TFAC members represent commercial banks and other financial services providers, industry associations, exporters and research institutions. The facility will allow the company to provide comprehensive capital solutions to SMEs across the United States, with the long-term vision of transforming the way SMEs finance their working capital needs. An online lending platform providing working capital financing solutions to small and mid-sized manufacturers, suppliers and distributors. The Credit Junction is an asset-based lending platform that provides working capital and growth financing solutions for small and mid-sized businesses. Launched in May 2015 by Michael Finkelstein, CEO, The Credit Junction combines traditional credit metrics with data intelligence and partners with business owners to deliver asset-based financing alternatives unique to the needs of each borrower. The Credit Junction has helped businesses across the country achieve their growth objectives while supporting job creation and development in the communities they serve. Victory Park Capital Advisors, LLC (“VPC”) is a privately held, SEC-registered, global alternative investment firm.
As the CEO of Kalikha Inc., she focused on sourcing, sample testing, securing IP, brand building and marketing for niche products. Previously, Julia founded a high-end events company in Los Angeles. Oversand sits at the intersection of the commerce and digital ecosystem convergence. The company employs a data driven brand development process to identify lowest barrier to entry product opportunities with the highest degree of demand. Brand concepts are validated through proprietary vetting protocols and then advanced data and analytics are utilized to modernize their rollout and growth initiatives. The Credit Junction has the advantage that many startups do when attacking an established space. Seltzer was able to start over and build his platform in the cloud as a SaaS application, based on microservices, and with proprietary technology for handling some of the hardest parts of the process such as data ingestion.
This makes The Credit Junction’s software easier to adopt than previous generations and far more adaptable because it’s built on a set of modern APIs for integration and extension. If lenders adopt this real-time, high-resolution form of underwriting and monitoring, it is now clear it will have many benefits that go beyond those I initially considered. “The ready availability of trade finance is a crucial ingredient to the success of U.S. exporters across virtually every economic sector,” said Secretary Ross. “The TFAC provides industry stakeholders a critical voice in government, allowing the Department to better assist American exporters.”
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And being a partner is really understanding the fact that small business owners go through highs and lows, they go through areas of growth and they go through areas of — hopefully not too many — but times of stagnation. I became just intellectually fascinated with what was going on in financial services. I think we can all agree Elizabeth, that the world changed after 2008, and that for a variety of reasons, traditional financial institutions were exiting a lot of loan products, and I wanted to be a part of that.
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So you’re no longer beholden as a small business owner to the banks within a 50-mile radius of where you live. And I think that will lend itself to better choices, better information and in the long run, create a pricing model that actually works for your business, whatever that may be. So I think, Elizabeth, the number one misconception is that if I do not get a loan trial balance from a bank I do not have an option, and that just simply is not the case today. The challenge for any new vendor in financial services, and especially in banking, is to sell into an environment that is risk-averse, highly regulated and audited, and slow to change. If you can penetrate these barriers and land and expand, you find yourself with a great business.
The real-time, high-resolution risk model means that The Credit Junction can offer additional advances against their lines the same day they request it. Marketplace Lending allows a direct connection between potential borrower and private capital sources, facilitating the flow of credit to consumers and small businesses. By using technology, The Credit Junction can streamline the application, vetting and approval process. This results in increased transparency and decreased time to borrow. Please join webinar presenter, Michael Finkelstein, chief executive officer of The Credit Junction who will speak to how online capital providers are stepping in to offer critically needed business capital. In addition, the events that change the model become available in real time or close to it.
Secretary of Commerce Wilbur Ross announced the appointment of 21 members to the Trade Finance Advisory Council . The members represent commercial banks and other trade finance organizations, exporters, and academia. In addition to providing The Credit Junction with its first institutional credit facility, VPC has provided an investment to fund working capital needs in advance of the company’s equity raise expected later this year. And our view was given some elegant use of data and technology we believed in – I guess we’re starting to do it – that we could bring that great product to the small business community and it’s been – it’s been very well received.
Seltzer says lenders generally know what they want to know but they can’t get that information cost-effectively and immediately. In a real-time, high-resolution lending model, lenders can get all the metrics they want so the picture of risk should become much more accurate. By looking at the data over time, lenders can also spot trends earlier and develop models from historical data that predict future performance and correlate variables.
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But as part of this shift, The Credit Junction now may start offering its real-time, high-resolution underwriting platform as a service, so it will become a SaaS company as well. This follows the same path that Douglas Merrill, former CIO of Google, took with his ZestCash business, which started out as a short term, unsecured lender to consumers but eventually added ZestFinance to sell its technology directly.
- Our core focus is on disruption to lending, banking and investing, including alternative lending, challenger banks and digital wealth management.
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- The challenge for any new vendor in financial services, and especially in banking, is to sell into an environment that is risk-averse, highly regulated and audited, and slow to change.
