I am seeing: 1) Increasing polarization between the Legacy Funders and the ‘Fast Cash’ Funders. The Legacy Funders, who have been around for years, are rich in data, capital, expertise, systems, modeling and process. They fund deals based on tested and well-defined Sizing, Scoring and Underwriting protocols, they automate as much as possible, and they update their data daily, feeding these results back into their Scorecards to constantly improve their Models. The ‘Fast Cash’ funders, as I call them, look to tap the liquidity in a merchants’ bank account and get in and out fast, at high prices, winning deals on speed and covering off on risky deals by charging high rates (plus fees) on all Fundings. The mid-market Funders, who are neither as powerful in data, capital, reputation and automation as the Legacy Funders nor as agile and lean as the Fast Cash Funders, are increasingly being squeezed. I believe the mid-tier funders will either need to move upmarket by investing heavily in infrastructure, talent and systems, or edge down-market (probably including a re-brand) to compete in the fast cash niche. To compete and stand out in the current market, you need to have at least one significant competitive advantage – cost of capital, automation, reputation, speed, ease of use, etc – or you will find yourself priced too high, in too small a box, to compete with the Legacy funders, and yet too slow, with too many restrictions, to compete with the Fast Cash funders. 2) The belief that massive amounts of data can eventually eliminate the need for traditional Underwriting. The move towards Artificial Intelligence and Machine Learning is a boon for our industry, but the limitations must be understood. Since we only have performance data on Funded deals, there is built-in selection bias, and therefore not a ‘level playing field,’ within the available data. To put it another way, any deal that Funded was approved by someone at some time. Obviously, there is no performance data on the deals that didn’t fund. That’s why completely data-driven models often return results that are, to be polite, “counter-intuitive”…for instance, that 5 negative bank balance days in a month are no more risky than zero, or that Trucking Sole Props are as safe as incorporated restaurants. A Scoring Model must be constructed with the Underwriting and Funding protocols in mind in order to avoid fallacious assumptions based on the granular outputs. A final point on Scoring: while all effective Risk Models are very predictive at the extremes, able to quickly determine very high-risk and very low-risk deals, they lose effectiveness in the ‘gray area’ in the middle ranges. That’s the spot in which old-school manual Underwriting has to take over. There are no short-cuts in Merchant Cash Advance. Develop and follow best practices, hire great people, amass and analyze your data, and create a corporate culture of respect, integrity and transparency. Guard your reputation and put in the work, and the results will come…it just takes time. Steven Hunter is a FinTech pioneer with the most extensive Underwriting and Operations experience in Merchant Cash Advance. Steve was part of the original team at AdvanceMe (later CAN Capital), and in his 20-year career has consulted for many others. His personal website is www.HunterMCA.com.

Do you consider yourself a leader or a boss? This question doesn’t just apply to the workplace, it can also refer to your home and personal relationships. Do you lead people or just tell them what you want done without any consideration or explanation? Do you encourage and develop your team, or do you use criticism and protect your own interests? The world is full of bosses. There are far too few leaders. Since leaders are rather scarce, you can really make a name for yourself by becoming a good leader. You’ll enjoy more career opportunities and have far fewer challenges with your employees. Being a leader is helpful at home, too. Your kids and spouse would rather deal with a leader than a boss. Take advantage of these ideas and become a more effective leader: 1. Lead by example. A boss likes to sit on the sidelines and allow others to do the hard work. A leader is out in front of his people showing the way. A leader is involved. A boss just makes a request and walks away. 2. Leaders are driven by a purpose. There is an overall goal or mission. The people following the leader must be inspired and empowered. The people must understand the mission. This is very different than providing a to-do list without any context. 3. Leaders delegate. Bosses micromanage. A leader trusts his people, but a boss struggles to relinquish any control. A leader has surrounded himself with people that complement his weaknesses. A boss hires people that don’t make him feel threatened. ● A boss always has a weaker team. The team can’t accomplish as much because they’re not empowered. The team is also weaker because the boss doesn’t want strong employees that might shine brighter than he does. 4. Leaders value respect. A boss wants to be feared. On the surface, they might appear to be similar, but the differences are striking. A leader is willing to use his enthusiasm, skill, and expertise to encourage others to respect and follow him. A boss uses fear and threats to gain compliance. ● Leaders have the best wishes of their followers. Those that follow a boss secretly want him to fail. 5. A leader develops new leaders. A true leader is constantly creating employees with the knowledge and experience to take his place. A boss is afraid of the competition. A boss is afraid he’ll be replaced and is too self-centered to be concerned about the career aspirations of his employees. 6. Leaders know how to motivate. They know that no two employees are the same. They know their employees well enough to know how to inspire them. A boss simply says, “It is what it is. This is what needs to be done. You can always look for another job if you don’t like it.” ● Leaders use positive techniques for motivation, while bosses tend to criticize. 7. Leaders take responsibility. When the team fails, the leader is still out in front taking the brunt of the criticism. A boss is trying to absolve himself of as much responsibility as possible. A boss is quick to blame his employees. A leader is quick to blame himself. Think back over your work history. You’ve had plenty of bosses and hopefully at least a couple of leaders. It’s not enjoyable to work for someone that fits into the boss category. You feel like you’re operating in the dark with little support and few development opportunities. It’s much more enjoyable to work for a leader. Develop your leadership skills. You’ll be helping yourself, your employees, and your family.

