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BROKER FAIR 2025 – NYC
Broker Fair will return to New York City on May 19, 2025. The event is geared toward brokers, lenders, funders, vendors and more in the commercial finance and small business lending industries. Early bird pricing is now available at brokerfair.org.
Connecticut Introduces Bill on Ex Parte Prejudgment Remedies for MCAs
A new bill introduced in the Connecticut legislature targets Merchant Cash Advance providers specifically.
It proposes “that section 36a-868 of the general statutes be amended to specify that no merchant cash advance business shall include in a commercial financing contract with a commercial financing recipient any provision allowing such business to obtain an ex parte prejudgment remedy against such recipient on the basis of a breach of such contract.”
A public hearing on the bill is scheduled for March 4th.
View PostTime to File Your Annual Commercial Financing Report in California
March 15th is the deadline for covered commercial financing providers to file their first annual report with the State of California. According to the DFPI, “any person engaged in the business of offering or providing commercial financing or another financial product or service to a small business, nonprofit, or family farm whose business activities are principally directed or managed from California” is required to file the report.
Per the state on exemptions:
Covered providers, as defined in California Code of Regulations, title 10, section 1060(e), are required to file this report. If you are not a covered provider under section 1060(e)(2) because you conduct all commercial financing under the authority of your CFL license, you are not required to file this report.
To determine if your company is or is not required to file a report, please consult with an industry knowledgeable attorney. If you need a list of potential attorneys in this field, please email info@debanked.com.
Jack Dorsey is Satoshi Nakamoto?
If you’ve seen the analysis that connects Jack Dorsey to Satoshi Nakamoto floating around the web, that was researched by yours truly. I first proposed the possibility on February 24, 2024 and have since discovered a lot of compelling evidence to really support it. Here is a link to the recent tweet that went viral on the matter and a mirror of that tweet with source links. This is hardly all that I have. I did tag Dorsey so that he could see it but he did not reply to it or directly weigh in.
I have been following Dorsey’s company Square for deBanked since 2011.
In early 2024, a legal trial commenced on the matter of Satoshi Nakamoto’s identity (Crypto Open Patent Alliance v Craig Steven Wright) for which Dorsey played a key role to prove that an individual named Craig Wright was NOT Satoshi. Wright had been claiming such for some time.
As part of the trial, a large trove of new emails and testimony surrounding Bitcoin’s founding were disclosed, including many emails written by Satoshi himself (Emails with Martti Malmi / Emails with Nicholas Bohm). Before the judge made a ruling on the outcome, Dorsey made interesting remarks in Block’s Q1 2024 earnings announcement on May 2, 2024. He mentioned Satoshi the person as the basis for the company’s crypto strategy. While skeptics have chalked this up to simple fandom or ideology, it was wholly unnecessary to reference Satoshi the person and potentially risky if he doesn’t know Satoshi’s true identity. Coinbase, for example, lists “the identification of Satoshi Nakamoto, the pseudonymous person or persons who developed Bitcoin, or the transfer of Satoshi’s Bitcoins” as a risk factor to revenue. Block makes no such disclosure despite nearly half of the company’s revenue being derived from Bitcoin sales.
From Dorsey’s Block shareholder letter on May 2, 2024:
These statements could have been made without referencing Satoshi by name, especially in an era where longtime Bitcoin advocates have sought to minimize the influence of Satoshi the individual today. However, these statements would be very fitting if the CEO was speaking about himself.
Block has also self-published a book titled My First Bitcoin and the Legend of Satoshi Nakamoto which glorifies Satoshi and concludes by stating that “Satoshi’s vision is having an impact all around the world.” Hard copy print versions of the book were also made and distributed. deBanked obtained a copy.
That viral post again with source links can be found here. I am not an investor in bitcoin or Block. My experience with Bitcoin over the past 10+ years is as a payments mechanism, namely as peer-to-peer cash.
My email is sean@debanked.com
View PostSquare Loans Originated $5.7B in Business Loans in 2024
Block subsidiary Square Loans had a huge Q4, originating $1.54 billion in business loans. That brought the year-end total to $5.7 billion, enough to continue their streak as the largest online business lender that deBanked tracks. Enova is #2.
