TMC Financing offer expansion of Small Business Assistance Grant Program

PRWeb | August 20, 2020

To further mitigate the impact of COVID-19 on local businesses and their employees, the County of San Joaquin renewed their partnership with TMC Financing to offer an expansion of the Small Business Assistance Grant Program. This new round of grant funding offers immediate financial assistance to small businesses located in the boundaries of San Joaquin County to address unfunded expenses caused by the pandemic. Funding for the original project was approved by the San Joaquin County Board of Supervisors on May 12, 2020, with the establishment of the Corona Virus Aid, Relief, and Economic Securities Act (CARES ACT). Totaling $15 million, this Economic Development Fund is to be shared between the County's five Supervisorial Districts to provide relief to small businesses affected by COVID-19. TMC Financing, a commercial real estate lender, will independently evaluate and process all grant applications. TMC Financing will leverage their 40 years of lending experience to help verify application completeness and ensure compliance with the terms and conditions of San Joaquin County.

Spotlight

The Institute for Local Self-Reliance (ILSR) is a 42-year-old national nonprofit research and educational organization. ILSR’s mission is to provide innovative strategies, working models, and timely information to support strong, community rooted, environmentally sound, and equitable local economies. To this end, ILSR works with citizens, policy makers, and businesses to design systems, policies, and enterprises that meet local needs; to maximize human, material, natural, and financial resources; and to ensure that the benefits of these systems and resources accrue to all local citizens.


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BUSINESS STRATEGY

ZenBusiness Joins Small Business Digital Alliance as Founding National Member

ZenBusiness | March 14, 2022

ZenBusiness, the only one-stop guided platform to help entrepreneurs launch, run, and grow a successful business, has joined the Small Business Digital Alliance (SBDA) as a National Member. As a founding member of the SBDA, ZenBusiness will work closely with other leading businesses, elected leaders and administration officials to connect current and aspiring entrepreneurs with the digital tools and resources for their businesses. ZenBusiness joins some of the nation’s leading companies spanning a host of industries to offer specialized guidance to America’s entrepreneurs including: Amazon, Square (Block, Inc.), Comcast, Google, Meta, PayPal, Principal Financial Group, TriNet, Venmo, Verizon, and Visa. “Today, every small business is a digital business. Finding customers, managing the books, and delivering products or services all require new levels of digital expertise. We are extremely proud to be part of this amazing group helping the nation’s heroic entrepreneurs and small business owners master the digital tools they need to find success.” ZenBusiness Co-Founder and COO Shanaz Hemmati The SBDA is a new public-private co-sponsorship between the U.S. Small Business Administration (SBA) and Business Forward, Inc., a non-profit organization working with small business leaders in support of policies promoting America’s economic competitiveness, focused on connecting entrepreneurs with critical digital tools and resources to start and expand their businesses to scale for success, including in the burgeoning e-commerce economy. ZenBusiness will work closely with the SBDA to support the country’s growing small business sector by providing small business owners and aspiring entrepreneurs access to some of its business formation, education and financial services tools. In addition, the team at ZenBusiness will take part in briefings, panels and host trainings to help these individuals leverage new digital tools in their businesses. About ZenBusiness ZenBusiness, a Public Benefit Corporation, is the only one-stop guided platform tailored for the entrepreneur’s journey to launch, run, and grow a successful business. Empowering the new generation of entrepreneurs, ZenBusiness provides innovative tools, fintech, and world-class educational resources to support millions of small businesses on their journey to success -- all at an affordable and clear price. By giving entrepreneurs what they need -- worry-free services, frontline support, and an all-inclusive platform -- ZenBusiness makes taking the leap towards building a better life as easy as possible, allowing business owners to achieve a state of Zen. Founded in 2017, ZenBusiness is based in Austin, Texas. About SBDA The Small Business Digital Alliance (SBDA) is a joint co-sponsorship agreement between the SBA and Business Forward that brings together major players, influencers, and companies in the tech, e-commerce, benefits, and other industries to help small businesses connect with digital tools and reach new customers through expanded opportunities through trainings, tools, and expansion of their digital networks – free of charge.

