PRnewwire | August 09, 2023
iBusiness Funding, LLC, a leading provider of innovative lending solutions, including LenderAI and Lending as a Service (LaaS), is pleased to announce the introduction of their new promotion, "24 for '24." This exclusive promotion for its LaaS product supports iBusiness Funding's mission to provide financing opportunities to even the smallest of small businesses by helping lenders expand their SBA loan portfolios.
"24 for '24" is a limited-time promotion available to the first 24 new lenders who sign up for iBusiness Funding's renowned LaaS product before the end of 2024. As part of this promotion, iBusiness Funding will process 24 small-balance loans with amounts under $350,000 for each lender absolutely free of charge. With no processing fees whatsoever, lenders can profitability originate loans under $350,000, grow their client bases, retain and grow deposits, and ultimately serve the smallest of small businesses.
"We are excited to introduce the '24 for '24' promotion, which offers an unprecedented opportunity for lenders to grow their SBA business and support the SBA's mission of providing the smallest businesses access to capital," said Justin Levy, CEO of iBusiness Funding. "By covering the costs of the initial 24 small loans, we aim to assist lenders who may not currently work with loans of this size or who are seeking to expand their SBA lending capacity specifically in these smaller loan amounts. We are proud to give away what we estimate to be over $5,000,000 in service fees to make a direct impact on Main Street businesses in America. We know lenders want to help the smallest of small businesses, but sometimes they are unable to do so due to the cost and resources needed to process their loans. With '24 for '24,' we are completely removing those obstacles."
Through "24 for '24," iBusiness Funding empowers lenders to explore new lending possibilities and cater to the financing needs of small businesses they may not have been able to help until now. The full-service nature of iBusiness Funding's LaaS product already makes it easy for lenders to grow their SBA business without additional overhead, and this promotion aims to reduce any risk to new lenders by offering the first 24 loans processed for free. The only requirement for lenders taking advantage of this promotion is that they retain iBusiness Funding to service the loans that were processed.
The iBusiness Funding LaaS platform simplifies and accelerates the lending process, empowering lenders to focus on expanding their lending portfolios and serving small business owners with an exceptional experience.
"As a leading provider of lending solutions, we are dedicated to supporting the growth and success of small businesses across the nation," added Chuck Evans, Executive Director of Lending as a Service at iBusiness Funding. "The '24 for '24' promotion is a testament to our commitment to both helping small businesses get the funding they need as well as our goal of optimizing lending for our lender clients."
About iBusiness Funding, LLC
iBusiness Funding is a leading provider of lending solutions for banks and lenders of all sizes with a specialization in SBA lending. The company offers a range of products and services designed with a core mission to streamline the business lending process to get efficient capital into the hands of small and medium-sized businesses. iBusiness Funding originates and services loans from $5,000 up to $5,000,000 and sees over 1,000 business loan applications through its platform daily.
PRnewswire | July 24, 2023
Operation HOPE, the nation's leading non-profit dedicated to financial literacy, today announced second quarter impact results from its groundbreaking One Million Black Businesses (1MBB) initiative. Launched in 2020, 1MBB has provided access to an integrated suite of services, knowledge, capital and technology tools needed to launch, sustain, and grow new Black businesses, at no cost to program participants.
Operation HOPE tracks and measures the success of the 1MBB Initiative through key performance indicators. To date, Operation HOPE reports that the initiative has supported, engaged and signed up more than 334,000 program participants. Additional impact data includes:* • 35 Community Stakeholder Coalition partners • 50,175 Community Stakeholder Partner Commitments • 270,898 Shopify eCommerce platform businesses supported and engaged • 13,080 HOPE Inside 1MBB businesses registered • $26,230,275 committed to Small Business Lending
*Operation HOPE Research, June 2023
"The 1MBB Initiative is more than just about creating businesses. It is about breaking down barriers and empowering Black entrepreneurs to build generational wealth," said John Hope Bryant, Founder, Chairman and CEO of Operation HOPE. "Through this initiative, we are nurturing a culture of financial literacy, encouraging smart entrepreneurial financing, and driving long-term economic empowerment."
