Merchants advance network
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to offer their customers a better service Merchants Advance Network is relocating its corporate headquarters to Wall Street. They’ve also raised ten million dollars in funding to expand their financial services and goods.
New York, NY, August 26, 2019: Merchants Advance Network is pleased to announce that its executive office will be relocated to Wall Street. The change is intended to put them in a stronger position to deliver even better services to small businesses and gain access to more capital.
The organization specializes in securely connecting small businesses with funding companies so that they can expand. Many business owners credit their success to the help they’ve received, which will now be amplified.
“I am delighted to announce that our executive offices will be moving to 110 Wall St., which is a historic building. This is a fantastic opportunity for our business. This capital injection will position us for sustained growth and the opportunity to remain nimble in this competitive environment, allowing us to concentrate on technologies like AI and our processes to compete not just on price but also on our hands-on underwriting approach. We also want to continue to expand our relationship management with our clients in the manner that they have come to expect, while also being able to provide the funding they need “, said Merchants Advance Network CEO/Founder Michael Scalise.
17 march 2021
Merchants Advance Network’s Frank has been working with us for at least three years and has always been professional and competent. We both work in construction (playing in the dirt with big toys), and Frank was a breath of fresh air after dealing with a lot of other businesses who were just out for a quick buck. He makes an effort to assist the customer by locating the best deal available. He’s taken a personal interest in me and has turned into more of an acquaintance than a business associate. He has found us the best product possible and continues to be available when and if we need his assistance. I’ve spoken with Michael as well, and he’s the same way. You are more than a number. When you have a need, this is a nice company to have on hand. I can suggest Merchant Advance Network to everyone without reservation.
For the past three years, I’ve been working with Frank at Merchants Advance Network. I transferred from another Merchant Advance business with whom I had a bad experience. Frank has helped me make the right advancement choices for our boutique by guiding me every step of the way. He is an expert in his field. All advances were completed in as little as 1-2 days. I look forward to working with Merchant Advance Network for several more years. I wish there were a hundred stars to give out!!
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The Paycheck Protection Program, which is funded by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, is intended to assist small businesses in keeping employees working. Small businesses may apply for PPP loans through SBA-approved lenders or other lenders that the SBA has decided are eligible.
A second warning letter to Utah-based Lendio, Inc. raises questions about advertisement and marketing by or on behalf of Lendio, including on sba.com by IT Media Solutions and on manfunding.com by Merchants Advance Network, Inc. The letter to Lendio includes representations made by Merchants Advance Network, including that the company is an approved SBA loan packager that “only charges a nominal fee of $495 per business” and “will work with you hand-in-hand to apply you for ALL qualified relief items that the SBA has to offer.”
The letter to Lendio also quotes Merchants Advance Network as saying that it “only charges a nominal fee of $495 per business.” “Agents, including lead generators and those offering PPP application assistance, are forbidden from charging fees to PPP loan applicants, either directly or by the deduction of a fee from the loan proceeds,” according to the letter.
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The Federal Trade Commission took its most important action yet this month to combat fraud and bribery by merchant cash advance companies, which have ensnared firms, including truck fleets, in spiraling debt traps.
Following a small-business lending forum held by the FTC a year ago, the organization released a report this year outlining its concerns about the MCA industry. Then, on June 10, it filed a complaint against three MCA providers and their principals based in New York. The state of New York brought a similar complaint against the same parties and a different person on the same day.
“I know where you live,” one of the defendants allegedly threatened one MCA client, according to the complaint filed by New York Attorney General Letitia James. I’m familiar with your mother’s residence.” MCA customers’ effective interest rates, she said, often surpassed 1,000 percent.
Aside from MCAs, the department sent warning letters to lenders or related agencies this week and last month about “potentially deceptive ads” related to this year’s federal Paycheck Protection Program.