[1StopFunding]

Alex Matini from Rapid is up speaking about businesses and alternative business lending industry. He's speaking now about who RapidAdvance is and what they do.He will also introduce the keynote speaker, Tim Wackel from The Wackel Group.

[J_B]

Alex Matini from Rapid is up speaking about businesses and alternative business lending industry. He's speaking now about who RapidAdvance is and what they do.He will also introduce the keynote speaker, Tim Wackel from The Wackel Group.

Did Alex brag about funding one client something like 48 times since 2009 and their offices having a conference room after that client? Did he also quickly change the subject if APR or how they renew came up? He spoke at the SBDC a few weeks back and the audience there, granted they are not from this space at all and were looking to understand the basics of the industry, left pretty confused and underwhelmed with his level of transparency.

[Kevin Henry-Seacoast]

HI DF,

I attended NACLB and found it very informative! I encourage all advisors and brokers to attend next year. It is a great place to meet all types of non-bank lenders and learn about their offerings. I met with Sean, Nick, and Cheryl.... great people from this forum!
I had many brokers and advisors approach me at NACLB to inquire about our products.
Markets move, products change, and customers will want cost effective and flexible ways to finance their businesses. That being said....arm yourselves with a few great products for your customers or they will likely find them somewhere else. If anyone would like to learn more about factoring or asset based lines of credit, I would be happy to schedule a call. In the mean time.....talk to your customers, learn about their wants and needs, and learn about other products that can help their businesses. After all.....we all make money by servicing customers!

Best,

Kevin

[OC Funder]

To me, arguing we need to force the use of APR for a universal metric to compare a cash advance to an ABL, lease or mortgage is weak because they're used for completely different reasons. Providers of these products would laugh me off the phone if I called and said I need 30k by Friday to pay my vendors or they'll cut me off, where as cash advance providers fill this need every day. The merchant's use of the money is completely different, the expectations and requirements of the merchant are completely different... how does it create more transparency and less confusion to force a comparison between an apple and a bowling bowl?

Chambo is right, a CA judge disagreed. But the state is pretty lenient about who they'll give a usury-circumventing CFL license to, so it was a pretty shaky soapbox that judge was standing on (not to mention that, save for a few language changes that had no mention of APR, AMI didn't miss a beat).