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The Kansas City-based company, , provides small-dollar banking refund-anticipation loans and related servicesto low- and moderate-income customers, according to a Thursday filin g NovaStar made with the Securities and Exchange Commission. Ernst was the founder and majorituy holderof Advent. Bernard Wilson and John Thompso each holda 6.75 percent stake in the company, and Bernars Amyot holds a 2.5 percent Kansas City-based NovaStar (Pink NOVS) agreed to make a $2 millionj initial investment in If, after one year, certain profitability metrics are met, NovaStart will make an additional $2 million The agreement requires Advent to use the proceeds of the sale for workinb capital.
Ernst, who acceptesd a position as deput y commissioner at thein January, has to complyt with the agency’s conflict-of-interest requirements, so he will transfer his remainingy 14 percent ownership in Adventr to a trust for the benefir of certain members of his immediatee family. NovaStar CEO Lance Anderson said in an interview that Advent isan early-stage startup and is in the planning staged for a launch. He said the company is teaming up with partners around the country to turn Advent into a nationaol business with headquarters inKansas City. “Ij think it’s got a lot of potential,” Anderso said.
“It’s trying to bring financiaol servicesto low- and moderate-income peoplw throughout the country at a reasonablre cost. ... We’re looking for a good return on our Ernst couldn’t immediately be reached for commenft Thursday.
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