[isaacdstern]

Lol

[FUNd]

You may be right. I read about an organization that acts as a conduit between poor village kids and large corporations for tasks exactly like building websites for all I know as a good deed they used that service.
Mr Credibly when you have a min take a look at Warren Buffet's website:
http://www.berkshirehathaway.com/

Yeah? Look at Chase Bank's: http://www.chase.com

What's your point?

[AlexSMF]

If regulation comes it will affect A Lenders the same way. I spoke to a lobbyist who explained that many times its like after crime goes down one guy decides to help authorities and then is puzzled why hes facing the same punishment. we are all in the same boat denial is powerful.

my point is many A guys are yapping away with regulators thinking it will some how spare them not realizing that once they get back to there offices it takes an entire life of its own.

I do not necessarily agree with this. The guys that are engaged in the dialect are usually the ones that have the most input over the drafting and ultimate outcome of the proposed legislation. People put politicians on a pedestal which is a mistake. They are very much influenced by input, especially when that input comes along with potential money and mobilization of groups that would have an interest in this. I have worked for 3 politicians in the past (1 US congress member and 2 NYC council members). I can recall many times when legislation was proposed and co-sponsored and either heavily amended or killed all together due to pressure from stake holders of the legislation. The name of the game here is mobilization and information. You write letters, make phone calls, and make insinuations that whoever the elected official is running against next will be heavily funded by this industry unless they play nice nice. Should the "rational persuasion method" not work, then you increase pressure by funding attacks AD's. "So and so politician who has accepted money from Chase and Citi bank is now proposing legislation that will make it difficult or impossible for small business owners to obtain financing. So and so, bought by major banks is selling main street down to wall street...call so and so and tell him that small businesses are the back bone of this country."

Get a consulting firm to produce that AD and play it on the local TV and Radio channels in the district of the elected officials sponsoring this legislation and see how fast that bill gets amended or dropped. I have personally seen this work on far more important issues. As I have said in prior posts, if people in this industry want to have a say in their destiny then they need to come together and mobilize.

[mcaguru]

Hold on let me get the rope to tie half my brain behind my back before i answer you on this one

[mcaguru]

I do not necessarily agree with this. The guys that are engaged in the dialect are usually the ones that have the most input over the drafting and ultimate outcome of the proposed legislation. People put politicians on a pedestal which is a mistake. They are very much influenced by input, especially when that input comes along with potential money and mobilization of groups that would have an interest in this. I have worked for 3 politicians in the past (1 US congress member and 2 NYC council members). I can tell recall hundreds of times when legislation was proposed and co-sponsored and either heavily amended or killed all together due to pressure from stake holders of the legislation. The name of the game here is mobilization and information. You write letters, make phone calls, and make insinuations that whoever the elected official is running against next will be heavily funded by this industry unless they play nice nice. I have personally seen this work on far more important issues. As I have said in prior posts, if people in this industry want to have a say in their destiny then they need to come together and mobilize.

Correct to a degree and that's why another group (so it seems) was formed with multiple strategies and hedges. Who knows what true someone told me the following: One of the Politicians told an A paper Lender -- I love how you are going about about merchants and responsible lending would you guys agree to cross the board 20% Annual Cap? The A Paper Lender looked at him like he asked him if he was OK going on a liquid Diet for a year!!!.

[AlexSMF]

Correct to a degree and that's why another group (so it seems) was formed with multiple strategies and hedges.

The more the merrier.

[mcaguru]

The more the merrier.

Listen as a visionary I am more worried about the big banks getting into our space then regulations. It takes very little for Evey business bank account to have a Soft offer available based on sales for a daily payback and POOF goes the middleman and MOST funding houses. (at that point the A paper guys will do 2nds perhaps -- Many are already doing so!!).

[TStein]

Listen as a visionary I am more worried about the big banks getting into our space then regulations. It takes very little for Evey business bank account to have a Soft offer available based on sales for a daily payback and POOF goes the middleman and MOST funding houses. (at that point the A paper guys will do 2nds perhaps -- Many are already doing so!!).

First thought is the OnDeck / Chase partnership. You raise a good point...

