The Chris Voss Show - The Chris Voss Show Podcast – Davron Karimov of Funderhunt Small business Loans

Episode Date: August 20, 2021

Davron Karimov of Funderhunt Small business Loans funderhunt.co

You wanted the best. You've got the best podcast, the hottest podcast in the world. The Chris Voss Show, the preeminent podcast with guests so smart you may experience serious brain bleed. Get ready, get ready, strap yourself in. Keep your hands, arms and legs inside the vehicle at all times. Because you're about to go on a monster education roller coaster with your brain now here's your host chris voss hi folks is voss here from the chris voss show.com the chris voss show.com hey we're coming here with another great podcast we certainly appreciate you guys tuning in so we're excited to announce my new book is coming out. It's called Beacons of Leadership, Inspiring Lessons of Success in Business and Innovation. It's going to be coming out on October 5th, 2021. And I'm really excited for you to get

a chance to read this book. It's filled with a multitude of my insightful stories, lessons, my life and experiences in leadership and character. I give you some of the secrets from my CEO Entrepreneur Toolbox that I use to scale my business success, innovate, and build a multitude of companies. I've been a CEO for, what is it, like 33, 35 years now. We talk about leadership, the importance of leadership, how to become a great leader, and how anyone can become a great leader as well. So you can pre-order the book right now wherever fine books are sold. But the best thing to do on getting a pre-order deal is to go to beaconsofleadership.com. That's beaconsofleadership.com. On there, you can find several

packages you can take advantage of in ordering the book. And for the same price of what you can get it from someplace else like Amazon, you can get all sorts of extra goodies that we've taken and given away. Different collectors, limited edition, custom-made numbered book plates that are going to be autographed by me. There's all sorts of other goodies that you can get when you buy the book from beaconsofleadership.com. So be sure to go there, check it out, or order the book wherever fine books are sold. Thanks, Matt. It's for being here.

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We'll see if they can get on the show. And there you are. Today we have an amazing guest on the show. His name is Davron Karimov. Davron, do I get that name correctly? Yeah, that's perfect. There you go. There you go. Welcome to the show, Davron. Give us your plugs. Tell us who you are and where people can find you on the interwebs. Yeah, so we're funding merchants that they're doing five grand and up in revenue, in monthly revenue. The website is funderhunt.co to apply, funderhunt.co, not.com, just.co. You can also find my YouTube channel, youtube.com slash Davron Karimov. That's my YouTube channel. There you go. I was looking at your YouTube channel. It looks really cool. You got a lot

of great interviews that are over there as well. So give us some more in-depth stuff of what you guys are doing. How long have you guys been doing this business and what got you into it? Combined experience, we have decades worth of experience, but we've been open for approximately three years. So about three years in business and stuff. And it says on YouTube, you guys are a business broker. You mentioned you work with merchants. Give us an idea of how your business works and how you can work with the people in the audience that might be listening. Yeah, business loan brokers, anybody that's an existing business,

we can fund them as long as we're doing five grand and up in revenue. And our website can help them get those funds pretty quick within a matter of a couple of hours. And so are you just doing loans? Are you taking an interest in their company? How does the equity thing work? Yeah, that's the beautiful part. We don't ask you to give up control of your company. You retain full equity. All we're asking you is you just pay a little bit of interest, but you get the funds that you need real quick. What's the perfect customer for you guys? Is it someone who's a little cash broke?

They're hitting a tight spot with their payroll. What sort of customer is the customer that usually turns to you for help? Let me explain. My favorite type of customer is somebody that is always having to purchase something, some inventory, some equipment. Maybe they just need to pay a couple of bills off. But by the end of the month, they could get low on cash. They could have $1,000 left in their bank account at the end of the month due to IRS bills or whatever the case may be. But they know that they have future receivables coming in. So what we could

do is we could purchase a percentage of those receivables. So do you guys have where I turn over a part of my credit card things to you? So where my credit card things are going to you and paying you back or how does that work or how does it work? Yeah, credit cards, that was the original basis of the industry, but now we moved everything to basically all strictly ACH. So we can just literally look at your bank deposits and your bank receivables, what you're depositing per month in your business checking account, and we could buy a percentage of that. Oh, wow.