If you work in an office, your day might already be planned out, with your coworkers giving you social interaction and your boss giving you accountability. However, working from home is much different. How can you get work done without any of this help that you would normally receive from coworkers? Try these techniques to stay motivated and be productive: 1. Wake up early. Think of it like this: When you’re working from home, you’re still going to work, but the commute to your desk is much shorter. Set your alarm and make an effort to get up and get ready for an early start. ● You may find that you’re more productive earlier in the day, as your mind may be sharper. 2. Get dressed. However tempting it is to work in a pair of comfortable sweatpants or pajamas, you may be more productive in regular clothes. ● Research has shown that how you dress sends psychological signals, so if you want to get work done, it’s important to dress appropriately. 3. Have your own workspace. Setting aside a regular space to work sends a signal to your brain to work whenever you’re in your workspace. Plus, having your own workspace will help keep distractions to a minimum. 4. Create a schedule. A work schedule also helps to motivate you, get you going each morning, and be more productive while you work. With a schedule, you’ll know what to get started on the moment you sit down to work. Then, you can depend on it to guide you throughout the rest of the day. ● Your schedule will depend on your own job, but, for example, if you were a blogger, you might write in the morning, before editing and posting the content in the afternoon. 5. Take time to exercise. Set aside some time each day to get some exercise. Regular exercise is good for both your body and mind. ● Most office jobs are pretty sedentary but working from home may be even worse. After all, you only need to travel a few feet to visit the restroom. With this in mind, it’s important to ensure that you take extra care to look after your physical needs. 6. Reward yourself. Since you’re working from home, it would be easy to just sit in front of the television all day and not get any work done. But for obvious reasons this is not the best idea. You can bypass such temptations by using rewards to increase productivity. ● For instance, you could work for two hours straight and then reward yourself with a short, 30-minute episode of your favorite show. 7. Go outside. Not leaving your house for days on end can negatively impact your mental health. Not only is sunlight good for your health but seeing and interacting with others is important too. ● Your mood will be uplifted, and you’ll get more work done after a short break for getting out into nature and socializing with others. 8. Avoid social media. If you find yourself browsing Facebook, Twitter, or Instagram instead of working, you can take steps to avoid these distractions. ● Try deleting these bookmarks from your browser or installing a plugin that will block you from visiting those sites. ● Turning off notifications on your smartphone while you work also helps to stop distractions. Working from home isn’t for everyone, but if you love the freedom of making your own schedule, then you may love it. Follow these tips and you’ll be able to stay motivated, maintain discipline, and get all of your work done while working from home.

The Paycheck Protection Program introduced by the SBA during the shutdown has been considered by many a success however, there have been many issues including fraud, which was bound to happen given the speed at which the program was implemented and amount of money involved. Media reports of criminal complaints and arrests have picked up pace in the last month or so. Initially there were just a few cases as federal investigators made their way through millions of approved applications. Now they have the evidence on many to bring formal charges. Listed below are just some of the reported criminal cases brought against people so far for PPP fraud but we will continue updating this article as more are disclosed. https://www.cnbc.com/2020/09/11/ex-nfl-star-allegedly-got-millions-of-dollars-in-fraudulent-ppp-loans.html Ex-New York Jets wide receiver Josh Bellamy was arrested Thursday for his alleged role in a $24 million Covid-19 relief scheme, the U.S. Justice Department announced Thursday. The complaint says that Bellamy, along with 10 other defendants, allegedly applied for Paycheck Protection Program (PPP) loans via at least 90 fraudulent applications for a total more than $24 million. According to the Justice Department’s release, many of those applications were approved, paying out at least $17.4 million. https://allongeorgia.com/georgia-public-safety/4-from-georgia-charged-in-2-1-million-money-laundering-scheme-from-ppp-funding/ The seven individuals used a variety of methods to launder the money, including laundering the