Small Business Finance Association Accelerates Repositioning With Hiring of New Executive Director
December 14, 2015WASHINGTON–(BUSINESS WIRE)–The Small Business Finance Association (SFBA) announced today the hiring of Stephen Denis as its executive director. Denis was formerly the Deputy Staff Director of the House Committee on Small Business and brings over 12 years of public policy experience to the SBFA.
“The innovative companies that are disrupting the way small businesses access capital are creating opportunities for economic growth,” said Denis. “Traditional finance is changing out of necessity for small businesses and SBFA’s mission is to be the voice of the alternative financing industry for small businesses and establishing industry best practices and education.”
The Small Business Finance Association represents companies that offer alternative financing options to small businesses and provides guidance through establishing industry best practices, education and risk monitoring tools. The alternative finance industry has experienced dramatic change and explosive growth in recent years, prompting the need for a strong presence in Washington to protect a vital lending resource for small businesses.
“We felt it was time to bring on an experienced Capitol Hill veteran to make SBFA the leading voice for alternative small business finance in Washington,” said incoming President of SBFA and Chief Executive Officer of Capify, David Goldin. “It is time to come together as an industry to ensure we have a strong and unified voice on behalf of the small businesses we serve.”
“It’s no secret that access to capital is a top challenge for small businesses. SBFA is working to ensure that there are options available to these businesses that contribute to the vibrancy and health of the American economy,” said Vice-President of SBFA and Chairman of Rapid Advance, Jeremy Brown.
The Small Business Finance Association (SBFA) is a not-for-profit 501(c)(6) trade association representing organizations that provide alternative financing solutions to small businesses. SBFA (formerly known as NAMAA) provides guidance and helps to influence and shape the small business alternative financing industry through leadership, education and risk monitoring tools. For more information, visit http://www.sbfassociation.org
Contacts
Small Business Finance Association
Steve Denis, 202-213-9506
sdenis@sbfassociation.org
Coalition for Responsible Business Finance Submitted RFI on Behalf of Both Funders and Small Businesses
October 1, 2015
If you haven’t heard of the Coalition for Responsible Business Finance (not to be confused with the Responsible Business Lending Coalition), I recommend paying attention to it.
“The CRBF is a group of businesses and service providers that advocate for the value of alternative financing opportunities for small businesses,” they said in their response to the Treasury RFI. “We created the coalition to help educate Congress, Treasury, and other federal departments and agencies on how technology and innovation are providing small businesses access to capital that is necessary for growth.” Simply put, this coalition allows lenders, funders, and small businesses to have a unified voice to educate policymakers.
And yes, merchant cash advance companies are welcome, though representation is very diverse.
“Small business owners value choice and speed when looking at alternative finance and lending options,” the CRBF says in their response. “Any federal approach needs to balance new regulatory requirements with the impact on the alternative finance and lending sector and on the sector’s small business customers.”
The overall message in the submission is that regulators need not feel shy about opening a dialogue with those most likely to be affected by any change in policy.
For those reasons, CRBF recommends that Treasury create an alternative finance and lending interagency working group that will meet on a quarterly basis. We suggest that twice a year the working group meet as a group comprised solely of governmental personnel, with officials from SEC, SBA, FTC, Federal Reserve, OCC, and other relevant agencies. And, we suggest that twice a year the working group meet with business leaders from across the alternative finance and business lending spectrum including representatives from lead generators, aggregators, merchant cash advance professionals, peer-to-peer lenders, risk analytics services, direct lenders, marketplace lenders, and others. Meeting with different groups of businesses throughout the life span of an interagency working group will allow Treasury to keep up with a rapidly evolving business sector and will help ensure that any federal approach is sensitive to its impact on the sector and on its small business customers.
CRBF is committed to educate federal authorities on how alternative lending and finance benefits small business and the economy. We would certainly help Treasury establish any working group that serves the same purpose.
As I am currently an advisory board member of this coalition, I encourage you to consider the organization’s mission and purpose by visiting the website at http://www.responsiblefinance.com. If you’d like to learn more or consider support for it, email me at sean@debanked.com.
North American Merchant Advance Association (NAMAA) Announces New Name – Small Business Finance Association (SBFA)
April 14, 2015New York, NY, (April 14, 2015) – The North American Merchant Advance Association (NAMAA), a 501c non-profit industry association that provides guidance and helps influence and shape the small business alternative financing industry through best practices, leadership, education and risk monitoring tools, announced today the changing of its name to Small Business Finance Association (“SBFA”).
“With the alternative financing industry growing exponentially into a multi-billion dollar industry, we felt it was time for the trade association to evolve with it and open itself up to all types of small business alternative financing providers hence the name change to Small Business Finance Association. This industry trade association has been the voice of small business alternative lenders for over eight years and we look forward to evolving as the alternative financing industry rapidly expands each year. We look forward to opening up our membership base to even more members that share the same best practice principals of our current membership base.”, says David Goldin, President of the SBFA
The SBFA plans on releasing an updated version of its best practices and as the largest trade association for small business alternative finance providers, the association welcomes opportunities from the press and organizations looking for information on the industry.
