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THE ALTERNATIVE LENDING REPORT Volume 1, No SmallBusinessLending.io Finance • Technology • Legal & Regulatory • Strategy THE ALTERNATIVE LENDING REPORT Volume 1, No. 5 June 15, 2017 input/output PROTECTING THE FACTOR FINANCE IN FACTORING AGREEMENTS Is Bizfi Up for Sale or Winding Down? ........ 2 STRATEGY (Part 1 of 2) DRB Calls Rival ‘Parasitic, Immoral’ By Josh Simpson, Esq. in Florida Factoring Lawsuit ........................ 3 Profile of a Small Business Like any financial transaction, factoring whom they intend to contract, before they Lending Applicant ....................................... 4 has quite a few inherent risks. For the fac- contract, to assure that if there is a breach tor those risks include the seller breach- that any damages can be collected.” NEW TECHNOLOGY & PRODUCT LAUNCHES ing the purchasing agreement, or contract, Due diligence in underwriting is the governing the transaction or purchase. The first line of defense against default because Platform announcements, new most common form of default, of course, it helps ensure that the companies you do software and services, and notable product releases. ......................................... 6 is default in payments owed to the factor. business with, and that the invoices you And that’s where it can get tricky. purchase, are sound. INDUSTRY NEWS To understand the legal complexities The Contract A recap of recent news of with collecting defaults, we need to start importance to lenders, brokers, from the beginning of the transaction. Let’s assume you’ve done due diligence and service providers. ................................. 7 Underwriting and want to proceed with buying the LOAN TAPE receivables. Now make sure you have the Firms with SME Loan Exposure .................. 9 What does underwriting have to do best contract possible. Doris Galindo, a Indices & Funds of Interest ......................... 9 with collecting on judgments? As David Miami, Fla., attorney says, “The best way M&A + Partnerships ................................ 10 Tatge, a Washington, D.C., attorney with a purchaser can protect itself is through its Epstein Becker & Green, points out, “all documents — that is, the contract itself, New Investments ...................................... 12 persons in business with others should, and any other documents governing the Credit Conditions/Indicators...................... 14 ideally, do due diligence regarding the transaction.” Such protection typically Recent Litigation ...................................... 15 financial capacity of the persons with takes the form of “provisions that help Turn to ‘Factoring’ on page 17 SBA 504 LOAN ACTIVITY 504 LOANS: $3.57 4,385 KEEPING THE PIPELINE OPEN $3.05 3,811 FOR COMMUNITY IMPACT By Allen Taylor The Small Business Administration is one of the most successful inde- pendent agencies of the U.S. federal government. Created by the Small Business Act of 1953, the agency takes its mission of helping America’s small businesses succeed seriously. In 1958, the Small Business Invest- ment Act initiated small business development loan opportunities that, over time, has evolved into the 504 program. The nexus of 504s are the 230 non-profit Certified Development Companies (CDC) that service 2016 2017 the loans. Value ($B) Number of Loans According to program chief Linda Reilly, 504 lending is on a growth trajectory. Last year, through June 9, the SBA approved 3,811 loans for a Number of loans and $ value, YTD through June 9 little more than $3.05 billion. As of the same date in FY 2017, the SBA has Turn to ‘504 Loans’ on page 18 Source: U.S. Small Business Administration For use by original recipient only. It is illegal to forward or otherwise distribute without permission. THE ALTERNATIVE LENDING REPORT Finance BIZFI UP FOR SALE OR WINDING DOWN? Editor & Publisher By Steve Evans Steve Dresner Amid a rocky year and reports of deep- Sources familiar with the matter say Managing Editor ening staff cuts, whispers of a sale or pos- Bizfi is being shopped around to poten- Steve Evans sible wind-down now swirl around Bizfi, tial acquirers in two parts: the MCA book Contributing Writers one of the original SME online market- of business where loans are made off the Grant Harvey place lenders. Bizfi quietly laid off more company’s balance sheet, and Bizfi’s sales Tim Lloyd staff June 12, according to a source with operation, or ISO possibly being offered Josh Simpson knowledge of the situation and who claims as a separate unit. Gary Stern the New York-based lender recently lost its Bizfi in November said it did more Allen Taylor credit line from a major investor. than $127 million in SME loans in the Reached by phone June 13, Bizfi CEO third quarter of 2016, though that was Production Editor John Donovan said, “I’m