Square Loans customers typically experience growth when taking the funds. Block CEO Jack Dorsey said this of the program in the previous quarter:
View Post“In 2013, we began offering capital to sellers because we saw a meaningful gap in the market: small businesses were often denied access to credit, in the same way they were once denied access to accepting credit cards. We utilized our deep understanding of the seller and their business to build a technology that invited them to accept a loan with transparent rates, and pay back simply by making sales to their customers. We called it Square Capital (which is now known as Square Loans).
Since then, we’ve underwritten more than $22 billion in loans globally, with aggregate loss rates below 3%. And we’ve proven we can expand access: 58% of Square Loans are to women-owned businesses, and 36% are to minority-owned businesses, both of which are higher than the benchmark we track If our sellers grow, we grow – and we believe Square Loans has a direct impact on our sellers’ growth. Sellers who take out a Square Loan grew on average 6% faster than sellers who did not take out a loan.
Many financial products trap borrowers in cycles of revolving debt. We don’t allow customers to take on new loans if they have an overdue balance. And repayment is built into how our products work: Square sellers repay loans through a fixed percentage of their revenue, creating a manageable-real-time payment flow.
On credit risk management, we have a long history of maintaining stable loss rates and these products act as working capital, which means they are usually short in duration. What that means for us is that a dollar used on our balance sheet can turn multiple times, driving capital efficiency while providing us with high-quality data to continually refine our technology-driven underwriting.”
-Jack Dorsey
Broker Battle 2025 Champions
Broker Battle 2025 took place at the Fontainebleau on February 20th during deBanked CONNECT MIAMI. Video highlights and more will be available soon. In the meantime, here are the results and the top brokers:
Revenue Based Financing
Top Broker: Ryan Showe, Lexington Capital Holdings
Runner-up: Joe Sasson, Advance Funds Network
Equipment Financing
Top Broker: Mike Brooks, Best Connect Capital
Runner-up: Yaro Yarema, Capital MBS
View Post
Britecap Financial Appoints John Corona as Director of Partner Success
BriteCap Financial LLC (“BriteCap”), a leading non-bank lender providing small businesses with fast, convenient, and affordable working capital, is excited to announce the appointment of John Corona as Director of Partner Success. John brings with him more than a 10-year track record of significant accomplishments in business financing and partner development.
“We’re thrilled to welcome John to BriteCap and the NMEF family of companies,” said Richard Henderson, CEO of BriteCap. “I’ve had the privilege of working with John for over a decade, and he’s one of the best in the business at optimizing broker partnerships. His unmatched service and deep industry knowledge make him a perfect fit for our mission to elevate the funding experience for our exclusive broker network.”
John remarked, “I’m excited to be joining the BriteCap team, especially during a time in which it’s ascending to a position of prominence within the space. Joining an all-star team with an all- star product and platform is an amazing opportunity and I can’t wait to assist in its growth.”
About BriteCap Financial LLC
BriteCap Financial is a leading provider of working capital for America’s small business owners. Since 2003, BriteCap combines technology and non-traditional credit algorithms to provide fast, convenient, and affordable working capital directly to businesses and through their broker network. For more information about becoming a partner, visit britecap.com/partners. BriteCap is majority-owned by a holding company affiliate of NMEF.
About NMEF
NMEF is a national premier lender who works directly with third-party referral (TPR) sources to finance “mid-ticket” equipment commercial leases and loans ranging from $15,000 to 3,000,000 and up to $5,000,000 for investment grade opportunities. The company accepts A – C credit qualities and finances transactions for many asset categories including but not limited to medical, construction, franchise, technology, vocational, manufacturing, renovation, janitorial, and material handling equipment. NMEF is majority owned by an affiliate of InterVest Capital Partners. The company’s headquarters are in Norwalk, CT, with regional offices in Irvine, CA, Voorhees, NJ, and Murray, UT. For more information, visit www.nmef.com.
Media Contacts:
For BriteCap:
David Schneider
Vice President of Marketing
BriteCap Financial
www.BriteCap.com
david.schneider@britecap.com
954-494-1606
For NMEF:
203-354-1710
Blair Dawson
SVP, Chief Marketing Officer
NMEF
www.nmef.com
bdawson@nmef.com
deBanked CONNECT MIAMI – Agenda (Check-in Time 11AM)
Check-in starts at 11am for regular attendees.
Go to the Arrivals Entrance at the Fontainebleau and walk to your left until you reach the event space. It’s not far.
All the food at the event is Kosher. Provided by Events by Executive Caterers.
Event ends at 5:30pm.
See the rest of the agenda here.
