Date: Friday, August 24, 2012, 5:00am CDT
At age 25, Jason Bishop moved to Dallas with his wife, Lisa, and their newborn son. Bishop accepted an outside sales position with Rewards Network. He quickly ran through his list of potential leads to call and realized it was going to be a lot harder than he thought.
“After the nausea passed, a sense of determination to make a better life for my family settled over me,” Bishop said.
Now, as CEO of MotherFund, Bishop interacts daily with investors, works with the sales team, and makes final funding decisions.
What has been your greatest challenge? When I was tapped to head up the operations of the startup Strategic Funding Source in New York City, the job required that I be in New York. For two years, I commuted Monday through Friday to our office in Manhattan and kept an apartment in Bay Ridge, Brooklyn. It was a real struggle missing out on basically two years of my family’s life.
What is something others would be surprised to learn about you? I didn’t finish college. Most people assume that if you’re successful, you have a degree. I needed to work after the birth of my son. I planned to go back and never made it.
What drives you to give back? Every Christmas since 2007 we have been blessed to be able to provide one or two families with a piece of paper where they can list everything they would do for their family if they had the money. Often times it takes some coaxing because the first list is very basic, clothing, food, diapers, etc. It is a great feeling pulling up with every last thing on the list.
MotherFund, a merchant cash advance and small business service company based in Rockwall, TX, reported today that their new franchise and partnership financial product and newly started Umbiggio Farms are making a significant positive impact to the bottom line. CEO Jason Bishop says, “After a pretty lack luster 2011, we took a hard look at our product set. We worked with several of our close operators to tweak our financial offerings into programs that would have a meaningful impact to our merchants.” MotherFunds Franchise and Partnership products give newer operators the peace of mind that they will have enough money to stock their business, train their staff and have a working capital cushion.
The Partnership Program not only provides financial stability to the business, but also creates a reliable partnership between MotherFund and the operator, allowing the operator to focus on what he does best, running the business while MotherFund takes over accounting, payroll and other business services. Blue Tate from Blue’s Pub in Frisco, TX says,”The MotherFund Partnership program has allowed me to focus on customer service and menu development while having the comfort of knowing that MotherFund is handling the minutia that makes running a small business so difficult.” MotherFund still offers it’s traditional merchant cash advance products, but reports the new product set has excited their sales networks and is gaining traction. Bishop says, “Our submission numbers have tripled in the last three months.”
MotherFund also launched Umbiggio Farms in early 2012 with a focus on providing locally grown meat and produce to area operators. After spending the first half of 2012 developing local purveyor connections and getting the farm off the ground, Umbiggio Farms started actively selling it’s popular Hereford Burger to Dallas Area restaurants.
Bishop summarized, “We are really gaining momentum, I was honored in the 2012 Class of the Dallas Business Journal 40 under 40, we just had an article published in the Independent Factoring Association magazine and with all the sales channels finally falling into place, we are on pace to deliver record top and bottom line performance in 2012. It’s a great year to be a MotherFunder!”
MotherFund is a Texas-based company that provides alternative financial products and services for small businesses. The Company is a leading provider of creative working-capital solutions that allow businesses access to a consistently available source of money, for a variety of needs. These include seasonal merchandise, payroll, expansion, inventory, new equipment, and other requirements that keep the business growing.More information is available at www.MotherFund.com:
Jason Bishop Phone: 469-402-1110
October 1, 2010
"I'm your MotherFunder" Excuse me?
You read correctly. With a name and marketing slogan sure to catch everyone's eye, MotherFund offers merchant advances and financing to allow firms to have access to a consistently available source of funds that keeps businesses growing. Several of MotherFund's products are based on accounts receivable financing or factoring.
The company name was coined in 2007. Jason Bishop, CEO, had been commuting every week to New York City from Texas from 2005-07, working on the founding team of Strategic Funding Source. The travel took a toll on his family and eventually they decided to start a company closer to home, in Rockwall, TX.
"We started the company as Rockwall Capital, LLC and the name was a little boring," admitted Bishop. "There were competitors and brokers springing up that used a handful of the same names mixed together to mimic AdvanceMe and AmeriMerchant, so we really wanted to use something that would separate us and make us memorable to merchants. As we were playing with names, MotherFund came up and we couldn't stop laughing as we toyed with the marketing potential of it. We now incorporate "I'm your MotherFunder" onto t-shirts and business cards. We really feel that it hit spot-on to demonstrate a young, aggressive company that makes doing business enjoyable."