money through a casino. The indictment also identifies over $2.1 million in funds from twelve different bank accounts allegedly associated with the fraud scheme as subject to forfeiture which agents seized. https://www.cbsnews.com/news/jpmorgan-chase-ppp-paycheck-protection-program-investigation-memo/ JPMorgan Chase has uncovered evidence that some of its customers and employees broke federal rules when obtaining and distributing billions of dollars in loans from one of the government's key coronavirus relief programs, according to an internal memo viewed by CBS MoneyWatch. https://www.foxbusiness.com/economy/justice-department-paycheck-protection-program-fraud-charges The Department of Justice has charged 57 people since May with trying to steal more than $175 million from a federal rescue program designed to avert mass layoffs and keep small businesses afloat during the coronavirus pandemic. Acting Assistant Attorney General Brian Rabbitt said during a press conference Thursday the number of fraudulent loans is "significant." https://www.justice.gov/usao-dc/pr/district-man-charged-over-2-million-paycheck-protection-program-and-related-loan-fraud Kenneth Gaughan, 41, of Washington, D.C., was arrested and charged by a criminal complaint, unsealed today, with fraudulently obtaining over $2.1 million in Paycheck Protection Program (“PPP”) loans and Economic Injury Disaster Loans (“EIDL”). He used those funds, in part, to purchase a $300,000 yacht, a $1.13 million rowhouse, and a $46,000 luxury sports sedan. https://www.justice.gov/opa/pr/nine-charged-24-million-covid-relief-fraud-scheme The owner of a Florida talent management company and four others were charged in complaints unsealed yesterday for their alleged participation in a scheme to file fraudulent loan applications seeking more than $24 million in forgivable Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. https://www.justice.gov/opa/pr/california-man-charged-covid-relief-fraud A California man was arrested today and charged with fraudulently seeking over $8.5 million in Paycheck Protection Program (PPP) loans, announced Acting Assistant Attorney General Brian C. Rabbitt of the Justice Department’s Criminal Division and U.S. Attorney Nicola T. Hanna of the Central District of California. Andrew Marnell, 40, of Los Angeles, California, was charged by criminal complaint, unsealed today upon his arrest, in the Central District of California with one count of bank fraud. https://www.justice.gov/usao-nv/pr/nevada-man-charged-using-covid-relief-funds-buy-house A Nevada man has been arrested in connection with allegations that he fraudulently obtained approximately $500,000 from the Paycheck Protection Program (PPP) loan and the Economic Injury Disaster Loan (EIDL) program, and then laundered the funds through friends and family in order to buy a house. https://www.justice.gov/usao-edva/pr/virginia-married-couple-arrested-covid-relief-loan-fraud An Ashburn woman made her initial appearance in federal court this afternoon for conspiracy to commit wire fraud after allegedly submitting false loan applications in connection with the COVID-19 outbreak that resulted in the disbursement of over $1.4 million in proceeds under the Paycheck Protection Program (“PPP”). https://archinect.com/news/article/150218500/contractor-faces-prison-time-for-ppp-fraud-buys-689-417-boat A Fort Myers, Florida, contractor has been arrested and charged with attempting to defraud the Paycheck Protection Program (PPP) meant to help keep workers employed during the coronavirus. Casey David Crowther, 35, has been charged with making a false statement to a lending institution. If convicted, he faces a maximum penalty of 30 years in federal prison. https://www.yahoo.com/news/texas-man-charged-coronavirus-relief-235303728.html Samuel Yates, 32, of Maud, Texas, has been charged with violations of wire fraud, bank fraud and false statements to a financial institution and to the Small Business Administration after allegedly seeking more than $5 million dollars in Paycheck Protection Program loans through the Coronavirus Aid, Relief, and Economic Security (CARES) Act, according to a press release by the Department of Justice on Tuesday. https://www.foxbusiness.com/lifestyle/feds-man-who-allegedly-faked-his-own-death-amid-ppp-fraud-charges A grand jury has indicted a Massachusetts man who allegedly faked his own death to avoid prosecution for fraudulently seeking hundreds of thousands of dollars in forgivable loans intended for businesses struggling during the coronavirus pandemic, while his accomplice has agreed to plead guilty in connection with the alleged crime, officials recently announced. https://www.constructiondive.com/news/justice-department-indicts-minnesota-contractor-for-841k-ppp-loan-fraud/584163/ The U.S. Department of Justice (DOJ) has indicted a St. Paul, Minnesota, contractor for allegedly defrauding