I remember the old days when they would do that with companies that wanted to loan. We used to do loans on money, and that was like the way to, you're like, we're just going to take your credit card receipts to make sure we get paid back and stuff. It's good that times have changed and AHC has changed a lot of it. What makes you guys really unique in the industry that where you guys stand out in your relationship with clients and what you can offer them? First of all, I think that we have the best relationships with lenders. I think we could get people approved for way more than they would anywhere else. Just because we go to bat for these business owners, we yell at, we will do what it takes. We'll yell at the underwriters.

And we just have that relationship just because of a lot of the media and the press that we've been getting. But also we do it much faster than everybody else. If you look at other, if you go to a competitor, they might have DocuSign applications. But for us, there's no printing, there's no fa a competitor, they might have DocuSign applications, but for us, there's no printing, there's no faxing, there's no scanning. All it is, it's all on our website. And we've streamlined it so much that you could just answer a couple of questions, five to six questions, and we'll be in touch with you. Wow. Wow. That's amazing. Is there a minimum loan amount or a maximum loan amount that you guys will do?

Minimum loan amount, you're looking at a couple thousand dollars. And maximum, we could go up to the millions, two million and above. Wow. That's pretty good. And I was reading the article of you from debank.com, which is pretty interesting. 22 years old, MCA broker went from 10K in debt to collecting 200200,000 a year in commissions. You want to tell us a little bit about that story? Yeah. So I started this back in New York. I started working at a firm in Long Island City and I was able to close a couple of quick deals. The 10K in debt

that you were referencing came from college. I knew that school was never a thing for me, but I was pressured to go into college. And 10 minutes into it, I kind of just walked out. But I didn't know that I still had to pay for those classes. That was a pretty big bill coming from that. So I found a sales job working in commercial finance. And then, yeah, like I said, I closed some early deals. I was able to pay back that 10 grand that I owed. And a buddy of mine who had experience working, creating and building tech startups, he noticed what I was doing and he suggested that I could do this way better on my own, make more money doing it on my own. So he convinced me to leave and do it my own way. After a breakup with my business partners, I eventually moved to Miami, Florida from New York. And I opened a new office. Right now we got five salespeople

and we're on track to do the biggest numbers we've ever done. That's awesome. That's awesome. So how do people usually get in touch with you? Do they usually need to go to the website to apply or? Oh yeah, they could go on the website to apply. They don't even have to talk to anybody. Just put in your information and we'll be in contact with you relatively quickly. Or yeah, all our contact information is on the website. Yeah, and it says here, you can actually get,

turn a lot of deals that you get from your video platform on YouTube. YouTube's a great place for business. Of course, our videos are still being watched from 12 years ago. We love YouTube and we still get paid by them. So that's always nice. I think I've told my family if they die, if I die, make sure you get an account with the YouTube money because they'll be watching videos like yours for the next 12 years, probably 20 years, however long YouTube and Google are around. And you get a pretty good response off YouTube,

huh? Oh yeah, yeah. People are always asking me, I saw you on YouTube. Can you help me with this deal? Or I saw you on YouTube and I have a business that's doing a little bit of revenue. I could use the cash real quick. Those are my favorite because it's just, they already know me. When you own your own business, you run into all sorts of issues, especially when you're trying to scale. Because usually you're at a point where, okay, we're spinning the wheels right now. And yeah, we're making a couple bucks. But man, if we get some more inventory, we could work out a new widget, get a new prototype built. Some other way, it takes money to make money, essentially. And so being able to tap into loans and stuff with access to what you can, where I've had times where one time I was like, okay, we need to automate our dialer system.