Despite being founded right before the onset of the economic crisis, MotherFund hasn't felt the effects as much as others, Bishop noted. Although it's a young company, its management team and board have 60 years' experience in specialty finance to restaurants and retailers.
"We stayed away from low-margin businesses, we backed away from super high-end stores and plowed money into mid-range retailers and restaurants," Bishop said. "We knew that people were still going to go out to eat, but they might pick Chili's, for example, rather than a S70 steak house. The biggest challenge that we have faced is the availability of affordable capital. My former company raised S8 million in equity and S50 million in debt, priced very fairly. We thought that we could do the same at MotherFund, but, after our first 12 months when looking for a hedge fund partner, most of the numbers we called were disconnected. After working almost full time on fundraising and finding very little interest, we had to face the reality that it was time to buckle down and make a great company with the small amount of capital we had. We also realized that, until we reached critical mass, we were not going to locate cheaper sources of capital, and had to figure out a growth strategy while paying 18% interest for our debt lines. We still have not figured out the solution to maximize profits by finding the right financial partners, so we are very careful when adding expenses to make sure that every activity pays for itself. Eventually, if things continue like they are, we will be throwing off all the growth capital that we need while maintaining our equity positions."
Primarily serving the retail sector, MotherFund has found that, while everyone is suffering to some degree, the merchants with good fundamentals prior to the recession are still able to make a profit with their business, while those that were having trouble before the recession have failed.
"This has created an environment where the credits that we look at now are of a better quality than those we saw five years ago," he said.
MotherFund, which serves start-ups less than a year in business, is seeing new businesses opening daily across all of the major markets. It plans to continue to polish and expand its marketing efforts and add complimentary products to its offerings.
"Most of the operators have gone into business with a more conservative plan that has allowed them to keep their businesses going and some are doing extremely well," Bishop added. "We also fund some online businesses, and while it's more difficult to get a handle on predicting their future sales volume, we have seen an incredible spike in consumers using the Web to cover more ground while searching for bargains."
August 31, 2010 - 9:12 a.m.
MotherFund, a leading provider of working capital and creative financial solutions for small businesses nationwide, says the small businesses who have survived the recession are not able to find readily available capital to improve their existing businesses or expand.
Jason Bishop, MotherFund's Chairman and CEO, said, "We've been doing this for a long time and we have found that the businesses with sound fundamentals prior to the recession are for the most part still intact today and those with poor fundamentals are no longer in existence. The survivors are now cautiously seeking to improve their existing operations or take advantage of market opportunities through expansion, but they are having a difficult time securing the necessary capital."
According to Bishop, "The government's Small Business Lending Fund legislation is still stalled in Congress, and many of the state programs are almost out of money." MotherFund offers working-capital financing to small businesses through a variety of programs, such as its popular merchant cash advance. Several of MotherFund's products are based on accounts receivable financing or factoring. This form of financing puts a company's financial assets to work immediately. MotherFund also offers trade receivable, credit card processing, and custom financial services.
MotherFund's Bishop said, "Even in the new economy we believe in the entrepreneurial spirit and feel that it will lead the way in a broad based recovery. We've put millions of our own dollars on the street this year funding everything from patio expansions to bridging opening costs of new locations. A lot of our peers wonder how we are able to take these risks and remain successful and the simple answer is, today you can't let a FICO score or uneven financials stand in the way of getting capital to a good business. We evaluate each individual business and management team and we get behind the ones who are poised for success."
MotherFund is a Texas-based company that provides alternative financial products and services for small businesses. The Company is a leading provider of creative working-capital solutions that allow businesses access to a consistently available source of money, for a variety of needs. These include seasonal merchandise, payroll, expansion, inventory, new equipment, and other requirements that keep the business growing.
March 31, 2010 - 3:28 p.m.
MotherFund, a leading provider of working capital and creative financial solutions for small businesses nationwide, reports record growth in applications requesting working capital for small businesses, because of the continuing stagnation in available credit.
Jason Bishop, MotherFund's Chairman and CEO, said, "For more than 18 months now, small businesses, especially retailers, have seen lending and credit sources dry up and virtually disappear. Lenders are having a difficult time adjusting to this environment. MotherFund's products are priced for risk, whereas traditional lending products cannot sustain if the portfolio performance slows down. The result is a decrease in the availability of traditional credit, making our working-capital options not only the cheapest money available, but often the only money available to entrepreneurs who see this as a time to grow."