the Paycheck Protection Program, a special limited loan initiative meant to provide financial relief to businesses negatively impacted by the COVID-19 pandemic. U.S. Attorney Erica H. MacDonald said in a statement that Kyle William Brenizer applied for and received an $841,000 PPP loan under the name of his defunct construction company, True-Cut Construction LLC. https://www.law.com/njlawjournal/2020/09/03/lawyer-charged-with-obtaining-9m-in-fraudulent-ppp-loans/?slreturn=20200814213006 Lawyer Charged With Obtaining $9M in Fraudulent PPP Loans The lawyer allegedly used the proceeds to purchase and remodel a house, and to invest in the stock market. https://www.bizjournals.com/southflorida/news/2020/08/31/authorities-accuse-locals-of-using-fake-identities.html Authorities accuse South Floridians of using fake identities, shell companies for PPP fraud. https://www.syracuse.com/crime/2020/09/feds-arrest-2-buffalo-brothers-in-7-million-covid-19-relief-scam.html Federal prosecutors today accused a pair of brothers of lying and faking records while seeking nearly $7 million in Covid-19 relief money for their business. Larry Jordan, 42 of Lancaster, and Sutukh El (who also goes by Curtis Jordan or Hugo Hurt), 38 of Buffalo, were charged with wire fraud conspiracy. If convicted, each man faces up to 20 years in prison and a $250,000 fine. https://www.wxyz.com/news/coronavirus/novi-man-arrested-in-3-1m-wire-fraud-scheme-involving-ppp-loans A Michigan man has been arrested in connection with a wire fraud scheme involving $3.1 million in Paycheck Protection Program loans. Antonio George, 44, of Novi, was charged with a criminal complaint with one count of wire fraud. https://www.abc4.com/news/64-year-old-salt-lake-city-man-pleads-guilty-to-federal-fraud-of-ppp-loan/ A 64-year-old Salt Lake City man pleaded guilty in federal court to fraud in information he provided when he applied for the Paycheck Protection Program loan. Michael Leroi Douros was charged with two counts of bank fraud, two counts of making a false statement to a bank, and money laundering. https://www.justice.gov/usao-ndga/pr/reality-tv-personality-charged-bank-fraud Maurice Fayne, who stars in Love & Hip Hop: Atlanta, has been arrested on federal bank fraud charges arising from a Paycheck Protection Program (“PPP”) loan that he obtained in the name of Flame Trucking. “The defendant allegedly took advantage of the emergency lending provisions of the Paycheck Protection Program that were intended to assist employees and small businesses battered by the Coronavirus,” said U.S. Attorney Byung J. “BJay” Pak. “We will investigate and charge anyone who inappropriately diverts these critical funds for their own personal gain.” https://www.justice.gov/usao-ndga/pr/five-charged-connection-alleged-paycheck-protection-program-ppp-fraud-scheme Five small business owners have been indicted in connection with a fraudulent scheme to obtain nearly $4.1 million in loan funding under the Paycheck Protection Program (PPP). https://www.justice.gov/usao-sdtx/pr/houston-man-charged-covid-relief-fraud A funeral home operator has been taken into custody on allegations he fraudulently sought over $13 million in Paycheck Protection Program (PPP) loans. Jase DePaul Gautreaux aka Jase Dixon, 38, is charged in a criminal complaint, unsealed today upon his arrest, with making false statements to a financial institution, wire fraud, bank fraud and engaging in unlawful monetary transactions. https://www.justice.gov/usao-ma/pr/winchester-man-charged-covid-relief-fraud A Winchester man was arrested today and charged with allegedly filing fraudulent loan applications seeking more than $13 million in forgivable loans guaranteed by the Small Business Administration (SBA) for COVID-19 relief through the Paycheck Protection Program (PPP) under the Coronavirus Aid, Relief and Economic Security (CARES) Act. Elijah Majak Buoi, 38, was charged in a criminal complaint with wire fraud, and will appear in federal court in Boston this afternoon. https://www.justice.gov/opa/pr/texas-man-charged-covid-relief-fraud-false-statements-and-money-laundering A Texas man was charged in an indictment unsealed today with wire fraud, false statements to a financial institution and money laundering for his alleged participation in a scheme to file fraudulent loan applications seeking more than $3 million in forgivable Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. https://www.justice.gov/usao-edar/pr/little-rock-woman-charged-covid-relief-fraud A Little Rock woman was arrested this afternoon based on allegations she fraudulently obtained nearly $2 million in Paycheck Protection Program (PPP) loans intended to provide relief for small businesses affected by COVID-19. Cody Hiland, United States Attorney for the Eastern District of Arkansas, and Diane Upchurch, Special Agent in Charge of the FBI Little Rock Field Office, announced