In 2023, the 1MBB Initiative was also named one of the winners of Fast Company's 2023 World Changing Ideas Awards. In conjunction with 1MBB HOPE also launched The 1865 Project, an initiative designed to help level the economic playing field for underserved Americans.
Operation HOPE's 1MBB Initiative stands as a beacon of hope, driving economic development, increasing financial literacy, and building generational wealth for underserved Black communities in America. By empowering Black entrepreneurs and individuals with the knowledge, resources, and support they need, the initiative not only fosters economic growth but also challenges the structural inequalities that have held back communities for far too long. As the 1MBB Initiative continues to make strides in creating one million new Black-owned businesses, it paves the way for a more equitable and prosperous future for all.
As 1MBB continues to grow, the program will continue to leverage the following: • Public-Private Partnerships: Operation HOPE collaborates with government agencies, including the Small Business Association (SBA), the Coalition of the Willing, financial institutions, and corporate partners to maximize the reach and impact of the 1MBB Initiative. Public-private partnerships ensure a coordinated approach to addressing economic disparities and create a more robust support system for Black entrepreneurs. • Community Engagement: The 1MBB Initiative is deeply rooted in community engagement. By actively involving local organizations and leaders, the initiative tailors its efforts to address specific community needs, ensuring that economic empowerment reaches the grassroots level. Key community stakeholders and 1MBB partners include Shopify, the NFL, Wells Fargo, Nasdaq, Truist, First Horizon Bank, FICO, Uber, Comcast, iHeart Media and Kappa Alpha Psi, to name a few. In partnership with other resource partners, HOPE is also currently engaged in cities across multiple states including California, Georgia, Michigan, Missouri, Tennessee and Texas.
The wealth gap in the U.S. is staggering and felt most acutely within communities of color. According to a recent Bloomberg report, eight of 10 Black-owned businesses fail within the first 18 months. 1MBB acknowledges the urgency of addressing these barriers to unleash the potential of Black entrepreneurship fully.
Through strategic partnerships, 1MBB is committed to implementing strategies that level the playing field and foster a supportive ecosystem for minority-owned start-ups.
About Operation HOPE, Inc.
Since 1992, Operation HOPE has been moving America from civil rights to "silver rights" with the mission of making free enterprise and capitalism work for everyone—disrupting poverty for millions of low and moderate-income youth and adults across the nation. Through its community uplift model, 'HOPE Inside', which received the 2016 Innovator of the Year recognition by American Banker magazine, Operation HOPE has served more than 4 million individuals and directed more than $3.2 billion in economic activity into disenfranchised communities—turning check-cashing customers into banking customers, renters into homeowners, small business dreamers into small business owners, minimum wage workers into living wage consumers, and uncertain disaster victims into financially empowered disaster survivors. Operation HOPE recently received its eighth consecutive 4-star charity rating for fiscal management and commitment to transparency and accountability from the prestigious non-profit evaluator, Charity Navigator. In 2023, HOPE launched The 1865 Project, an initiative designed to help level the economic playing field for underserved Americans.
PRnewswire | July 26, 2023
SouthState Bank recently launched a comprehensive small business banking team to meet the growing demand in its Southeastern footprint.
"Offering our small business customers a line of products that fits their needs, accompanied by well-rounded, knowledgeable bankers and a library of small business resources, are enhancements we know business owners across the Southeast will benefit from," says Richard Murray, SouthState president. "Small business owners make local economies thrive, and SouthState is committed to supporting both."
Matt Vegter was promoted to director of small business banking to grow and serve SouthState's small business sector. A banker for 15 years, Vegter helped to develop a small business loan program, Business Lending Express, which streamlined and simplified the underwriting process for small business loans. This program created efficiencies for both the bank and small business clients by decreasing loan origination costs and reducing the time to decision.
Vegter holds a bachelor's degree in finance from Southeastern University and a master's degree in business administration from Stetson University. He's a graduate of the Florida School of Banking as well as the Stonier Graduate School of Banking at the University of Philadelphia.
