SAUSALITO, Calif.--(BUSINESS WIRE)--Breakaway Funding LLC founder/chairman Kim Kaselionis today announced an invitation-only bank CEO panel discussion that will focus on the emerging dilemma faced by community banks about whether crowdfunding is a friend or foe for the industry.
“It’s clear that banks of all sizes are wrestling with whether they should embrace the rapidly changing regulatory environment or take a wait and see position and risk being left behind,” said Kaselionis, who created Breakaway after the successful above book value sale of Circle Bank, which she led to 53 consecutive profitable quarters.
“On one hand, there are banks like Wells Fargo which have banned employees from peer-to-peer lending and at the other end of the spectrum are innovative community bankers looking for ways to retain their commercial customers even as their industry consolidates.
“The Breakaway premise is that crowdfunding, already a $6 billion industry, will become a means by which local businesses attract funding from investors while remaining viable customers for banks,” she said.
The event, to be held at the City Club in San Francisco on Tuesday, February 25, will be moderated by Mark Calvey, senior reporter who covers banking and financial services for the San Francisco Times. The panel will consist of:
- Joseph Barisonzi, CEO of CommunityLeader
- Jeff Clair, a partner at the accounting firm of Moss Adams LP and
- Richard Weintraub, founder/managing partner of the Weintraub Law Group PC.
Kaselionis describes Breakaway “as a comprehensive service which will allow community banks and small businesses to safely and securely take advantage of the burgeoning interest in crowdfunding.”
Breakaway Funding operates a securities-based SEC compliant crowdfunding portal. The Breakaway team of veteran financial services executives, with deep relationships in the banking industry, have funded hundreds of millions in loans for small and medium-sized businesses over the past two decades. The firm recently hosted a series of conferences and workshops for businesses and potential investors.
“The interest was quite amazing,” Kaselionis said. “Crowdfunding is now a fixed thought in the mind of businesses and investors, but the banking community doesn’t seem convinced yet. Now is the time for banks to educate themselves in preparation for the final regulations that are on a path to be in place later this year. The ball is already rolling for investors and businesses which can already solicit capital funding from accredited investors.
“The JOBS Act was passed in 2012. It’s no longer prudent for community bank CEOs to be in the ‘wait and see’ mode. The discussion will be lively and our panellists have the expertise to provide insights about how the implementation of crowdfunding regulations will work to the benefit of local financial institutions,” she said.
More information about the CEO luncheon is available at http://events.breakawayfunding.com/bankersluncheon or by calling 415-729-9482. There will be no charge for the event, which is limited to community bank CEOs and other industry professionals. Additional information about upcoming Breakaway seminars and workshops is available at http://events.breakawayfunding.com/crowdfunding_csw.
About Breakaway Funding LLC
Employing a compliant and secure technology platform, Breakaway (www.breakawayfunding.com) allows local businesses access to capital and flexible financing to meet their on-going capital needs by helping them to reach potential investors. Breakaway’s technology partner is CommunityLeader and its investment platform is provided by cTrade, operated by Midtown Partners & Co.
Breakaway, headquartered in Sausalito, CA, can be reached at 415-729-9482.