not making any down 15% from $144 million in the sec- Gary Newman comment.” ond quarter. Operations Several sources told SmallBusinessLen- So far, 2017 is shaping up no better Lenny La Sala ding.io in May that the alternative lender and in some cases worse than last year had laid off more than a third of its 150 for SME lenders. Avant, Lending Club Technology employees, while cutting back significantly and OnDeck have all seen disappoint- Tarun Gupta on loan production. The SME market- ing results with reduced loan volume and Miguel Larreynaga place lender has struggled to find additional abandoned plans to roll out new products financing, the sources said. One individual while the sector struggles. claims over-leveraging has been Bizfi’s big- Bizfi, formerly known as Merchant gest obstacle to acquiring more capital. Cash and Capital, was founded in 1990. THE ALTERNATIVE LENDING REPORT As of June 13, Bizfi’s sales operation was The company’s original focus was on mer- DealFlow Financial Products, Inc. still in action, with an employee confirming chant cash advance products, with later P.O. Box 122 by phone that the company was making expansion into medium-term loans, gov- Syosset, NY 11791 small business loans. With management ernment backed loans, equipment financ- T (516) 876-8006 mum on Bizfi’s condition, the immediate ing, and financing based on outstanding F (516) 876-8010 future of the company remains unclear. invoices and receivables. The company was [email protected] www.smallbusinesslending.io Last month a Bizfi press rep said renamed Bizfi in 2015, combining aggre- The Alternative Lending Report™ is published executives are “heads down right now.” It gation, funding and a marketplace on a on the first and third Thursday of every month, seems they still are. single platform. except the second Thursday of August and the second Thursday of December. Subscription rate: $995 per year “Staff has been reduced,” a press rep Founder Stephen Sheinbaum served for 22 issues, delivered electronically. authorized to speak for Bizfi corporate con- as president and CEO until November All rights reserved. © 2017 DealFlow Financial Products, Inc. Photocopy permission is available firmed to SmallBusinessLending.io earlier 2014. Prior to forming Bizfi, he practiced solely through DealFlow Financial Products. Copy- this week – a day before the latest round of law for 18 years. ing, distributing electronically by email, or duplicat- ing this publication in any manner other than one supposed layoffs. The rep would not address As the company’s fortunes faltered last permitted by agreement with DealFlow Financial whispers about a pending sale of the com- year, the Bizfi board named Donovan as Products is prohibited. Such actions may constitute copyright infringement and leave perpetrators sub- pany. However, when asked point-blank if CEO in October 2016. A 30-year veteran ject to liability of up to $150,000 per infringement Bizfi would report major news in the next in the payments and alternative finance (Title 17, U.S. code). The Alternative Lending Report and The Alternative Lending Conference™ are two weeks, the spokesman said, “I sure hope industry, Donovan is one of the founding trademarks of DealFlow Financial Products. so. There are many opportunities that man- employees of Lending Club. The Alternative Lending Report is a general-circula- tion publication. No information herein should be agement and the board are looking at.” Metropolitan has been one of Bizfi’s construed to be recommendations to purchase, Calls to one of Bizfi’s main investors, main investors since the company’s incep- retain, or sell securities, or to provide investment advice of the companies mentioned or advertised. Metropolitan Equity Partners, were not tion. In March 2014 Comvest Partners No fees are accepted for publishing any editorial immediately returned. Metropolitan has provided Bizfi with $75 million in debt information. DealFlow Financial Products, Inc., its subsidiaries, and its employees may, from time to poured $85 million into Bizfi since 2015, financing, according to Crunchbase. time, purchase, own, or sell securities or other including $20 million for growth capital Since 2005, Bizfi has delivered more than investment products of the companies discussed or advertised in this publication. within the last year, according to data com- $2 billion in financing to small businesses piled by S&P Global Market Intelligence. nationwide, according to its website. SmallBusinessLending.io 2 June 15, 2017 For use by original recipient only. It is illegal to forward or otherwise distribute without permission. THE ALTERNATIVE LENDING REPORT Strategy DRB CALLS RIVAL ‘PARASITIC, IMMORAL’ IN FLORIDA FACTORING LAWSUIT By Steve Evans When you call the competition
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