- One of the things that the Credit Junction really prides itself on is bringing asset-based lending to the small business world.
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Michael has spoken at the Paris FinTech Forum, the CFA and LendIt among others and has been featured, along with his companies, in Forbes, the WSJ and the Huffington Post. He is a former member of the US Department of Commerce Trade Finance Advisory Council as well as the Milken FinTech Advisory Committee. Michael received a Bachelor of Science from Cornell University and an MBA from the Stanford Graduate School of Business. Michael has assembled and leads a team to fulfill his vision of revolutionizing small business lending. He has been an operational and financial executive at primarily high-growth companies within the technology, financial services and infrastructure industries for the past 15 years.
Gender Score How Positively Women Rate Their Overall Experience At The Credit Junction
Seltzer said that once borrowers understand how The Credit Junction is creating a real-time, high resolution view of their businesses, they start to become more aware of the importance of metrics and data in other areas of their business. Usually the borrowers then start creating their own models of business activity, which helps improve management and growth. Seltzer said lenders always compete on rates based on the information they have to work with. With a better risk model, good borrowers are recognized and rewarded and more volatile smaller businesses may have more access to credit. Justin is currently the Founder and Managing Partner of SenaHill, a leading FinTech merchant bank. Previously, Justin was the CEO and Chairman of The Receivables Exchange the first marketplace for the purchase of working capital, and held executive level roles at Citigroup and Lava Trading. Previously he worked in the Financial Services & Technology groups at the investment banks DLJ, UBS and Salomon Brothers.
It can enhance credit, it can enhance collateral monitoring, it can enhance all sorts of things such that we do not have a box. We combine data with certain traditional lending metrics to come up with our view of the health of the model, or the health of the applicant. And by the way, data just doesn’t help day one, data after the loan can help. But what are retained earnings that value proposition bothered me because it didn’t seem credible that a bank who noticed that risk had gone down because of the high-res view would rush to reduce the rate. Seltzer said that lowering rates really isn’t part of the picture. What borrowers frequently want is faster access to capital, and will often pay a higher rate to get it.
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They’re refocusing and there’s a time and a place for your traditional financial institution, but we’re also an option, as are a host of other companies. I really wanted to be a part of that new ecosystem that was forming. Up until now, The Credit Junction has been acting as a lender, making loans using its real-time, high-resolution underwriting model funded with capital from its investors.
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The Credit Junction (“TCJ”) is the first data-driven, asset-based lending platform that is reinventing the way small and mid-sized businesses access working capital, growth and supply chain financing solutions. TCJ combines technology and data intelligence with traditional asset-based credit metrics and offers up to $7.5 million in capital availability. The TCJ platform captures, integrates and analyzes financial data to better manage risk and extract deeper insights into the health of a business. Since its launch in May 2015, TCJ has helped America’s suppliers, manufacturers and distributors access the capital they need to achieve their growth objectives. Century focuses on making investments in lower middle market companies that have demonstrated value propositions to the financial services industry.
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The Credit Junction Secures $150m Credit Facility From Midcap Financial
Michael started his career in corporate finance at Salomon Brothers. He holds a Bachelor of Science from Cornell University and an MBA from the Stanford Graduate School of Business. Michael Finkelstein is the CEO & Founder of The Credit Junction. He has been an operational and financial executive at primarily high-growth companies for the past 15 years and has co-founded and/or held executive positions across companies within the technology, financial services and infrastructure industries. Michael has been an operational and financial executive at primarily high-growth companies for the past 15 years and has co-founded and/or held executive positions across companies within the technology, financial services and infrastructure industries. Prior to starting FRAQ, Michael spent six years as the CEO & Founder of The Credit Junction, a leading FinTech lending and analytics platform. He started his career at Salomon Brothers, then headed out west to get his MBA from Stanford.
VPC provides opportunistic capital solutions to both emerging and established businesses with an expertise investing across various sectors where traditional sources of capital are limited. The firm’s differentiated offerings leverage an extensive network of industry relationships, michael finkelstein credit junction disciplined deal origination, creative financing capabilities and broad credit structuring and special situations expertise. The firm was founded in 2007 and is headquartered in Chicago with additional offices in New York, Los Angeles and San Francisco.
And he was really a kid out of Sweden and we ended putting out a little compilation that he did for us. He deserves it, he’s a great guy and he’s worked extremely hard and he deserves all the success in the world. So I, you know, I like watching people and observing people get what they deserve. I mean I haven’t spoken to him in four years, but yes, I do know Avicii. In addition, risk models with expansive scope involving not just a borrower, but third parties, supply chains, and logistics will provide validated metrics on orders, payments, and more. Seltzer predicts lenders will now manage exposure cost-effectively, across an entire portfolio, by looking at the detailed collateral underneath all of their loans.
Author: Anna Johansson