today the indictment of Ganell Tubbs, 41. https://www.justice.gov/opa/pr/illinois-business-owner-charged-covid-relief-fraud The owner and operator of several information technology companies based in the Chicago area, Rahul Shah, 51, has been charged in a complaint with allegedly filing a bank loan application fraudulently seeking more than $400,000 in a forgivable Paycheck Protection Program (PPP) loan guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. https://www.justice.gov/opa/pr/florida-man-who-used-covid-relief-funds-purchase-lamborghini-sports-car-charged-miami-federal A Florida man was arrested and charged with fraudulently obtaining $3.9 million in Paycheck Protection Program (PPP) loans and using those funds, in part, to purchase a sports car for himself. Authorities seized a $318,000 sports car and $3.4 million from bank accounts at the time of arrest. David T. Hines, 29, of Miami, Florida, was charged by criminal complaint with one count of bank fraud, one count of making false statements to a financial institution and one count of engaging in transactions in unlawful proceeds. https://www.justice.gov/opa/pr/hollywood-film-producer-charged-17-million-covid-relief-fraud A California man has been charged with allegedly filing bank loan applications fraudulently seeking more than $1.7 million dollars in forgivable Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. William Sadleir, 66, of Beverly Hills, California, was charged in a federal criminal complaint filed in the Central District of California with wire fraud, bank fraud, false statements to a financial institution, and false statements to the SBA. https://www.justice.gov/opa/pr/washington-tech-executive-charged-covid-relief-fraud-and-money-laundering Washington Tech Executive Charged with COVID-Relief Fraud and Money Laundering. Mukund Mohan, 48, of Clyde Hill, Washington, was charged by criminal complaint, unsealed today after he was taken into custody, in the Western District of Washington with one count of wire fraud and one count of money laundering. https://www.justice.gov/opa/pr/florida-man-charged-covid-relief-fraud-health-care-fraud-and-money-laundering Dennis Nobbe, 63, of Miami, Florida, was charged by criminal complaint, unsealed today upon his arrest, in the Southern District of Florida with wire fraud; health care fraud; conspiracy to commit health care fraud and wire fraud; making false statements to a financial institution; money laundering; and conspiracy to commit money laundering. https://www.justice.gov/opa/pr/seattle-doctor-charged-covid-relief-fraud Dr. Eric R. Shibley, 41, of Seattle, Washington, was charged by criminal complaint, unsealed today upon his arrest, in the Western District of Washington with one count of wire fraud and one count of bank fraud https://www.justice.gov/opa/pr/washington-dc-general-contractor-charged-covid-relief-fraud Oludamilare Olugbuyi, 40, of Washington, D.C., was charged in a federal criminal complaint filed in the District of Columbia with making false statements to a financial institution. According to the complaint, Olugbuyi submitted several fake and fraudulent documents to a financial institution in support of two PPP loan applications seeking more than $400,000 in forgivable loans for a construction firm that he owned. Specifically, Olugbuyi submitted what purported to be several IRS Forms 1099-MISC reporting hundreds of thousands of dollars in disbursements made to independent contractors. https://www.justice.gov/usao-ndca/pr/bay-area-hospitality-and-automotive-executive-charged-fraud Geoffrey M. Palermo was charged in a criminal complaint with wire fraud and making false statements in a loan application in connection with multiple schemes to defraud spanning from 2013 to 2020, announced United States Attorney David L. Anderson, Federal Bureau of Investigation Special Agent in Charge John F. Bennett, and U.S. Small Business Administration (SBA) Office of the Inspector General (OIG) Western Region Special Agent in Charge Weston King. https://www.justice.gov/opa/pr/north-carolina-man-charged-covid-19-relief-fraud David Christopher Redfern, 31, of Trinity, North Carolina, was charged by criminal complaint filed in the Middle District of North Carolina with one count of wire fraud and one count of bank fraud. The complaint alleges that Redfern, through a company called Wilder Effects LLC (Wilder Effects) that he formed in January 2020, fraudulently applied for two EIDLs and a PPP loan between April and June of this year. https://chicago.suntimes.com/crime/2020/8/28/21405782/ppp-loan-fraud-melissa-turasky-elgin-giffords-bar-restaurant Melissa Turasky, the owner of Gifford’s Kitchen and Social, used some of the money from the Paycheck Protection Program to make payments on her credit card, federal prosecutors said in an indictment unsealed Friday. Check back with us for more as they are reported.

