Funding Blog - Page 8

Featured on Physician’s Practice: Which Medical Practice Loan is Right For You?

July 28, 2024 No Comments

The best medical practice loan option for you ultimately depends on your practice’s goals, the challenges you’re facing, and your financial history. Between traditional lenders like the SBA and commercial banks and newer forms of alternative funding, it can be difficult to decide which type of funding best suits your needs and goals. To help you understand your funding options and select the right funding for your practice, we shared our expertise on medical practice loans with Physician’s Practice, an online

Small Business Funding in Puerto Rico: SBA Loans vs. Alternative Funding

July 28, 2024 No Comments

There are over 43,500 small businesses in Puerto Rico, accounting for 99.7% of all businesses on the island and $60.6B in total exports. Businesses in Puerto Rico face a number of unique challenges that can make it difficult to access the funding they need to thrive and grow, including: Fragile economy: The state of the territory’s economy is the top recurring concern for over half of small business owners in Puerto Rico. According to the most recent available data, Puerto Rico’s

Featured on Smarter.Loans: Canada Small Business Financing Loans vs. Merchant Cash Advances

July 28, 2024 No Comments

Small businesses in Canada have a number of funding options to choose from, including government-funded programs like the Canada Small Business Financing Program, bank loans, and alternative funding from direct online lenders such as merchant cash advances. Each type of funding has different application requirements and approval criteria, and is best suited for a different use. If you’re focused on operating and growing your business, it can be difficult to understand what type of funding is best for your needs, and

Veterinary Practice Funding: The Essential Veterinary Practice Loan Guide

July 28, 2024 No Comments

Understanding your funding options and applying for the right small business loan for your business can be confusing. Our Industry Funding guides make it easy to compare your funding options and choose the right loan for your business, whether you’re just starting up or are looking to grow an existing business. What You’ll Find in This Guide Veterinary Practice Funding Options What is the Best Loan for Veterinarians? How To Use Veterinary Practice Loans How To Apply for Veterinary Practice Funding

Main Street Finance group Jordan Fein Talks Fintech, Part 1 of 8: The History of the Lending Industry and Greenbox’s Origin

July 28, 2024 No Comments

Main Street Finance group CEO Jordan Fein joined Smarter Loans to talk all things alternative business funding. In this video, Jordan begins by exploring the history of small business lending in the United States and Canada. Keep watching to learn the story behind Greenbox Capital® and why Jordan made the choice to expand into the Canadian market in 2016. Watch the video, or keep reading below for a full transcript. The History of the Lending Industry and Main Street Finance group