Vegter has built a team of experienced small business bankers, pulling from capable bankers at SouthState and other financial institutions. Members of the team include the following:
Jack Baker brings 16 years of banking experience to the small business banking team. Most recently, he served as a SouthState branch manager in Jacksonville, Florida. He's also held the roles of assistant branch manager, mortgage loan officer and teller during his career.
Holton Bell joins SouthState after several years working in client relations, most recently at Addicus LLC in Alabama. He brings experience as a private banker at BBVA Compass Bank and as a financial advisor at Raymond James.
Krystle Mall moves into the small business banking role after 10 years as a SouthState branch manager, most recently in Gastonia, North Carolina after relocating from the Myrtle Beach/Conway area of South Carolina, where she began her banking career with SouthState in 2004.
Ross Marley continues to serve Charleston, South Carolina, most recently as a business banker before joining the small business team. A member of SouthState since 2015, he's also worked as a financial services representative and lead credit analyst.
Mike Marshall comes to SouthState from Intercoastal Financial Group in Fort Pierce, Florida, where he served as a finance broker since 2018, cultivating relationships with dealers, brokers and lenders. Other past career roles include director of retail sales, market sales manager and general manager at Drivetime LLC.
Ray Merritt joined SouthState as a financial services representative in 2011, holding roles of increasing responsibility ever since. Most recently, Merritt served as the branch manager in Conway, where his branch led the Grand Strand market in goals for two consecutive years.
Brian Moon also moves from the branch manager role in Tucker, Georgia, to the small business banking team. He has almost 20 years of banking experience and knowledge from working at Bank of America, Wells Fargo, SunTrust and SouthState.
Adam Odom joins the small business team after seven years as a branch manager for SouthState in Columbia, South Carolina. He began his career in banking in 2001, previously working at Wells Fargo, SunTrust and BB&T.
Lauren Thompson spent the last eight years serving SouthState's Richmond market as a branch manager before moving to small business banking. She gained additional experience as a personal banker for First Enterprise Bank and retail banker with Woodforest National Bank.
SouthState also welcomes the following new hires to its private wealth and middle market banking teams:
Phillip R. Garrison – private wealth advisor, Charlotte, North Carolina – brings many years of experience and deep expertise in trust administration and insurance consulting to his new role. Prior to joining SouthState, he was a senior fiduciary officer for a large national bank. He received a B.B.A. in Trust and Wealth
Management from Campbell University.
Mike Maguire – private wealth relationship manager, Jacksonville, Florida – spent 16 years with a large regional bank and managed their wealth division in North Florida for the last 10 years. In addition, his career experience includes 23 years with Barnett Bank in various leadership roles throughout the state of Florida.
Maguire earned a bachelor's degree in business administration with a concentration in finance from the University of Central Florida and is a graduate of the American Bankers Association's National Commercial Lending Graduate School at the University of Oklahoma.
Mia Mendez – private wealth associate, Jacksonville, Florida – comes to SouthState following a 10-year career at Truist. She will support Maguire, whom she worked with previously in Jacksonville under the BB&T banner. During her 17 years in the financial services industry, Mendez has held roles including banker assistant, foreclosure specialist and wealth support specialist. She holds a bachelor's degree in sociology from George State University.
Brian Combs – middle market business development executive, Richmond, Virginia – most recently worked as a member of the Mid-Atlantic Corporate Banking group at PNC, where he managed relationships with mid-sized and large companies headquartered throughout most of Virginia. Previously, Combs has also held relationship management roles in Middle Market Banking at Wells Fargo and Corporate Banking at SunTrust. During his career, Combs has managed relationships with many publicly-traded, private-equity owned, and family-owned businesses in various industries.
About South State Bank
SouthState Corporation is a financial services company headquartered in Winter Haven, Florida. SouthState Bank, N.A., the company's nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than one million customers throughout Florida, Alabama, Georgia, the Carolinas and Virginia. The bank also serves clients coast to coast through its correspondent banking division. Additional information is available at SouthStateBank.com.