We need to make a dialer because everyone was, we had a telemarketing department back in the day. It was still manual dialing. And I'm like, we need to automate this. And it was going to be like 20 grand to get that dialer bought and built for a 50 seater. And it was custom through a friend of mine. So it was pretty cheap. And we sat custom through a friend of mine. So it was pretty cheap. And we sat and we went, man, we got to raise 20 grand and I'm not even sure we'll get this money back. And sure enough, we had some pretty good months. We bought the dialer. We had

that dialer paid back within a month or two of what we are putting the 20 grand and we have a 20 grand back plus. And so a lot of companies, they just need that extra little help, that extra push, some extra cash flow on top of what they're doing, where they're just sometimes chasing their tail, to be able to scale to the next level. Any thoughts or comments you want to make on that? Yeah, I didn't know you had a – you used to have a – Yeah, I have a huge sales background, over 35 years.

I started – I'm a lot like you. have a huge sales background, over 35 years. I'm a lot like you. I started my first company when I was 18. I was supposed to go to college and bailed out as well. I didn't quite get as far. I scheduled, but then I canceled the scheduling. Started my own companies. I've owned probably 27 different corporations across my life. So I'm pretty familiar with what you guys do and how you do it.

And of course, the need for cash when it comes down to it. Yeah. Yeah. At the end of the day, I look for profitable relationships, whatever, like we're always trying to be creative with what we can offer these merchants.

And sometimes I get a good deal and it's just like, either the merchant doesn't want to take it, but I know it's a good deal in my heart. So I'm just going to try to still push it. But a lot of my more successful merchants, the ones that I see are doing bigger monthly revenues are the ones that come back to us because initially you might give you a starter offer, but then come back to us a couple of times, we're going to give you more capital as long as you're making your payments and you're increasing your revenue. Why wouldn't we do that? Yeah. Makes sense. Makes sense. And being able to have access to those lines of credit that you can tap in at those pinch moments. Sometimes you want to hire another person and

you're like, I know we can make more money if we can hire some more salespeople or whatever, but we've got to expand the payroll first and then the money comes back. And so that's really important to a business. Are there any other features or aspects of your business that you guys offer that kind of make you unique or maybe some stuff you want to touch on that can entice some of the people listening to the show? Yeah, exactly. Right now, that's one of my biggest challenges. What you mentioned is hiring and getting those right people, especially in a relaxed area that like I'm in Florida. So people could be tend to be a little bit lazy, but that's okay. That just means we have to go through more people.

But I know that eventually once we get the right ones, they're going to generate more revenue for us. They're going to make the profit. And like I said, it has to be a profitable relationship. Once it's a profitable relationship for us both, we're just going to both win. There you go. There you go. And what other sort of, I'm trying to think of what other sort of loan things that you guys might do. It's great that you guys can have a line of credit sort of relationship where people keep coming back. And I suppose there's a trust value there after a while, but as they need more money, as they scale, as their business gets more successful, they can have access to those things. Cause there's always times, and we own companies for a billion years and there, no matter

how successful we were, there was always sometimes a crunch, right? But like you said, you send the taxes out for the quarter and you're just like, oh, wow. Okay. That really cleaned out the bank account. Or you want to invest in something or you need to buy a whole round of new copiers for the office or something. There's always some, or something goes out. That's something breaks down or a bunch of computers, your network goes down and you're like, ah, we got to go spend some money. So it's really good to have access to these. That was my question for you. Do you guys service all 50 states? Oh yeah, all 50 states. We will fund you lickety split.

I'll give you an example. When I was just starting out, I used a lot of my personal credit cards and that just shot my credit score down. And then when we were looking to expand our office back in New York, the landlord or whoever did an application and they basically said, oh, look, if you want this office, you got to give us five months up front, which turned out to something like $16,000. That was close to everything I had at that point. I

wasn't willing to give up all of that just to get this office, even though it was a sweet deal. In New York real estate, you can't go wrong. I don't know about that one. I wasn't willing to give up all of that just to get this office, even though it was a sweet deal. In New York real estate, you can't go wrong. I don't know about that one. I shouldn't say that. That's quite a lot of money. That's quite a lot of money. What's the website again? So it's funderhunt.co, funder, like what we do, and hunt, and it's.co, not.com. And the website looks fairly easy to navigate and apply to. It looks like you guys got a good system set up here. Do you want to tell us a little bit about that? Oh, yeah. It's super simple.