In a series of interviews with Smarter Loans, Greenbox Capital CEO Jordan Fein discusses all things alternative business funding and small business lending. In this short clip, Jordan explores FinTech companies in Canada and the differences between the Canadian and US lending markets, from merchants and borrower behavior to brokers, banks, and how new tech is fueling innovation in Canada. Watch the video, or keep reading below for a full transcript. SL: In terms of what you’ve encountered…I know in Canada, we love to do comparison narratives, especially with our neighbors down south. You can talk about clients, but also the larger landscape itself, the alternative funding scene here versus the US. Perhaps you can talk a little bit about tech as well and how FinTech fits into that. But where are we in Canada in relation to what is a very heated, alternative lending scene in the US? JORDAN: There’s less lenders in the Canadian market, and there’s way more lenders and funders in the US market. How does that change things? I don’t know if that changes things too much. I really do think that the behavior lies—like the stacking, all that stuff—ultimately lies with the behavior of the customer or whether the broker can convince them. There’s some brokers that will convince them to take more money, which is absolutely evil because that’s not necessarily good for the business, but then there’s some merchants who will be reckless, right, in the United States. And you don’t see that as much [in Canada]. That is the big, big difference. In terms of…when you talk about the difference of the markets, brokers in the United States demand these very large commissions and it just wasn’t developed…it doesn’t exist that way in the Canadian market. We do offer larger commissions, but there’s other companies in the Canadian market that do direct. They do direct as a big part of the business, and they do brokers as well. They don’t pay large commissions. They pay much smaller commissions. And I think that this is a very touchy subject because brokers obviously want the largest commissions, but there’s a certain point we have to cut that off and it’s not good for anybody. It’s just too much. The economics of the deal becomes too negative for the business and ends up hurting everyone. Why does it hurt everyone? The broker makes a big commission to start, but the lifetime value of the customer is now shorter because their propensity to default is higher than the possibility of renewing that customer, and the portfolio of customers goes down. So I do think that the Canadian market is better well built in terms of how it’s structured with respect to commissions, to brokers. That’s a nice advantage that Canadian market has and I hope that never changes because it’s good for everyone. It’s good for the business. It’s good for the broker, whether they believe it or not. And it’s definitely good for the funder. The funder always wants what’s in the best interest of the business. You always want your businesses to survive and do well. If they’re doing well, you’re doing well. We’re not taking an equity stake in the company, but it’s pretty darn close. You know what I mean? Making a debt position at these size companies is very darn close to making an equity position and really betting on the company to do well. Why does it hurt everyone? The broker makes a big commission to start, but the lifetime value of the customer is now shorter because their propensity to default is higher than the possibility of renewing that customer, and the portfolio of customers goes down. So I do think that the Canadian market is better well built in terms of how it’s structured with respect to commissions, to brokers. That’s a nice advantage that Canadian market has and I hope that never changes because it’s good for everyone. It’s good for the business. It’s good for the broker, whether they believe it or not. And it’s definitely good for the funder. The funder always wants what’s in the best interest of the business. You always want your businesses to survive and do well. If they’re doing well, you’re doing well. We’re not taking an equity stake in the company, but it’s pretty darn close. You know what I mean? Making a debt position at these size companies is very darn close to making an equity position and really betting on the company to do well. That is on the broker side, so then let’s talk a little about the “The funder always wants what’s in the best interest of the business. You always want your businesses to survive and do well. If they’re doing well, you’re doing well.” FinTech side. It’s a much smaller country compared to the US of course, right? But I’m so surprised by the different innovation and technology that does exist. The startup that I have is a software product that is going to help the lending industry. It’s going to help facilitate the funding process and take away a lot of inefficiencies, bring a lot of clarity, reduce operating expenses of lenders, and increase efficiency of what the brokers have to deal with when dealing with customers. And the borrower or the merchant is going to have a more seamless experience, not having to fill out all of these forms and get all these bank statements. It’s a product that’s going to bring efficiency and transparency to the industry. The companies that I’ve seen that are also involved in the FinTech space [in Canada] have been super, super impressive, super impressive. So I think that the Canadian market, while smaller, still proportionally has amazing innovation happening in the FinTech space for the different products. There’s so many different products that are up there. There’s risk management tools up there in the Canadian space that we’ve looked at. There’s data aggregation tools that we’ve looked at in the FinTech space, and there’s much more, there’s so much more. I think that the Canadian market is right there. They’re also developing their APIs, the banks are developing their APIs. And I will say one last thing on this. I actually believe the advantage in the Canadian market compared to the US is with the banks. In the US, there’s 21,000 banks and the top 10 banks control 68% of the market. The top four or five banks “The Canadian market, while smaller, still proportionally has amazing innovation happening in the FinTech space for the different products.” control like 95% of the market. So their ability to increase their technology to be able to better serve business in Canada, consumer and business, through technology is going to be a lot easier because of adaptation with banks and different players like that. Because they hold the data of what the fintechs and the funding companies need, and they’re building out those APIs. The companies that I’ve seen that are also involved in the FinTech space [in Canada] have been super, super impressive, super impressive. So I think that the Canadian market, while smaller, still proportionally has amazing innovation happening in the FinTech space for the different products. There’s so many different products that are up there. There’s risk management tools up there in the anadian space that we’ve looked at. There’s data aggregation tools that we’ve looked at in the FinTech space, and there’s much more, there’s so much more. I think that the Canadian market is right there. Watch more on Smarter Loans’ YouTube channel About Smarter Loans Smarter Loans’ mission is to help Canadians make smarter financial decisions through educational resources about Canada’s most innovative financial products and connecting Canadian consumers and businesses with top financial companies in a fast, safe, and convenient way. With a focus on both personal and small business lending, Smarter Loans compiles company profiles for top financial companies in Canada, offers loan finder tools to make it easy to find the right loan, and shares educational content that promotes responsible lending in Canada. Visit Smarter Loans to learn more.

July 28, 2024 No Comments

In a series of interviews with Smarter Loans, Greenbox Capital CEO Jordan Fein discusses all things alternative business funding and small business lending. In this short clip, Jordan explores FinTech companies in Canada and the differences between the Canadian and US lending markets, from merchants and borrower behavior to brokers, banks, and how new tech is fueling innovation in Canada. Watch the video, or keep reading below for a full transcript. SL: In terms of what you’ve encountered…I know in Canada, we love

Main Street Finance group Jordan Fein Talks Fintech, Part 3 of 8: The Impact of Tech Giants Entering the Small Business Funding Game

July 28, 2024 No Comments

Main Street Finance group CEO Jordan Fein recently joined Smarter Loans to talk tech growth in alternative business funding. In this video, Jordan discusses the impact of tech giants like PayPal and Square entering the small business financing space, and offers his advice for what alternative alternative business funders need to compete against these major players. Watch the video, or keep reading below for a full transcript. SL: There’s the Canadian reliance, perhaps some would say over-reliance on big financial institutions,

Main Street Finance group Jordan Fein Talks Fintech, Part 4 of 8: Do These 3 Things Before Taking A Loan

July 28, 2024 No Comments

Main Street Finance group CEO Jordan Fein joined Smarter Loans to talk all things alternative business funding. In this video, Jordan outlines three things all small business owners should do before applying for or taking a loan. Keep watching to get Jordan’s expert advice for setting expectations, preparing your business, and doing your research so you can understand your alternative business funding options before you apply. Watch the video, or keep reading below for a full transcript. SL: If you were

How To Get a Business Loan with No Collateral

July 28, 2024 No Comments

Many of the most popular and highly-sought small business loan options require collateral, especially if you’re looking for a large loan or are working with a traditional lender like a bank or the Small Business Administration. But what if you’re a small business owner looking for funding and you don’t have collateral to secure a loan? Don’t panic—there are a number of funding options available to you that don’t require collateral. Business loans without collateral are commonly referred to as “unsecured