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Apr
27

Will Financial Innovation in Lending Help the Economy?

By Jeff Kilroy | Uncategorized | 0 Comments

Anyone with a business interest in online, alternative and marketplace lending swarmed New York City last week for the LendIt USA 2015 conference. The conference is the biggest gathering of every major online lending platform from around the world where financial innovators, investors and industry pioneers learn from market leaders, network and showcase new industry products and services.   A long list of speakers ranged from founders, CEOs and directors of the leading online lending and asset management companies, as well as lawyers and members of government. Economist and former U.S. Treasury Secretary Lawrence H. Summers weighed in on the opportunities ...Read More
Apr
23

Millennials: A 'Digital First' Generation

By Jeff Kilroy | Uncategorized | 0 Comments

The generation born between 1980 and 1994 are saying "yes" to digital interactions more than any other generation thus far. From alternative banking to lending options and payment options such as PayPal and Venmo, Millenials are twice as likely to choose nontraditional payment companies than people over the age of 50.   The alternative lending market, an industry approaching $500 billion in valuation, is seeing a shift in consumers. As the industry grows, they're finding many are Millennials--14 percent of whom are turning to alternative lending, according to a Bank of America study, while one percent of Baby Boomers and three ...Read More
Apr
22

What's In A Name? Rebirth of Finance Industry Trade Organization Points to Industry Growth

By Jeff Kilroy | Uncategorized | 0 Comments

Seven years ago, leaders in the merchant cash advance industry developed NAMAA, the North American National Advance Association. Originally, the organizations goals were to represent merchant cash advance providers, to promote competition and efficiency in the industry, engage in regulatory and legislative advocacy, and provide a forum for members to share educational and professional advancement information, ethical standards and best practices. In seven years, the industry has grown in leaps and bounds, with NAMAA gathering a membership of just under twenty member organizations.   In comparison of the industry's size, it may seem NAMAA is underutilized, and some have said the ...Read More
Apr
16

What's Holding Your Small Business Back from Getting Funding?

By Jeff Kilroy | Uncategorized | 0 Comments

You've got the financial statements, a business plan and a whole lot of passion. Why isn't it enough to get a loan? If you threw all the factors into a pot as ingredients, you'd have a Jambalaya. Check your recipe for things on this list: oNot enough business history oBad or unsteady credit oLack of access to lenders funding small businesses oUnclear business model oToo many competitors trying to do the same thing oSimple bad luck   Michigan's District Director of U.S. Small Business Administration Gerald Moore might add a geographic disadvantage, lack of education or being a member of an underserved community to this list. In talking ...Read More
Apr
03

Will the Consumer Financial Protection Bureau Impose New Regulations?

By Jeff Kilroy | Uncategorized | 0 Comments

March 26 marked a field hearing in Richmond, VA, held by the Consumer Financial Protection Bureau (CFPB) to weigh regulations governing the short-term credit marketplace. They are eyeing credit options that include payday loans, installment loans, auto title loans, lines of credit and prepaid cards. CFPB Director Richard Cordray had this to say, prefacing the hearing: "Consumer credit is a relatively modern phenomenon, which grew up with the rise of the money economy itself and developed initially as a means of enabling consumers to make a purchase. At one time, that purchase might have been dry goods from the community’s general ...Read More

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