You just answer five to eight questions, upload three months business bank statements. We'll be in touch with you. Literally within a couple hours, we can get them funded. Not even 24 hours. And just make sure you're going on it on a PC. That way you can upload your documents seamlessly. Now, what if you have like multiple bank accounts? Our problem was we had multiple bank accounts.

We're like... It depends. If each one of those bank accounts are generating revenue and they're making deposits, then we probably want to see all... Or if you're making're making deposits, then we probably want to see all. Or if you're making transfers between each account, we probably want to see all of them. Yeah. But mainly where the money goes in.

If it's just one account that's getting deposits, we just want to see that one account in just three months. Yeah. Let's see. Now, it says here on the dropdown for fund your business today, how much did you make last month? There's a feature for startup and no revenue. You guys don't't fund that do you or anything under 5k or am i incorrect as a mentor of mine put it there has to be something good about the file okay whether it's that you have a really amazing credit score above 700 or you have revenue, one of those two has to be leveraged. So there has to be something good about the file. And does it matter if you are, there's a lot of at-home self-entrepreneurs

working at their home, doing consultants, speakers. I know a lot of my friends who travel and speak, they work from home basically, but they make good money. They can make 25 grand speaking per event. Are those people good or do they need to have, is there a minimum FICO score? Is there any sort of minimums that you're looking for, numbers of employees, et cetera, et cetera? Dude, we don't care about the number of employees you have. What we're looking for is receivables that you're getting paid on a consistent basis. So you're making multiple deposits a month. You're not just making one or two. And also as long as it's not a downward trend, we don't see your revenue declining

because that could also be a red flag. And it also depends on how many gigs you get, what's your industry. Because if we're talking about our trucking company, a trucking company that has two trucks and they're making 30, 40 grand a month. If one of those trucks go down all of a sudden, that's half of your revenue until you fix it. Yeah. We used to own a courier company and it's always fun when the cars go down. Of course you,

we usually rent them a replacement, but it gets quite expensive because you're paying twice as much usually for that. It looks like some of the services on your website, merchant cash advance, equipment, financing, small business loans, collateralized business loans, SBA loans, and business lines of credit. You guys do all that. Yeah, we have a variety of programs available. When the business owner puts in their application, we try to find out what's best for them.

And I'll tell you another thing, Chris, what happened in 2020 is something that I really like coming out of 2020 is we actually downsized the amount of lenders we were working with. We shrunk our lender list by probably about probably the 25% of what it used to be just because a lot of bad funders were put out of business. And now we're going into the people that we really, and the people that really work with us best. That's awesome. Now I'm looking at your website too. It says, get offers from multiple lenders. Can you give us some more details on that? Yeah. Get offers from multiple lenders. If you go to a lender, first of all, if you go to a bank, don't even get me started about the bank. They're going to take three years of your tax returns.

They're going to ask you for all these documents. I've been to one before. I've been to plenty of banks when I was searching for capital myself, but it's just such a long process that it takes three weeks to even hear back from anything. But yeah, you get offers from multiple lenders because if you can compare and choose which one is the best one, it's going to work out for you better. Yeah, and it looks like you guys believe in personal assistant. Do I work with the same agent all the time with your company? Oh, yeah. So we do everything from A to Z. Whoever your funding rep is, they're going to work on it from the beginning to the end.

That's good to have because I'm like, why can't I just get a rep at the bank that I call every time and he knows me, he knows I paid back the loans at the bank. He knows me. They don't have to go through that whole, like you say, the three-year process and stuff. I own a mortgage company for 20 years. And we have to ask for a stool sample, blood sample, DNA sample,

whether your kids are yours or not. Consult with Mari. We had to crawl through everything, go through your addict. It wasn't the same what we had to do as a mortgage company. But I know how those banks work, and it's crazy sometimes. So it's cool that they can have a personal assistant where they can just get right to you, get paid in 24 hours. And it also says here, no credit credits required. I guess if you have good revenue, I know a lot of people, they wreck their credit building their business,

