Cumulative Covid EIDL Chargeoffs Now Exceed $70 Billion
Nov 19, 2024 · The latest data from the SBA is in. It charged off $18.7B in Covid EIDL loans in FY 2024. That was down from $52B charged-off in FY 2023. The program still has an unpaid principal balance of $277B. PPP loans were still being written off in FY 2024 as well, coming in $2.5B charged-off vs $10.6B charged-off in FY 2023 and $4.8B charged-off in FY 2022. The EIDL program suffered astonishingly high ...
Trump, Republicans To Take Over in 2025 - debanked.com
Nov 6, 2024 · With the 2024 election results in, the regulatory and legislative environment for the small business finance industry could shift significantly at the federal level in the coming years. In particular, it will be worth paying specific attention to what happens with the Consumer Financial Protection Bureau (CFPB). As many readers are aware, the largest regulations […]
TikTok is Now Offering Business Financing | deBanked
Oct 7, 2024 · Add TikTok to the list of tech platforms offering business loans. TikTok Shop Capital is now “offering sellers access to fast and flexible business financing,” the company states on its website. Unsurprisingly, one of TikTok Shop’s partners is Parafin but the company also lists Storfund and Kanmon as funding partners. Storfund announced its deal with […]
Are You The Top Broker?! - debanked.com
Nov 21, 2024 · Sean Murray is the President and Chief Editor of deBanked and the founder of the Broker Fair Conference. Connect with me on LinkedIn or follow me on twitter. You can view all future deBanked events here.
SBA Names Members to its Small Business Lending Advisory Council
Dec 11, 2024 · The results are finally in. After a six-month review period, the SBA finally announced the applicants that have been approved to serve on its inaugural small business lending advisory council. They are: Paul Brown, Managing Partner, Michigan eLab Investment Co. Sheryl Cameron, Executive Director SBA Solutions, JPMorgan Chase Kevin Carey, Interim President and CEO, American […]
Square: Our Customers Actually Grow Faster With a Square Loan …
Nov 7, 2024 · On average, Square customers that used the Square Loan product grew 6% faster than those that did not use it, the company revealed. Jack Dorsey, the CEO of Square’s parent company, Block, used the 3rd quarter earning’s period as an opportunity to discuss its lending operations. The relevant parts are excerpted in non-sequential order below: […]
“MCA Debt Settlement” Company Sued - deBanked
May 7, 2024 · A firm that offers to “restructure corporate debt primarily MCA or Merchant Cash Advance debt” was sued last month by a small business owner for fraudulent inducement, consumer fraud, unjust enrichment, breach of fiduciary duties, and for a declaratory judgment. Corporate defendants include MCA Resolve LLC and Coastal Debt Resolve (ABSM LLC) in …
Walmart Now a Direct Funder in the Merchant Cash Advance …
Sep 15, 2024 · Ready to enjoy easy access to cash advance funds and flexible financing options? Fuel your growth on Walmart.com with our suite of options.– Walmart.com Walmart, which made headlines recently with third party MCA funders Parafin and Payoneer, is now funding MCAs directly as well. The new programs, known as Capital by Walmart and Capital for […]
15 Months in Prison for Fake LOC Scam Run by “Funder”
Dec 17, 2024 · Yisroel (“Scott”) Heber was sentenced to 15 months in prison for his role in a fake LOC scam, followed by 3 years of supervised release. Prosecutors said he lured small business victims into making upfront loan payments in exchange for getting a large loan afterwards, which wouldn’t come. As part of the sentencing Heber was also ordered to pay $921,594.75 in restitution, forfeit $240,000 ...
Fake LOC Scam Results in Guilty Plea - deBanked
Jul 17, 2024 · Yisroel (“Scott”) Heber pleaded guilty last month for his role in a fake business line of credit scam. In April, the US Attorney for the Southern District of NY and the US Secret Service alleged that Heber and a co-defendant posed as a lending company and induced victims to make payments related to loans that […]