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FINANCE

Finastra collaborates with Microsoft to bring embedded financing options to thousands of businesses with Banking as a Service

Finastra | April 13, 2022

Finastra today announced a Banking as a Service (BaaS) collaboration with Microsoft to bring new lending options to thousands of Small and Medium Enterprises (SMEs) – a sector severely underserved when it comes to accessing finance. SMEs using Microsoft Dynamics 365 will be able to access and unlock vital financing offers without leaving their business management platform. This move will enable SME owners to access relevant and valuable business financing in a seamless and frictionless manner. Users will be able to unlock lending options within Dynamics 365. With consent from the SME, the solution will use information an SME already stores within Microsoft Dynamics 365, making it easier for them to apply for lending. The ability to provide banks with additional information, including accounts receivable and payable records, will improve lending decisions and time to cash for SMEs. Finastra's expansive network of over 5,000 financial institutions in the US will allow SMEs to access the most relevant and valuable financing options for their specific business needs. "We are extremely excited to bring this additional finance capability to SMEs to ease the process of accessing capital, and power competitive financing offers in less time. This lending proposition for Microsoft Dynamics 365 reinforces Finastra's leadership in open and embedded finance. It demonstrates the huge benefit that embedded and contextual finance will bring to the industry and the communities within it. We look forward to continuing our long-standing collaboration with Microsoft and working closely on this and future impactful projects." Angus Ross, Chief Revenue Officer, Banking as a Service, at Finastra "We are proud to further expand our relationship with Finastra to drive new value for small and medium enterprises, the backbone of job creation in the world's economy," said Bill Borden, Corporate Vice President of Worldwide Financial Services at Microsoft. "By embedding secure access to key financial services in the context of Microsoft Dynamics 365, our SME customers will have a faster path to the financing options and critical capital they need to thrive." The Finastra SME embedded finance solution on Microsoft Dynamics 365 will be integrated with open APIs through Finastra's FusionFabric.cloud platform. The solution is expected to go live in Summer this year, with initial focus on North America customers. About Finastra Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world's top 100 banks. Our open architecture approach brings together a number of partners and innovators. Together we are leading the way in which applications are written, deployed and consumed in financial services to evolve with the changing needs of customers. About FusionFabric.cloud FusionFabric.cloud is a scalable, open and collaborative platform built by Finastra. It brings together an ecosystem of financial institutions, core providers, developers and fintechs, as well as embedders and distributors of financial services. Financial institutions use FusionFabric.cloud to enhance efficiency, create new experiences for customers and offer services through new distributor channels as part of Banking as a Service (BaaS). Embedders and distributors can tap in to the platform to source, and integrate with, financial institutions which can quickly produce new financial products in context.

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FINANCE

Castlelake and Chesswood Announce Forward Flow Purchase Agreement for Equipment Loan and Lease Receivables

Castlelake | March 17, 2022

Castlelake L.P. ("Castlelake"), a global alternative investment manager with 17 years of experience investing in asset-rich opportunities, and Chesswood Group Limited, a specialty finance company with 40 years of experience in the commercial equipment finance market, today announced an agreement for the forward purchase of diversified equipment loan and lease receivables originated by Chesswood subsidiaries Pawnee Leasing Corporation and Tandem Finance Inc. Through the agreement, vehicles managed by Castlelake will acquire up to $400 million of small ticket equipment loan and lease receivables. The funds from the forward flow agreement are expected to enable Chesswood's subsidiaries to continue growing originations alongside market demand by providing off-balance sheet funding for loan originations. "We are pleased to partner with the management of Chesswood, Pawnee and Tandem as they continue to expand their well-established equipment financing footprint with small and medium-sized business across the U.S.," said Armin Rothauser, Partner, Lending at Castlelake. "We believe this agreement enables us to help meet the need for capital in a growing market, support the continued growth of an experienced market participant and provide interesting exposure to our investors." "The industry consolidation that has taken place over the past decade in U.S. small and mid-size equipment finance has created a unique growth opportunity for both Pawnee Leasing and Tandem Finance. Castlelake's expertise in equipment finance and focus on asset-rich, cash-flowing opportunities make them an ideal partner for the Chesswood Group of Companies." Jeff Fields, Chief Executive Officer of Chesswood Capital Management "We are excited to announce this transaction as we continue to grow our equipment finance volumes in the United States. This agreement expands on our strategic initiatives which seek to diversify revenue and earnings streams for Chesswood Group," said Ryan Marr President & CEO of Chesswood Group. Castlelake's specialty finance experience spans more than $3 billion of investments across more than 3,500 commercial and industrial loans and over 5 million consumer receivable accounts. The Chesswood team has originated and serviced equipment loan and lease contracts across the credit spectrum through multiple credit cycles, including the global financial crisis and the COVID-19 pandemic. About Castlelake, L.P. Castlelake, L.P. is a global alternative investment manager focused on investments in real assets, specialty finance and aviation. Founded in 2005, Castlelake manages approximately $21 billion of assets. The Castlelake team comprises more than 200 experienced professionals, including 89 investment professionals, across six offices in North America, Europe and Asia. About Chesswood Group Limited Through three wholly-owned subsidiaries in the United States and five subsidiaries in Canada, Chesswood Group Limited is a North American specialty finance company publicly traded on the Toronto Stock Exchange. Colorado-based Pawnee Leasing Corporation, founded in 1982, finances a highly diversified portfolio of commercial equipment leases and loans through relationships with over 600 brokers in the United States. Tandem Finance Inc. provides commercial equipment financing in the U.S. through the equipment vendor channel.