When operating a small business or working to get your startup to really take off, business loans and merchant cash advances(MCA) are often very viable options. There are a wide range of reasons a business may want to use a loan or MCA, but those reasons all remain aligned with one goal: growth. There is a lot to think about when reviewing the offers with all the terms, fees, and stipulations for securing funding. It takes careful consideration to make the right decision for your specific situation, but all the time and thought are worth it. Still wondering which is the right choice for your business? The following is a list of 4 ways a business loan or merchant cash advance will grow your business and boost productivity. 1) Buying New Equipment While buying new equipment is an added operational cost it can be a major breakthrough for a business. Outdated equipment can be slow, faulty and even dangerous. By ensuring that your company has state-of-the art equipment, you are taking care of your employees as well as improving the customer experience. With new equipment, productivity increases across a wide range of areas throughout your operation. Top merchant cash advance companies and business funding brokers who work at ISOs(Independent Sales Organizations) are there to facilitate the extra capital your company needs to invest in the future by purchasing the up-to-date equipment that your company needs for optimal functionality. 2) In Case of Emergency Sometimes a business can hit a bump in the road but there is no need to panic when something like this comes up. Funding can be accessed in a matter of just a few days. Business loan brokers are there to help you explore your options and find a way to fulfill your capital needs. No matter what comes your way your business can gain the funding to tackle any problems. A merchant cash advance or business loan can offer the extra security needed so that you are able to continue focusing on growing your company and surging forward, rather than stressing about how you are going to pay for unforeseen costs that sneak up on you. Even a small issue can end up costing a small business large loss in revenue or worse. If you have a plan in place for when something arises, the business will be ready for any size hurdle or setback. 3) Invest in Marketing Strategies Marketing strategies are constantly evolving and improving. They are designed to grow your business. When a business is steadily growing, productivity has to increase to keep up. If you continue to invest in the marketing of your business, your company will undoubtedly grow. Obtaining the right business loan or MCA can provide the capital needed to invest in the marketing of your business. By connecting with a business loan broker, you can find many options for funding like merchant cash advances or other credit lines. A great marketing strategy in and of itself speaks volumes about a company. You can watch your company growth climb tremendously as you continue to invest in more marketing. 4) Keep up with Evolving Technology To avoid being left behind by the ever-changing technology of the twenty first century, you may find yourself in need of funding for new tech talent, hardware or software. Staying abreast with technology as it evolves is paramount to success across every industry. To have the financial freedom to make solid investments in your business at different intervals is the purpose of gaining access to credit from a funding company. Plus, with all that new technology, your productivity will improve exponentially. That’s what technology is for, right? To benefit your customers and to help you and your employees work smarter not harder. These are just some ways a business loan or merchant cash advance can boost productivity and grow your business. Working with direct funding companies, Independent Sales Organizations and the brokers they employ can be very advantageous to your small business when it comes to take on funding or additional working capital. Research each company you work with including online ratings and reviews before you create and foster relationships with those that can greatly help you. You never know when the time will come that you’ll want to know exactly where to go for financial support. Investing in your company is paramount to growing the business you work so hard to propel, and making wise investments in your company can make or break its future success. Now that you know some reasons to use financing for your business, take a look at our Top 10 Business Funding Companies.

There’s no doubt that networking can give your business or career a good boost. Many leads gained and employment opportunities are never shared or posted, and they’re ultimately filled by someone that knew someone that knew someone else. It’s important to put yourself within that social chain. Given the pandemic that as gripped our nation, networking events in person aren't happening. However with the internet, it’s not as important to network face to face, but it’s still necessary to get the most from your networking efforts. There are several events that have moved online to virtual trade shows, like the Small Business Expo being held June 10-11th. Remember that everyone you meet is an opportunity to network. Spend part of your week networking and making new contacts with these methods: 1. Examine your current resources. You already know someone that is well-connected. Think about all of your friends, family, neighbors, and coworkers. Consider your entire social network. Maybe you’re a member of a church, Moose Lodge, or a local women’s group. Are you leveraging those contacts effectively? 2. The key to effective networking is consistency and persistence. A little each day is more effective than a monumental effort every once in a while. It’s like going to the gym. You need to be consistent in your efforts if you want to see big results. Set aside time to reach out to people each week. 3. Join relevant local and national organizations. Whether you’re a loan broker, underwriter, firefighter, school teacher, or plumber, there are organizations that cater to your needs and interests. Become a part of them. In many cases, your employer will foot the bill. Do some research and see what you can find. Local Chamber of Commerce always a good place to start. 4. Make use of social media. Linkedin.com is great for networking. Utilize social media and make your presence known to the world. Make contact with a few people regularly via social media. Join Facebook and Linkedin groups and share valuable information. 5. Be proactive. You can’t just stand in the middle of the crowd at a networking event and expect people to line up for the privilege of talking to you. The burden is on you to start conversations. Take the bull by the horns and mingle. You’ll get much better with practice. 6. Learn to ask open-ended questions. It’s hard to maintain a conversation by asking questions that can be answered with a “yes” or “no”. Ask questions that require a detailed answer. You’ll find it much easier to speak with others when you use open-ended questions. 7. Follow up religiously. Communicating with someone one time won’t do much for you. Reach out to the most promising contacts you’ve made and touch base. Stay in touch. 8. You can’t expect to receive more effort and value than you provide. You truly receive what you give when it comes to networking. You won’t get much if you don’t give much. Make a real effort to help others. 9. Focus on quality over quantity. Passing out your business card like you’re passing out car wash coupons won’t do you a lot of good. Everyone can see what you’re doing! Make an effort to make a few real connections rather than throwing a 100 darts at the wall. Quality counts. 10. Connect others together. This can be especially powerful. Bring other people together. This is especially easy to do and can pay off down the road for your own career. 11. Avoid selling or asking for anything. If every time you reach out to someone you’re trying to get something from them, people will tire of you very quickly. Instead, share with them something. “I know you’re interested in how to scale your business, here's(include link for them) an article I thought you might be interested in.” In conclusion, Networking can be an effective way to begin the process of building relationships with potential clients and employers. You can also get to know people that can give you referrals. Ensure that you’re also doing all you can for your network. Give without the expectation of receiving. The more value you can provide, the more you’re likely to receive.