but they have revenue. You can look at their balance sheets and their checking accounts, and every month they have really good revenue, but they kind of took a beat and started the company. I've seen that happen before with small entrepreneurs that we've consulted with. Yeah. And I'll say this. Banks are one thing. They were never reliable to begin with. But especially if your credit score is below 700, you're going to have a tough time finding anybody that will give you capital

unless maybe you could get approved for a credit card. I don't know. But what I'll say this, because it's very meta right now, is people going to the SBA. The thing about the SBA is that they can't give you a promise on when you're going to the SBA. The thing about the SBA is that they can't give you a promise on when you're going to get funded. They just can't because they're the government,

you're going to hold their word against them. So in the meantime, while you're waiting, you could get this cash infusion that everybody needs. Everybody needs capital. No matter who you are, you could always use capital at one point or another. And you could use that towards inventory, marketing, expansion, payroll, or hiring, literally any business need. And we won't tell you what you could use the capital on. Like these stimulus, these loan programs from the SBA right now, they're telling people what they can and can't use the money on. We don't do that. You can literally go to Vegas and bet it all on black for all we care that might be interesting that might be an interesting way to go i've had some friends try and do that

because when i lived in vegas for a lot of years before coronavirus i'm probably going back there but yeah it was it was crazy some of the stuff that i would say i would have people or i always saw some rental properties in vegas and you'd have people that they were like foreigners short on their rent. And so they would decide to go bet on the Raiders or something. And then they would have nothing for the rent. And I'd be like, wow, okay. It's interesting. They have that flexibility where they can go do what they want and you're going to get your money back one way or another. What have we touched on about your business that we can tease out and entice people to give you guys a call up or go on your website and get to know more about you guys.

I'm not sure. That's it. Like literally, if you need cash, what we want to do is we want to be a capital source for when that need does come up. And we're there. We're always available. Cool. That's awesome. That's awesome sauce.

Devron, give us your plugs, your dot coms, so people can take and reach out to you and get to know you guys better. Yeah. So the website is funderhunt.co, funderhunt.co, not dot com. And you could also go, I'm trying to grow my YouTube channel. I'm trying to put more things on there. If that's okay with you, Chris, I'll save my YouTube channel. Yes, please do. It's youtube.com slash Davron Karimov, my name, Davron Karimov youtube youtube.com slash davron karim of my name davron karim of

youtube.com okay and we'll have a link to the website on the chris voss show you guys can find it there devron it's been wonderful to have you on thank you very much for coming on and spend some time to enlighten us and educate us and i appreciate it thank you thank you very much and to my audience thanks for tuning in go to youtube youtube.com, 4ChessChrisVoss. You can go to goodreads.com, 4ChessChrisVoss. Go to all of our accounts on Facebook, LinkedIn, Twitter, Instagram, and all that good stuff. We certainly appreciate it. Thanks, everyone, for tuning in. Stay safe, and we'll see you guys next time.

So we're excited to announce my new book is coming out. It's called Beacons of Leadership, Inspiring Lessons of Success in Business and Innovation. It's going to be coming out on October 5th, 2021. And I'm really excited for you to get a chance to read this book. It's filled with a multitude of my insightful stories, lessons, my life, and experiences in leadership and character. I give you some of the secrets from my CEO Entrepreneur Toolbox that I use to scale my business success, innovate, and build a multitude of companies. I've been a CEO for, what is it, like 33, 35 years now. We talk about leadership, the importance of leadership, how to become a great leader, and how anyone can become a great leader as well.

So you can pre-order the book right now wherever fine books are sold, but the best thing to do on getting a pre-order deal is to go to beaconsofleadership.com. That's beaconsofleadership.com. On there, you can find several packages you can take advantage of in ordering the book. And for the same price of what you can get it from someplace else like Amazon, you can get all sorts of extra goodies that we've taken and given away. Different collectors, limited edition, custom-made numbered book plates that are going to be autographed by me. There's all sorts of other goodies that you can get when you buy the book from beaconsofleadership.com. So be sure to go there, check it out, or order the book where refined books are sold.