Bishop says a recent report in the Wall Street Journal suggests that bank credit for small businesses continues to shrink, not grow, and that in 2009, total lending by banks dropped at the steepest rate since 1942. "Small businesses can't catch a break," said Bishop, adding, "That same Journal report indicated that last month the Federal Reserve, the Federal Deposit Insurance Corp., and other state and federal agencies jointly urged banks to continue lending, but we don't see it happening."
MotherFund offers working capital financing to small businesses in the restaurant and retail sector, among others, through a variety of programs, such as its popular merchant cash advance. Several of MotherFund's products are based on accounts receivable financing or factoring. This form of financing puts a company's financial assets to work immediately.
MotherFund's Bishop said, "Working capital is the lifeblood of small business, and without it, there will be no economic revival. Lenders are worried about lending because they think businesses may fail. But, without proper funding, businesses don't have much of a chance, so for the lenders, this is a self-fulfilling argument. Our approach gives businesses a fighting chance."
MotherFund is a Texas-based company that provides alternative financial products and services for small businesses. The Company is a leading provider of creative working capital solutions that allow businesses access to a consistently available source of money, for a variety of needs. These include seasonal merchandise, payroll, expansion, inventory, new equipment, and other requirements that keep the business growing.
Despite a Bad Economy, MotherFund is Making Funding Available for Small Business Growth and Development
ROCKWALL, Texas -- MotherFund, a leading provider of working capital and creative financial solutions for small businesses nationwide, today made it clear that regardless of the economic slowdown, it has plenty of working capital available for businesses, especially those in the restaurant and retail sectors. According to Jason Bishop, MotherFund's Chairman and CEO, "Because we use private investor funds, we are not influenced by the very difficult and complex problems that have paralyzed the banking and credit industry. We can easily meet the funding demands of small businesses for operations and expansion."
Bishop says many people are preaching doom and gloom, but MotherFund is beginning to see increased investment activity from the private equity market. Private investors provide MotherFund with the resources to offer working capital financing to small businesses in the retail sector, through a variety of programs, such as a merchant cash advance. This type of financing allows merchants access to a consistently available source of money for daily business needs, merchandise management, expansion, and other requirements that keep the business growing.
According to Bishop, "MotherFund is aggressively raising more capital right now due to increased demand by small businesses who need the financing to grow. They are certainly not getting the support they need from other financial institutions, so we are pleased to be able to help this vital segment of our economy."
MotherFund is a Texas-based company that provides alternative financial products and services for small businesses. The company is a leading provider of creative working capital solutions that allow businesses access to a consistently available source of money. These needs include seasonal merchandise, expansion, inventory, new equipment, and other requirements that keep the business growing.
More information is available at www.MotherFund.com
September 25, 2008 - 6:12 p.m.
MotherFund Sherri Smith, 469-402-1211 firstname.lastname@example.org
MotherFund, a leading provider of working capital and creative financial solutions for small businesses nationwide, today announced the current economic uncertainty and government bailout discussions in Washington have no impact on the availability of financing for their clients or others in need of monetary support.
"The situation in our national economy is very difficult right now," said Jason Bishop, Chairman and CEO of MotherFund, "but small businesses that need capital for planned growth, equipment, inventory, seasonal expansion or other activities just can't put everything on hold while Washington and Wall Street discuss the problem. The lifeblood of small business is working capital, and if banks, credit unions and other financial institutions are afraid to act, where can the business owner turn?"
MotherFund provides specialized financing, including what is often called a merchant cash advance for small businesses. This financing allows firms to have access to a consistently available source of money for daily business needs, merchandise management, expansion, and other requirements that keep the business growing. "Our funding sources are not tied to the roller-coaster of the stock market," says MotherFund's Bishop. He continued, "We are not hunkering down, or turning our backs on our customers. Business owners don't have time to wait for the arduous and prolonged process of obtaining a bank loan, when a business situation requires immediate action. With the current economic concerns, imagine how long an owner would have to wait to get the funding they need."
MotherFund is taking special steps to ensure that its service team is available to respond to all requests for information, and will extend normal business hours if the situation warrants it.
Established in 2007, MotherFund is a Texas-based company that provides a variety of financial products and services for small businesses, primarily in the retail sector. Several of its products are based on accounts receivable financing or factoring. This form of financing puts a business' financial assets to work and assures that the firm will have consistent financial resources to meet business fluctuations.
More information is available at www.MotherFund.comFinancing Available for Small Business Needs Regardless of Wall Street Crisis and Banking Fears