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Breakout Capital Finance, headquartered in McLean, VA., is a technology-enabled direct lender that has provided millions of dollars to hundreds of small businesses across the country through a wide range of working capital solutions. Below is our recent interview with Carl Fairbank, the Founder and CEO at Breakout Capital Finance:
Q: Could you provide our readers with a brief introduction to Breakout Capital Finance?
A: Built on the three pillars of product innovation, responsible and transparent lending, and education for small business, we are one of the fastest-growing direct lenders in the space and lead a world-class technology innovation effort. Breakout Capital is a Principal Board Member of the ILPA and a SMART BoxTM adopter, the first uniform disclosure model tool offered in small business lending.
Q: You’ve recently acquired HomeZen, Inc. Technology; could you tell us something more? What will happen to HomeZen?
A: HomeZen’s core technology, which Breakout Capital acquired, enabled their users to source and evaluate offers in order to achieve the best possible outcome, by using calculators and other user tools. Breakout Capital will use this technology to empower small businesses searching for working capital solutions, with the goal of simplifying the process for them, and will plan to unveil a new website incorporating these features later this year. HomeZen will continue to service its existing clients, but will no longer seek additional clients.
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Q: Tell us more about your business loans.
A: At Breakout Capital, we believe that business loans should be tailored to what’s best for your business, not ours, and that starts with our suitability testing. We offer up to $250,000, for up to 24 months, starting at 1.25% per month. We were one of the first to offer monthly payback scheduling options in an industry that is typically daily. Additionally, our loans are free of hidden and junk fees, and are void of double dipping, which we strongly advocate against. There is so much more we offer, such as early repayment discounts and graduation programs to help our customers stay on track for bank loans or lines of credit.
Q: Earlier this year, you introduced FactorAdvantage, a new and better way to factor invoices. How does it benefit small businesses?
A: FactorAdvantageSM benefits both factors and their small business clients. It allows factoring and invoice financing companies to expand their addressable market and improve their competitiveness, while insulating their customers from stacking, double dipping, and other predatory practices employed by many merchant cash advance companies.
Specifically, for small businesses, FactorAdvantage provides an integrated hybrid financing solution combining Breakout Capital’s tailored and client-friendly loans with factoring products. We view factoring and invoice financing as a grossly underutilized but incredibly powerful cash management solution for small businesses, even more so when coupled with FactorAdvantage. While many small businesses take high-cost cash advances that threaten their ability to grow and reach their potential, FactorAdvantage enables small businesses that own accounts receivable (such as trucking transportation companies or government contractors, to name a couple of examples), including those already drowning in a pool of cash advances, to access a much more suitable and substantially cheaper hybrid financing solution.
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Q: What’s next for Breakout Capital Finance? Do you have plans to grow, expand or diversify?
A: In 2018 alone, Breakout Capital has rapidly grown loan originations, repeatedly breaking records for new funding volume, all while continuing to innovate with its technology platforms, making notable advances in machine learning, artificial intelligence and the use of blockchain to support lending operations. Breakout has recently launched it’s tech incubator branch, HatchB Labs. HatchB allows us to continue to innovate by incubating new tech solutions (either organic or acquired) that can directly impact our core business (small business lending solutions and payments) and gives us the ability to monetize non-core solutions. Breakout recently expanded our headquarters in Mclean, VA and are continually growing our team with the best talent in the DMV.
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