World Business Lenders
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World Business Lenders, LLC is an American financial company headquartered in Jersey City, New Jersey with locations in Georgia, California, Connecticut, Florida and Texas. It is a bank service provider and a private direct lender specializing in short-term loans to small and medium-sized businesses. It has been described as a predatory lender.
History
[edit]World Business Lenders was founded in 2011 in Manhattan.[1] In 2016, the company moved its headquarters to Jersey City, New Jersey.[2][3] Doug Naidus, the founder, Chairman, and CEO, is a former Deutsche Bank Managing Director and Global Head of Residential Lending and Trade.[4][5] The firm has been described as a predatory lender.[6][7][8]
Operations
[edit]World Business Lenders originates and services short-term business loans, secured by real property, targeting U.S. Small and Medium Enterprise (“SME”) companies that agree to a daily or weekly repayment program. Bloomberg News described the company's business model as making sales calls to "truckers, contractors and florists across the country." loans with interest rates starting at 13% percent.
References
[edit]- ^ Somerville, Heather; Oran, Olivia; Wiltermuth, Joy. "Latest threat to online lenders: 'stacking' of multiple loans". Reuters. Retrieved 2018-10-29.
- ^ "Lending firm leaves Manhattan, cuts ribbon on new Jersey City headquarters | NJBIZ". NJBIZ. Retrieved 2018-10-29.
- ^ "2 N.Y. companies awarded $22 million in tax breaks to move to Jersey City". NJ.com. Retrieved 2018-10-29.
- ^ Faux, Zeke (2014-05-21). "Wall Street Finds New Subprime With 125% Business Loans". Bloomberg News. Retrieved 2018-10-29.
- ^ "Small business lender opens HQ in Jersey City (PHOTOS)". NJ.com. Retrieved 2018-10-29.
- ^ "World Business Lenders". The Record. 25 May 2014. pp. B1.
- ^ "The Naples Daily News 24 May 2014, page 30".
- ^ "World business leders predatory loans subprime loans doug naidus". The Atlanta Constitution. 9 October 2020. pp. A8.