CLFP Rolls Out in Australia

The US-based Certified Lease & Finance Professional (CLFP) designation is finally being rolled out in Australia. Fifteen Australian professionals are currently going through the program, according to Reid Raykovich, CEO of the CLFP Foundation. The launch, which was slowed down by covid, is the result of years of collaboration between two organizations, the CLFP Foundation in the US and the Commercial Asset & Finance Brokers Association (CAFBA) in Australia.

“Prior to partnering with the CLFP Foundation, CAFBA looked at offering specific commercial finance courses through Australian tertiary institutions,” CAFBA said, “however, after discussions it was felt that it would take too long to commence, would not provide content control and would not have recognition outside the tertiary institution. There are many advantages in being part of an internationally recognised accreditation that is industry specific.”

After an initial meeting between the two organizations in 2015, CAFBA CEO David Gill travelled to the US two years later to participate in the CLFP training and examination. Thus kicked off the plan to bring the CLFP designation to Australia and the partnership was officially announced in March 2022. The Handbook, training, and exam are all based on the same framework that was established in the US. However, certain areas had to be modified to ensure it was relevant and consistent with the Australian structure.

Australia isn’t the only country targeted for program expansion. The aim is to make the CLFP the preeminent credential throughout the world.

“We are also working with the Canadian Finance and Leasing Association (CFLA) to make the designation available in Canada as well,” said Reid Raykovich. “Last year, I announced the initiation of the designation in Prince Edward Island, Eastern Canada. There have been discussions with other countries as well, but nothing official yet.”

CFG Merchant Solutions Surpassed $1 Billion in MCA Originations in Q1 2023

CFG Merchant Solutions, LLC (“CFGMS”) has announced that in Q1 of 2023, the longstanding funder surpassed $1 billion in MCA originations. CFGMS has funded over 25,000 businesses since inception, operating across a diverse range of industries throughout the United States.

“This significant milestone occurred this year along with our successful, $20 million Corporate Notes financing placed by Brean Capital in April, 2023. CFGMS remains well-capitalized, and is funding the recent increase in working capital requests due to the regional banking crisis which has dramatically tightened underwriting and lending criteria at traditional financial institutions nationwide. CFGMS remains optimistic in the current uncertain macroeconomic environment, while seeing higher credit quality submissions and fundings.”       – Andrew Coon, CFGMS CEO

Since 2015, CFGMS has demonstrated a strong track record of asset performance and profitability. CFGMS works one-on-one with referral partners and is dedicated to customer service, user experience, and transparency. As a direct funder, CFGMS is committed to understanding the business objectives of SMBs and formulating customized capital solutions to help American companies achieve their goals. With a deep understanding of the frustration of acquiring flexible and timely financing, CFGMS uses proprietary analytics technology and common-sense underwriting to provide fast and efficient access to revenue-based working capital. CFG Merchant Solutions has one of the best reputations in the alternative funding industry and one of the highest deal approval rates.

“We are very proud of the fact that we have been able to provide over $1 billion of capital to American small businesses since our inception. Funding US small businesses is a responsibility we take very seriously. CFGMS is committed to customer service which includes a positive, transparent, and frictionless user experience for our clients. This significant accomplishment could not have been made possible without CFGMS’s strong relationships with its broker and referral partners. Our ISO’s and brokers are in a unique position to assist their merchant clients, and we work closely with them to offer flexible and creative capital solutions. As a result of this, and our commitment to best practices, CFGMS enjoys one of the best reputations in the alternative and revenue-based finance industry. We look forward to funding the next billion and beyond.”       – Bill Gallagher, CFGMS President     Recent CFGMS Updates NEW YORK, NY. March 4th, 2023 – CFG Merchant Solutions, LLC (CFGMS) successfully secured $20 million in investment-grade rated corporate note financing from a group of top-tier institutional investors based in the United States. This transaction has received a BBB rating from a well-recognized statistical ratings organization. Become a CFGMS Referral Partner, It takes less than 60 seconds to apply on the CFGMS website! Media Contact Richard Polgar Chief Financial Officer rpolgar@cfgms.com ####

Connecticut Nears Passage of a Unique Commercial Financing Disclosure Bill

Connecticut’s General Assembly came one step closer to passing its own commercial financing disclosure bill when SB1032 passed the Senate on Monday. The State’s legislative session ends on June 7 so the House would have to also pass it by then in order to send it off to the governor.

Connecticut’s bill has several unique rules in addition to standard disclosures already seen in other states.

1. A provider shall not revoke, withdraw or modify a specific offer until midnight of the third calendar day after the date of the specific offer.

2. Providers and brokers must register with the Banking Commissioner.

3. No commercial financing contract shall contain any provision waiving a recipient’s right to notice, judicial hearing or prior court order in connection with the provider obtaining any prejudgment remedy, including, but not limited to, attachment, execution, garnishment or replevin, upon commencing any litigation against the recipient.

Given the likelihood this bill could pass, it has been added to AltFinanceDaily’s state regulation map.

Florida Set to Enact Commercial Financing Disclosure Law With Unique Broker Rule

Update: the governor signed the bill into law on June 23.

It’s a new state disclosure law but with a twist. Florida’s bill, which passed both chambers of the legislature on May 4th and now awaits the governor’s signature, has a specific code of conduct aimed directly at brokers.

Among these rules is that the broker cannot:

• Offer its services in any advertisement without disclosing the actual address and telephone number of the business of the broker and the address and telephone number of any forwarding service the broker may use, if any.
• Make or use any false or misleading representation or omit any material fact in the offer or sale of the services of a broker or engage, directly or indirectly, in any act that operates or would operate as fraud or deception upon any person in connection with the offer or sale of the services of a broker, notwithstanding the absence of reliance by the business.
• Make or use any false or deceptive representation in its business dealings.
• Assess, collect, or solicit an advance fee from a business to provide services as a broker. However, this subsection does not preclude a broker from soliciting a business to pay for, or preclude a business from paying for, actual services necessary to apply for a commercial financing transaction, including, but not limited to, a credit check or an appraisal of security, if such payment is made by check or money order payable to a party independent of the broker.

The bill, as written, says it is poised to go into effect on July 1, 2023 (assuming the governor signs it). AltFinanceDaily first reported on this bill on March 16th.

Read the full bill here.