You might understand the power of setting a goal, but that’s just the beginning. A goal is where you want to end up, but it doesn’t tell you how to get there. Creating systems that move you toward success is the real path to success. For example, a successful business always has a system for generating sales. There are sales goals, but the system is what moves the company toward that sales goal. You already have a lot of systems. You have a system for mowing and trimming your grass. You have a system for making sure you have clean clothes on Monday morning. When you set a new goal, it’s important to create new systems. Follow this process to create effective systems that lead to your success: 1. Know your goal but focus on how to get there. Let’s imagine that your goal is to run a marathon in nine months. How exciting! But, let’s focus on how you might get there. Let’s also imagine that you haven’t run in years, and you have 20 pounds to lose if you want to increase your odds of success. ◦ With research, you discover that you need to ultimately have a long run of 20 miles every other week to have a good chance of finishing a marathon. You also know that you need to work up to a weekly mileage of at least 40 miles per week. Armed with this knowledge, you can create a plan. ◦ You know that you need to lose 20 pounds, so a diet of some sort might be in order. ◦ You also believe that you need to learn more about running. 2. Formulate a support goal. You know that you need to ultimately have a long run of 20 miles every other week, work up to 40 miles per week, and lose 20 pounds. You also need to learn more about running. These are support goals. ◦ Your “systems” will be the way you choose to accomplish these support goals. ◦ One way to develop your systems is to work backwards. 3. Work backwards. Obviously, you can’t just go out and run 20 miles if you haven’t run in years. You’re also not going to lose 20 pounds in a day. Trying to run 40 miles the first week will lead to injury and a loss of motivation. ◦ If you need to have a 20-mile run every other week, the week or two prior to running 20 miles, you need to run 19. Before that, 18. Keep working back until have a number you can do your first week. Build a schedule. ◦ Over the next 9 months, you need to work up from just a few miles to 40 miles. Again, build a schedule. ◦ Perhaps on Sunday, you will create a menu for the week and do your shopping as a way of helping to lose those 20 pounds. ◦ You might also decide to read for an hour each week about running. ◦ Now, your goal each week is to follow your plan. Monitor how well you’re sticking to your plan. The end goal is just the destination. The key is to focus on your systems in order to get there. Each goal will require different systems. For example, if you’re an owner of an Loan Broker company(ISO) and want to sell $60 million worth of loans/advances this year, your systems might be to: • Hire necessary salespeople to close $5 million per month(20 at avg $250K) • Have all salespeople contact 200 leads per day • Go to three networking events each month. • Ask everyone you know for referrals and post this on social media consistently. Effective systems are doable and will almost guarantee success. Create systems that make it impossible to fail. Poor systems or poor compliance lead to poor results. Set your goals and then focus on developing effective systems. If you create good systems and follow them, you’ll achieve success.