“NAMAA started primarily as an association of merchant cash advance providers and has evolved into an association for all types of small business alternative financing – particularly those providers of business loans. SBFA will continue to be the leading voice for this industry and we look forward to the association evolving with our industry.”says Jeremy Brown, Vice-President of the SBFA.
For companies that provide alternative financing solutions to small businesses looking for more information about becoming a member of SBFA, please visit http://www.sbfassociation.org.
About Small Business Finance Association (SBFA)
The Small Business Finance Association (SBFA) is a not-for-profit 501c trade association representing organizations that provide alternative financing solutions to small businesses. SBFA (formerly known as NAMAA) provides guidance and helps to influence and shape the small business alternative financing industry through leadership, education and risk monitoring tools. For more information, visit http://www.sbfassociation.org.
Small Business Truth in Lending Bill Under Consideration in Maryland
March 27, 2025The “Small Business Truth in Lending” Bill introduced in Maryland on January 24, 2025, is continuing to advance through the state’s legislature. Among the finer details in the bill is an APR disclosure requirement on commercial finance transactions. The bill has attracted testimony from various organizations including the Responsible Business Lending Coalition, Revenue Based Finance Coalition, Innovative Lending Platform Association, Electronic Transactions Association, Rapid Finance, the Maryland Transportation Builders and Materials Association, and the Maryland Bankers Association. The majority have argued against the bill’s APR requirement. The combined testimonies are available here.
The bill’s path can be followed here.
See You in Las Vegas
September 18, 2024
We’ll be in Las Vegas for the inaugural B2B Finance Expo (a AltFinanceDaily / SBFA collaboration). Tickets are just about sold out so if you haven’t bought one already, check the site to see if registration is still active. It will turn off automatically.
Here’s what you need to know:
Sept 22, Wynn, Las Vegas, 7-10pm: B2B Finance Expo Poker Tournament
- Anyone can attend to watch and network FREE. Cash bar on site.
- Seats to play are limited. Must be done in advance on the registration page. Seats almost sold out. Game is not for cash. $100 entry fee. All entry fees donated to GreenLedger, a new non-profit.
- Winner of the tournament gets a genuine gold B2B engraved championship bracelet.
Sept 23-24, Wynn, Las Vegas: B2B Finance Expo
- See agenda
- LOWER CONVENTION PROMENADE
- Tickets required for entry
Please be sure to stop by the Small Business Finance Association’s booth (SBFA) to learn more about the non-profit organization.
Other trade associations with representatives in attendance include the National Private Lenders Association (NPLA) and the Innovative Lending Platform Association (ILPA).
Trade media in attendance will include: AltFinanceDaily, Coleman Report, and Equipment Finance News.
Please be sure to check out the booths of Kapitus & Rapid Finance (Diamond Sponsors) and Bitty & Lendini (Platinum Sponsors).
For event related questions email events@debanked.com. Event staff will not be able to answer calls after Thursday, 9/19.
Cloudsquare Unveils Game-Changing Lender APIs for Streamlined Submissions
June 6, 2024New out-of-the-box integrations promises to revolutionize the deal submission process, boosting efficiency and cutting costs for alternative lending companies.
Los Angeles, CA – June 6, 2024 – Cloudsquare, a leading LOS/LMS platform and Salesforce consulting partner specializing in alternative lending solutions, announces the launch of 14 new Lender APIs integrated into Cloudsquare Broker, an alternative lending CRM powered by Salesforce. This significant advancement enhances the speed and efficiency submitting deals to lenders who accept portal submissions
The Lender APIs address common challenges in submissions, reducing delays and costs with a streamlined, automated solution. They integrate with the CRM’s Submission Channel, an AI-powered module that matches the right lenders for each deal, increasing approval rates by avoiding unnecessary declines.
Depending on the lender’s API capabilities, brokers gain access to features like real-time status updates, document retrieval, instant offers and decline reasons, further enhancing processing efficiency.
“With our new Lender APIs, users can experience a tenfold increase in submission speed,” said Jeffrey Morgenstein, CEO at Cloudsquare. “This not only saves our clients tens of thousands of dollars in processing payroll but also ensures they stay ahead of their competitors by operating at peak efficiency.”
Supported lenders include Bitty Advance, CAN Capital, Credibly, Expansion Capital Group, Fora Financial, Forward Financing, Headway, Idea Financial, Kapitus, Lendini, Mulligan Funding, OnDeck, PIRS Capital, and Rapid Finance.
“For customers who work with lenders not currently on the list, Cloudsquare offers the flexibility to add any lender to the submission framework, provided they have an API available,” said Paul Albuquerque, Director of Product at Cloudsquare. “It is our mission to elevate the entire industry and drive synergy through technology.”
This development underscores Cloudsquare’s commitment to innovative solutions that meet the evolving needs of the financial services industry, helping businesses operate more efficiently.
