BFS Capital Inc., a leading small business financing company, announced that it has appointed Michael Marrache as chief executive officer to succeed outgoing CEO and co-founder Marc Glazer; Michael has been with the company for four years and previously served as COO then President; "I began work with BFS Capital nearly four years ago because I thought the company had enormous potential, and I'm even more certain of this today. I'm honored to have been asked by Marc and the board to lead the company's next phase of growth," said the new CEO; Marc Glazer will continue in his role as chairman of the board. Source
The National Federation of Independent Business (NFIB) has released data for its February Small Business Optimism Index; the Index shows a decrease to 105.3 from 105.9; the NFIB says that the reading is still one of the highest in 43 years; the lower report for February is primarily due to uncertainty around President Trump's deregulation plans, new healthcare law and tax reform. Source
The NFIB Small Business Optimism Index decreased to 104.7 from 105.3 in March and fell below expectations of 104.8; small businesses were less optimistic about business growth as momentum from the Trump administration slowed; lower sales expectations and uncertainty were key factors for the March Small Business Optimism Index report which collected its data prior to the delayed Obamacare vote which many small business owners were watching closely. Source
SmartBiz is expanding its Small Business Administration (SBA) loan offerings to include a new online SBA commercial real estate loan; SmartBiz is an online marketplace providing small business owners with SBA loan financing options facilitated through banks; its new commercial real estate offering will include the SBA 7(a) commercial real estate loan. Source
In a press release this week, marketplace lender, SoFi, provided more details on its partnership with Protective and announced the launch of a new term life insurance offering for millennials; product provides life insurance for up to $1 million and features a 20 minute application and approval process. Source
DealStruck, an online lender for small and medium-sized businesses, has stopped originating loans; the industry environment and slowdown in investor capital has affected the company; the firm's CEO Ethan Senturia said, "Although we are not currently originating new loans, we are continuing to provide our clients with the high-level of service they have come to expect from us."; he also noted, "we’ll be looking for strategic options to allow us to continue delivering on our mission to provide unique, appropriate and affordable financing to small businesses nationwide." Source
The NFIB Small Business Optimism Index increased to 105.9 in January and reported its highest level since December 2004; in December 2016 the Index increased 7.4 points and has since continued to gain; small businesses have reported plans to increase workers and their optimism overall has been helped by policy proposals from the Trump administration. Source
SmartBiz has been ranked the number one provider for non-Express, SBA 7(a) loans under $350,000 and fifth among providers for traditional SBA 7(a) and Express 7(a) loans under $350,000; SmartBiz is the first SBA marketplace and bank-enabling technology platform; it facilitates small business lending from banks; in the government's 2016 fiscal year, SmartBiz generated $200 million in funded SBA 7(a) loans. Source
SoFi has announced the addition of Mike Bingle, Steven Freiberg, and Robert Joss to its board of directors; Bingle is a managing partner and managing director at Silver Lake, the company which recently partnered with SoFi for a $500 million funding round; Freiberg is joining the board after previously servicing as the CEO of E*TRADE Financial Corporation; Joss is currently a professor at Stanford and previously worked at Westpac Banking Corporation and Wells Fargo; Mike Cagney says the experience from the new board members will be helpful in supporting the firm's product and geographic expansions. Source
SoFi has announced details of its latest fundraising round which now adds $500 million in new equity capital for the firm; the financing was led by Silver Lake and included SoftBank and GPI Capital; the fundraising will support the continued expansion for the firm; it now offers student loan refinancing, personal loans, mortgage loans, life insurance, wealth management and banking; it also plans to expand its services to Australia and Canada. Source