[HDF]

Listen as a visionary I am more worried about the big banks getting into our space then regulations. It takes very little for Evey business bank account to have a Soft offer available based on sales for a daily payback and POOF goes the middleman and MOST funding houses. (at that point the A paper guys will do 2nds perhaps -- Many are already doing so!!).

No. You are just afraid that Mantis is not a viable alternative. Which it isn't.

[AlexSMF]

Listen as a visionary I am more worried about the big banks getting into our space then regulations. It takes very little for Evey business bank account to have a Soft offer available based on sales for a daily payback and POOF goes the middleman and MOST funding houses. (at that point the A paper guys will do 2nds perhaps -- Many are already doing so!!).

LOL, you should totally put that on your business card as your official title. "visionary"

[mcaguru]

LOL, you should totally put that on your business card as your official title. "visionary"

whats a business card ?

[mcaguru]

No. You are just afraid that Mantis is not a viable alternative. Which it isn't.

Afraid? I will work this industry till they close the gates on the industry or carry me out then ill get my one way ticket back to Australia. On a side note if the big banks offered evrey client an offer the B Lenders would have a field day. (I would think)...

[isaacdstern]

Live feed to the hearing happening now

http://www.ilga.gov/senate/audvid.asp#

[omegafund]

sad to hear politicians talking about business and financing. The government just wants equality and to protect us all, business owners dont know what they are signing.. Government just trying to prevent more victims

[mcg168]

Live feed to the hearing happening now

http://www.ilga.gov/senate/audvid.asp#

Just got through listening...not sure the girl from ONDK was the best choice. She seemed nervous and sounded as if she was just reading a script. I hope at any future hearings we get some of the big wigs to attend and speak at the hearing (David Goldin, Dan DaMeo, Noah Breslow).

[FUNd]

Live feed to the hearing happening now

http://www.ilga.gov/senate/audvid.asp#

Opponents brought up great points. In my opinion, this bill isn't going to go far even though it passed committee. So broad it could paint the side of a barn in one stroke.

[Sean Cash]

i'm on a plane. who else from the industry spoke? did stephen denis from the SBFA get a chance?

[mcaguru]

Seems like A Paper lenders are concerned. It boiled my blood when Dennis from sbfassociation.org was trying to make his point they shut him down! I really did not appreciate that. On decks spokeswomen did a good job but when she said on an APR 99% I think 3 senators spilled there coffee. (and she did go on to explain that its not the way to evaluate short term capital expenses).

[J.Celifarco]

What I heard is that if this bill that passes will definitely be edited from this current form. There does seem to be support for it just seems they want something a little more focused then what is currently in front of them

[J.Celifarco]

Seems like A Paper lenders are concerned. It boiled my blood when Dennis from sbfassociation.org was trying to make his point they shut him down! I really did not appreciate that.

they should be.. the bill in this form hurts A paper lenders a lot and kills everyone else.

[mcg168]

i'm on a plane. who else from the industry spoke? did stephen denis from the SBFA get a chance?

Yes, but he was the last to speak so his time was limited. They actually cut him off as he was finishing up.

In my opinion, he didnt sound super knowledgeable and similar to girl from ONDK, came off as reading a script. Started off by saying 'I just joined the SBFA in January so I'm pretty new to the industry'

[Sean Cash]

it's normal for industry experts making an appearance in a legislative hearing to read from a script. it all gets logged into a permanent written transcript record so an articulate script written in advance ensures that the right message was communicated.

[J.Celifarco]

it's normal for industry experts making an appearance in a legislative hearing to read from a script. it all gets logged into a permanent written transcript record so an articulate script written in advance ensures that the right message was communicated.

problem was the way it was delivered and some of the wording made them not sound like experts even though they may be

[mcg168]

One thing I noted was the main speaker on the board, I believe it was Treasurer Summers, kept saying 'loan payments cannot exceed 50% of the monthly REVENUE'. This was reiterated over and over.

However, the bill actually states payments cannot exceed 50% of the businesses net income. The girl from OnDeck briefly corrected him, but that was the only mention of it.

[Sean Cash]

considering so many small businesses break even or report a loss, that would cut almost everyone off from being allowed to get a loan