To learn more about how Cloudsquare’s Lender APIs can transform your submission process, visit https://link.cloudsquare.io/RYuO.
About Cloudsquare
Cloudsquare, is a robust LOS/LMS platform and premier Salesforce consulting partner specializing in solutions tailored for alternative lending. We pride ourselves on being the provider of choice for ambitious, forward-thinking organizations aiming to elevate their operations to the next level. Cloudsquare’s excellence has been recognized by industry leaders, is listed on the Inc. 5000 as one of America’s fastest-growing companies and is consistently rated as a top service provider on platforms like Salesforce AppExchange, G2, Clutch and Manifest. For more information, please visit https://link.cloudsquare.io/RYuO.
Dragin Technologies and Ocrolus Announce Strategic Partnership: Enabling the Next Generation of Application Process Automation for Small Business Financing
May 20, 2024
New York, NY – 05/20/24 – Dragin.io, a machine learning process automation tech firm, is thrilled to announce a product integration and strategic partnership with Ocrolus, a leader in AI-driven financial document analysis. This collaboration aims to combine Dragin’s cutting-edge process automation technology with the industry-leading bank statement automation and cash flow analytics products offered by Ocrolus. Together, the new solution offers clients in small business financing unmatched speed, accuracy, compliance, and a robust fraud detection system, providing them with confidence and security in their financial operations.
Mark Ross, CEO of Dragin, expressed his enthusiasm for the partnership: “This is incredibly exciting for the future of the small business financing industry. Dragin specializes in automation solutions that help our clients deliver their offers faster than anyone else in the industry. Partnering with Ocrolus enables us to achieve technological advancements in business financing sooner than expected.”
Dragin’s AI and machine learning (ML) algorithms enable sophisticated data processing, providing actionable insights for offer creation and customization in the business funding deal cycle. This technology empowers underwriters to make informed decisions smarter and more quickly.
This partnership will enable powerful solutions for providers of small business financing, offering:
- Speed and Efficiency: Clients can rapidly analyze bank statement data, accelerating decision-making and reducing the time required for underwriting approvals.
- Compliance and Fraud Detection: Ocrolus’ technology performs comprehensive, AI-driven fraud detection, safeguarding clients against potential risks.
- Accuracy and Reliability: The partnership guarantees high levels of accuracy in data extraction and analysis, minimizing errors and enhancing the reliability of financial assessments.
- A.I. & Machine Learning: Dragin has developed advanced AI and ML models that can parse and classify nearly all document types and fill in missing fields such as industry, leading to a more robust auto-decline system. Integrating Ocrolus’ AI-driven document automation and analytics will bolster Dragin’s overall capabilities in lead prequalification.
“We are incredibly optimistic about this partnership with Dragin,” remarked Sam Bobley, CEO of Ocrolus. “Their focus on improving the efficiency of small business funding processes and commitment to client satisfaction makes them an ideal partner for Ocrolus. We look forward to a successful collaboration that will provide customers with the trusted and accurate data, fraud detection, and analytics they need to confidently make important financial decisions.”
About Dragin
Dragin is a leading fintech solutions provider dedicated to delivering innovative and efficient services to its clients. Founded with a mission to simplify and streamline financial processes, Dragin has developed cutting-edge technology, including A.I. and machine learning, to streamline processing automation which creates actionable insights for offer creation and customization. For more information about Dragin and its automation solutions, please visit https://www.dragin.io
About Ocrolus
Ocrolus is a document AI platform that enables faster and more accurate financial decision-making. The company analyzes documents with over 99% accuracy, regardless of format or quality, supporting hundreds of document types including bank statements, pay stubs, and tax forms. Ocrolus provides a trusted solution to detect fraud, analyze cash flows and income, and streamline decisions for 500+ clients across a number of use cases. Customers such as Enova, PayPal, Rapid Finance, Bluevine, National Funding, and Kapitus leverage Ocrolus automation to build delightful user experiences. To learn more, visit Ocrolus.com.
The Top Small Business Funders Now Vs. Then
January 11, 2024Top Small Business Funders By Year
| 2008 | 2014 | 2023 |
| AdvanceMe (CAN Capital) | OnDeck | Square |
| First Funds | CAN Capital | Enova (OnDeck / Headway) |
| Merchant Cash and Capital (BizFi) | Kabbage | Shopify |
| BFS | Kapitus | PayPal |
| AmeriMerchant | Rapid Finance | Amazon |
| GBR Funding | National Funding | Intuit |
Many people look at 2023 vs 2008 and arrive at the conclusion that the fintechs rose to the top, but if one were to narrow down the definition of those players a little further, they’d notice that PayPal and Square are payment companies, Shopify and Amazon are e-commerce companies, and Intuit owns the Quickbooks accounting software. These are actually older companies that took an old idea (split-funding) and made it new again with some key changes. Although in the present moment it may feel like some of them cannot be beat (which is how the industry felt about the top funders in 2008), much can change over the course of this decade.
Keep your eye on:
- AI
- Blockchain (as payment rails, record-keeping)
- Regulation