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MANAGEMENT

Novo Launches Boost for Faster E-Commerce Payments; Hires Kevin Phillips as EVP of Lending

Novo | May 23, 2022

Novo, the powerfully simple financial platform for small businesses, announced that the company has brought on Kevin Phillips, former CFO at small business lending company Kabbage, to launch and scale Novo’s lending business. Today, Novo is also launching Boost, making it the only financial platform that gives small businesses and freelancers same day access to payments received through e-commerce platforms.Introducing Novo Boost “While some fintech companies and banks claim to offer instant payouts, we saw that the market is filled with solutions that come with significant fees, or serve well-established corporations instead of the millions of small business owners and freelancers that would benefit most from faster payments, Novo Boost is free, and will be available to all Novo customers that process payments via Stripe — from the growing e-commerce store that employs 10 people to the freelance photographer who uses Stripe for her invoicing.” -Michael Rangel, CEO and co-founder of Novo. Small businesses often struggle to manage their cash flow because of a lack of credit, late customer payments or high fee banking services tailored towards enterprises. The technology behind Boost releases funds into a user’s Novo account shortly after a transaction is approved by the payment processor, as opposed to waiting as long as five days for the funds to be accessible. To take advantage of Boost, small businesses can create a free checking account at novo.co, and once approved, integrate with Stripe from within the Novo website or mobile apps. Novo can approve accounts within two days, and customers can set up the Novo integration with Stripe immediately. Novo plans on launching Boost on additional platforms over the next year. To learn more, visit www.novo.co/pd/lp-1. Announcing Kevin Phillips As Novo looks at its next stage of growth, we’re taking the small-business-centric principles that we used to design our award-winning checking account, and creating a financial platform that brings incredible functionality and user friendliness to all aspects of small business finance,” said Rangel. “That’s why we’re thrilled to bring on Kevin Phillips, a true pioneer in the small business lending space who developed one of the world’s most successful lending platforms from the ground up. As EVP of Lending at Novo, Kevin will create lending products that truly put small businesses first. Phillips is a world-renowned senior executive with a record of building high-growth start-ups as well as leading large, complex organizations. In 2011, Phillips was one of the first executives to join the Kabbage team, and over a decade built the company into one of the world’s most successful small business lending platforms. During his tenure at Kabbage, Phillips held multiple leadership positions, including CTO, CFO, and Head of Corporate Development. Prior to Kabbage, Phillips held C-level roles at a number of fast-growing technology startups, including CEO of Support Center Technologies and ZapMedia, COO and CFO at Scientific Intake, and CIO at S1. Phillips received his MBA from Georgia State University. “Virtually every small business fintech company markets themselves as being ‘great’ for their customers, but very few are successful in building out products and services that stay true to their mission,” commented Phillips. “Novo is one of the rare exceptions. The company already has a history of finding innovative, business-friendly ways to improve cash flow, and I look forward to expanding these cashflow-improving efforts in the coming years.” Phillips joins Novo at a time of significant growth for the company. Novo has surpassed $8 billion in lifetime small business transactions. Over the last year, Novo has also raised more than $130 million from leading fintech investors like Stripes Group and Valar Ventures, and added more than 100,000 new small business customers. About Novo Novo Platform, Inc. (“Novo”) is the powerfully simple checking account and financial technology platform built for small businesses. To learn more, visit www.novo.co. Novo Boost and early availability of funds are governed by the program terms and conditions outlined here. Middlesex Federal Savings, F.A. is a federal savings bank and an FDIC-insured depository institution (FDIC Certificate 28368). Deposits made at Middlesex Federal Savings, F.A. through the Novo platform receive FDIC insurance protection on a pass-through basis up to the applicable legal limit. When determining the amount of your deposits covered by FDIC insurance, please note all deposits you make through the Novo platform will be aggregated with all deposit accounts of the same ownership and/or vesting held at Middlesex Federal Savings, F.A. and Middlesex Federal Savings, F.A. brands. Additional information regarding FDIC insurance coverage is available at www.fdic.gov.

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Spotlight

The Institute for Local Self-Reliance (ILSR) is a 42-year-old national nonprofit research and educational organization. ILSR’s mission is to provide innovative strategies, working models, and timely information to support strong, community rooted, environmentally sound, and equitable local economies. To this end, ILSR works with citizens, policy makers, and businesses to design systems, policies, and enterprises that meet local needs; to maximize human, material, natural, and financial resources; and to ensure that the benefits of these systems and resources accrue to all local citizens.

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