Balancing your home and career can be a challenge for any employee, especially when you live and work in the same space. With the economy having shifted due to the pandemic, its now more relevant than ever to understand the work from home challenges. How do you allocate your time between personal and professional responsibilities? How can you focus on conference calls when you’re dog wants to play? Learn how to set priorities and reduce distractions whether you’re new to remote working or you moved out of your cubicle years ago. Use these tips for staying peaceful and productive when you work from home. Steps to Take by Yourself: 1. Follow a schedule. Set a start and end time for your day. Tackle your most challenging tasks during the hours when you’re at your peak. When it’s time to quit for the day, leave your job behind. 2. Design an office. Designate a separate space for business. It could be a whole room or a corner in your dining room. Decorate your space with pictures, art, and objects that you find inspirational and uplifting. 3. Change clothes. You may not want to wear a suit and tie but changing out of your pajamas will help you to feel more professional. Hang up your bath robe and get dressed each morning. 4. Limit distractions. Do you waste time watching TV or checking social media? Ban leisure activities during business hours except during break times. 5. Take breaks. Speaking of breaks, take them. You’ll be more productive if you refresh your mind and body periodically. 6. Wind down. Do something at the end of each day to help you transition into an off-duty mindset. You might listen to classical music or take a walk in the park. 7. Get organized. Create routines and systems that encourage efficiency. Buy a cabinet for your office supplies. Use an online calendar to block out your time. 8. Continue learning. Career development matters whether you work at your dining room table or in a corner office. Take a course online or order a catalog for the adult education program at a local university. Read industry publications and general business news. 9. Evaluate your performance. Conduct your own job evaluations. Look for ways to increase quality, save time, and manage stress. Update your strategy as your goals evolve. Steps to Take with Your Family, Friends and Colleagues: 1. Talk with your boss. It will be easier to balance your life when you and your boss agree on overall expectations. Negotiate the flexibility you need to succeed. 2. Post your hours. Ensure your boss and coworkers know the hours that you’re available. Discuss arrangements for how to deal with emergencies that occur outside of those times. 3. Go out for lunch. Your midday meal is a daily opportunity to stay connected while you work at home. Plan a weekly date at a local cafe to catch up with your office friends or other employees who work from home. 4. Remain visible. Make business lunches and other events part of your strategy for cultivating your network. Show up at the office on a regular basis for staff meetings, birthday parties, and other gatherings. Volunteer at the local chapter of your professional association. 5. Pull together. A strong support network helps you to build your confidence and accomplish more. Ask your family and friends for the emotional and practical assistance you need. Let them know how much you appreciate them and pitch in when they need a hand too. You don’t have to give up life balance when you give up your commute. Enjoy more health and happiness by drawing sensible boundaries between your personal and professional activities.

Your amazing business idea may need funds to be successful. However, it's not easy to finance a startup in a sea of competitors. Consider many sources for your startup funds: 1. Use your own finances. Instead of getting a loan or borrowing from others, see if you can finance your startup with funds you save or gather. * Do you have savings that can be used to fund your new business? * Do you have items or services you can sell to raise money? This may take awhile, but you might feel more comfortable delaying the launch of your company a bit while you earn the money to get it started. 2. Ask friends and family to help. Do your family and friends think that the startup idea is a good investment that will bring high returns? If you have support from these sources, they might be interested in loaning you the startup funds or investing in your new business. * Your friends or family members can become lenders, partners, or investors in the startup. * They can contribute to the financial side, but they may also want to be involved in other areas. It's important to negotiate an arrangement that you feel comfortable with. 3. Use crowdfunding. There are multiple online crowdfunding platforms, such as Peerbackers, Kickstarter, Indiegogo, RocketHub, and others, that can help you raise money. These websites let you share your startup idea with the public. Then, the public can donate money in return for items, services, or a share in the company, * One key to success on a crowdfunding platform is to have a unique story. * You can raise money for your startup and introduce your product or service at the same time. * Keep in mind that these platforms are filled with competitors, and it's not easy to get all the funding you need. A successful campaign on these platforms usually includes social media and marketing efforts. 4. Enter startup contests. Big brands and investors sometimes have contests for startups. These contests put you in front of big names who are interested in investing. * They help you get recognition while you learn from other startups. You also have the chance to fine-tune your ideas to make them more appealing to investors. 5. Seek angel investors. Angel investors want to help new companies and make a profit in the long term. They have large sources of money, so your startup may be able to get all of its funding in one area. * Angel investors tend to ask for a portion of your company or shares. They may ask to be partners or have control over startup decisions. * Because of their financial commitment, they have a vested interest in your success and want to ensure that your new business brings in high returns. 6. Consider financial institution loans. Banks, credit unions, and other sources may offer you a business or personal loan to fund your idea. They may require collateral and ask detailed financial records and other information about the startup. * Small business loans are a popular choice among startups. * Before you get a loan, consider the fees and interest on the loan. * What if your business doesn't bring in enough profit to repay the loan? How will you repay it? It's important to have a Plan B. Launching a startup is an exciting time! Follow a profitable business plan and keep your eye on the profits so your new business can repay the startup funds as soon as possible and move on to providing you the returns you deserve.

Success is something that we all strive for, but in the business world, it is not always achieved. Here are a few very important steps to take to achieve success in business. Do Not Be A Doormat: Know your limits and set firm boundaries. Focus On Completion: Do not leave things unfinished. Keep Things Simple: This helps you to stay more organized. Get A Solid Base: A good foundation can lead to confidence; confidence is essential to success. Set Priorities: Learn to delegate or outsource and focus on what you do best. Continue to Improve: Refuse to be satisfied – strive to be better. Know Yourself: Know what you are good at and look to build on those areas. Merge: Combine different aspects of your life to make it easier on yourself. Refine: Learn how to improve in all aspects to increase personal pride. As you go through the week, work on each of these methods. To hold yourself accountable, you should be able to talk about how you were able to improve your chances of success by implementing these practices with someone close to you or in your company.