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 […]
Legal Complexities in the Revenue-Based Financing Industry: An …
Jan 6, 2025 · Jeffrey S. Paige is the General Counsel of CFG Merchant Solutions. Visit: https://cfgmerchantsolutions.com Navigating the intricate legal landscape of the revenue-based financing industry has become increasingly complex, with recent court cases providing profound insights into the sector’s regulatory dynamics. Amidst legislative shifts, litigation between funders and merchants, and public ...
Free UCC Searches By State - deBanked
May 16, 2023 · Free UCC Searches By State . Color Key: Free Account Required Paid Only Last Updated: 5/16/23 No guaranty or representation is made to the completeness or accuracy of this map or the content therein.
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 […]
eBay: ‘We’ve Already Done $40M in MCAs’ | deBanked
Nov 3, 2024 · eBay is coming in hot to the small business financing game. The company reported that it had connected merchants with $100M in funding YTD, over $40M of it being “business cash advances” through Liberis alone. Liberis is a UK-based company that expanded into North America 4 years ago. It secured $112M in debt funding last […]
CFPB Union Deletes its Bizarre Press Release as DOGE Audit …
4 days ago · I f you’ve ever wondered what might be in store when facing the CFPB, a now deleted press release issued by its union leadership on Friday revealed a whole new side of the financial regulator.. The announcement, titled CFPB Union NTEU 335 spies dodgy DOGE bros, launched insults against three younger members of the DOGE team conducting an agency audit as well as Elon Musk.
“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 …
PayPal is Back to Growing its Merchant Lending Program
Oct 29, 2024 · A fter taking drastic action over the last year to rein in surging SMB lending charge-offs, PayPal believes it has corrected the issue. “We have now fully lapped the actions taken last year to tighten credit underwriting and reduce on balance sheet risk,” said PayPal CFO Jamie Miller on the Q3 earnings call.
With Trump’s Freeze on New Regulations, What to Make of the …
Jan 23, 2025 · O n January 20, Trump’s ceremonial display of taking action and signing orders on his very first day might warrant a closer look for those in the small business finance industry. That’s because he signed a regulatory freeze order that could potentially affect rules promulgated by the CFPB on small business loan data collection that have yet to go into effect.
New Jersey Bill’s New Definition of “Commercial Financing”
Jan 2, 2025 · New Jersey Senate Bill 1397 is still alive in 2025. This particular commercial financing disclosure bill intends to require APR disclosures for a broad range of products in commercial financing, including non-loan products. “Commercial financing means an open-end financing, closed-end financing, sales-based financing, factoring transaction, finance lease, as that term is defined in N.J.S.12A ...