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01-16-2015, 10:34 AM #1
You're Invited
For those that missed the story this morning, Mayor Rahm Emanuel of Chicago "will call on state and federal agencies to regulate business to business lenders. Emanuel said cash advance companies have accelerated their marketing efforts in recent months, resulting in small businesses taking loans they cannot afford." Emanuel is a former White House Chief of Staff.
And on that note, the Law Office of Pepper Hamilton is hosting a lunch at their office in NYC on Tuesday January 27th to discuss the merchant's cash advance industry's long term future. If you are an ISO or funder and interested in sharing your thoughts and attending, send me a private message.
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01-16-2015, 11:14 AM #2
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- Nov 2014
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Emanuel needs to worry about reducing the murder rate in Chicago. The government has never had any involvement in regulating any B to B activity. What are going to create the BFPB, Business Financial Protection Bureau? With a republican controlled Congress, I wouldn't stand a chance.
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01-16-2015, 11:54 AM #3
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- Jan 2014
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AMEN!!! If his boss wasn't crippling the middle class and banks weren't turning down small business loans over half the time we might not be as busy. If they Liberals weren't giving mortgages to low income families to buy Mcmansions maybe the economy wouldn't be in the ****ter.........unbelievable.
And when will they get it: THERE IS NO APR IN A MERCHANT CASH ADVANCE!!! Calling it a loan is like calling Coca Cola Pepsi....
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01-16-2015, 11:57 AM #4
Emanuel seems to want it both ways, 2 days ago he pledged to support more loans in the $50,000-to-$250,000 range for small businesses that have trouble getting loans in the no-man’s land “between micro-loans and six figures.
http://chicago.suntimes.com/news-chi...conomic-agenda
2 days later he declared a war on companies lending to Chicago businesses from 50k to 250k...
It's interesting that 50k to 250k is characterized as "no-man's land" which makes our case for why products in that range are expensive.Last edited by Sean Cash; 01-16-2015 at 12:00 PM.
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01-16-2015, 12:30 PM #5
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Sounds great, because we all know how successful the Government is at helping Small Business........ They want to talk about excessive cost.....what has the current administration spent.....7 TRILLION...........GTFO
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01-16-2015, 05:21 PM #6
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01-16-2015, 08:38 PM #7
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- Jan 2014
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So you're saying you want this slug to stick his nose in our business and encourage Government regulation?! And while we're on the subject on the state of Illinois(Chicago specifically) it is and always has been one of the most corrupt cities in the country. Filled with liars, con men, shakedown artists, extortionists, gun runners and thieves....and that is just the politicians!
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01-17-2015, 06:19 PM #8
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- Nov 2014
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I agree with JSL23, I wonder if Rod Blagojevich is enjoying his time in Club Fed? Last I heard Emanuel is the mayor of a city and not the governor of a state. It's going to take a lot more then a mayor to change this industry. The government has always had a hands off approach in dealing with B to B transaction. As long as there are no Consumers involved they stay out of it.
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01-19-2015, 06:34 PM #9
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- Sep 2014
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Its an election year -who cares!
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01-20-2015, 08:44 AM #10
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Not too many people apparently, there are only 5 posters on this thread. If one politician does this,others will follow suit.....you don't ever want the Government in your pockets........
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01-20-2015, 11:22 AM #11
I agree, this is what always scared me, One politician making this his cause and then having other jump on with him. Not saying this is the end of the world for us, but definitely could become a big problem
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01-20-2015, 01:50 PM #12
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01-20-2015, 08:29 PM #13
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That's exactly why I DON'T want this to happen, it's taken me a year to build a decent book and get to a place where I feel good about the long-term. I don't want to move on. I will always try to get someone a 1st position and keep them with one Lender over a stack.
Also, I really doubt they are putting everything under a microscope like that; this is what they are looking at: High INTEREST, short-term loans. If anyone is at fault it is the lazy asses who do not even attempt to educate their clients about what this product actually is. Loans, Interest rates and APR are facets of Lending most business Owners know about and understand, so people leave it alone. Every time I read an article or blog about MCA it credits us with being fast and convenient but slams us for the "high APR". They aren't talking about stacking or broker fees(which i agree; people need to either establish a reasonable, agreed upon fee or just not do it).
I am a Broker in this Industry, not a Lender, not a politician; those that are considered Leaders need to start creating industry standards and find some sort of way we can regulate ourselves. Because if we don't and the Govt. does you will be doing the "crying."
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01-20-2015, 08:47 PM #14
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- Oct 2014
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You're Invited
We don't charge any fees at Batter Up Capital
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01-21-2015, 10:37 PM #15
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- Jun 2013
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Any feedback?
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01-23-2015, 10:58 AM #16
Just a heads up that there are still some spots left at the meeting being hosted on Tuesday from 10am to 2pm at the Law Office of Pepper Hamilton in NYC. Lunch will be served. The agenda is to talk about the future of the industry, the regulatory threats, and a path forward.
If you are interested in attending, please message me or shoot me an email.
Attendance is free. Both ISOs and funders are welcome.
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01-23-2015, 12:17 PM #17
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- May 2014
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01-25-2015, 11:07 PM #18
Due to the impending blizzard, this meeting is being postponed to February 26th
Last edited by Sean Cash; 01-26-2015 at 11:12 AM.
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02-08-2015, 04:01 PM #19
Mayor Emanuel wants to crack down on loans that are too good to be true ( video )
for those of you who didn't see it.
http://www.fox10phoenix.com/story/27...ood-to-be-true
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02-08-2015, 04:34 PM #20
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02-08-2015, 04:55 PM #21
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Victims?!? seriously! These news anchors are dumb puppets that should learn more about what we do and not be quick to crucify us. Then again this news sells!
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02-09-2015, 01:22 PM #22
when you are stacking a third and forth position, charging junk fees (in some cases up to 20% of the deal)...yes, it is predatory. You, as the lender, have a fiduciary responsibility to conduct proper due diligence and UW on these deals to make sure the merchant can actually afford to pay it back.
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02-09-2015, 01:35 PM #23
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02-09-2015, 01:44 PM #24
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Exactly, the Liberal Media/Politicians are going to go after the industry as a whole.....not just "Stackers." If people want to limit extra fees (and excessive Underwriting costs while they're at it) and stacking then this industry needs to self-govern. Set guidelines, policies and procedures. Because by the time the Government does it, it will be too late.......
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02-09-2015, 03:02 PM #25