The DeBanked Broker Fair 2018 took place on Monday, May 14th at the William Vale Hotel in Brooklyn, NY. Tickets sold out over a month in advance, showing just how much the alternative lending and Merchant Cash Advance industry has grown over the years.
While the MCA industry has been around since the 1990s, it didn’t really take off until after the 2008 recession, when banks and other commercial loan institutions were forced to up their requirements on who they gave loans to. Banks continue to lend less and less, pushing more business owners to seek alternative lending sources.
Part of DeBanked’s goal with their inaugural Broker Fair was to really establish Merchant Cash Advance as a recognized industry. Sean Murray, host of the event and Chief Editor and President of DeBanked Magazine, said, “The industry that has taken care of underserved markets has also been underserved.” He created a Broker Fair to focus on all MCA and small business lending professionals, as opposed to fintech and alternative lending conferences where MCA might get a shout-out, but very little emphasis is placed on the industry and the ISOs and brokers that comprise it.
The conference catered to all aspects of the industry, with tips on closing deals for salespeople, underwriting advice, and broker networking opportunities. “A lot of folks and companies want to be successful, but I know that they also want to have a positive impact on their customers and the industry they’re a part of. I want to facilitate that and more at Broker Fair,” said Murray. Murray’s efforts to bring education, inspiration and opportunity to the industry professionals were very successful. Attendees used the hashtags #BrokerFair and #BrokerFair2018 on Instagram to express their gratitude and enthusiasm for the gathering.
Alternative lending is a vital part of the American economy. New businesses are able to get started with working capital, and established businesses can get a boost of additional revenue. Given the industry’s growth and the Broker Fair’s unanticipated success, Murray plans to find a larger venue for next year compared to this year’s 400 people maximum. Murray will continue to promote educational and networking opportunities in the broker community through DeBanked’s magazine and website.
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