TSL Feature Articles
Click on the link below to meet some of the “difference makers” in the secured finance community. This issue of The Secured Lender celebrates those who are having a profound impact on both their communities and their organizations.
Previous TSL Articles
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SFNet Q1 ABL Index Analysis
The SFNet Q1 2021 Asset-Based Lending Index reflects ongoing confidence from lenders, but the larger story continues to be told by low, but slightly improving, utilization. The US economy rebound expanded significantly during the quarter with the 6.4% GDP expansion marking the second-fastest pace for growth since the second quarter of 2003 and was exceeded only by the reopening-fueled burst of Q3 in 2020. This growth had a clear impact on portfolio health with non-accruals, special mention, and write offs continuing at low levels for both banks and non-banks. -
Interview with Kristen Holihan, Member of SFNet’s Diversity, Equity & Inclusiveness Committee
Kristen Holihan is a Senior Vice President, Senior Business Development Officer for Bank of America Business Capital (BABC), the asset based lending team at Bank of America. Kristen is responsible for identifying and engaging new ABL opportunities and working with potential borrowers to get a new ABL revolver structured and closed. She is focused on covering private equity groups, advisors, middle market companies, and large corporate companies, in both Metro New York and Upstate New York, to deliver these solutions. Kristen has also spent significant time as an ABL underwriter, as well as on the Leveraged Finance Origination and Capital Markets teams. Kristen graduated from Babson College in 2012 with a Bachelor of Science (concentration in finance). She will also be starting the Executive MBA Program at Columbia University in August 2021. Kristen is a member of the Diversity Equity and Inclusiveness Committee for the Secured Finance Network, as well as a member of the Diversity and Inclusion Council at Bank of America.
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The Secured Finance Foundation’s Guest Lecture Program at Indiana University Draws 180 Students
It is not everyday that you are given an opportunity to live out the career you would have in an alternate universe, but that is exactly what happened to me, thanks to the SFNet Guest Lecture Program and SFNet MidWest Chapter President Jennifer Kempton, who kindly asked me to be the Guest Lecturer.
Last month, Sarah Fyffe, vice president, Asset Based Lending, BMO Harris Bank, and I were able to virtually present ABL 101 to Professor Gregory Udell’s Entrepreneurial Finance Class at Indiana University on April 5. It was without a doubt one of the coolest things I have ever done in my career and I am so grateful to have been involved. Education and mentorship are my favorite part of the job and, to do so in a university setting, was an incredible experience. For Sarah, it was a chance to lecture to a classroom where she once sat as a student in Professor Udell’s class. Talk about coming full circle!
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Spotlight on SFNet's Diversity, Equity & Inclusiveness Committee
Lizzy (pronounced LEE-see) Diaz-Ortiz is a Chicago-based attorney with over 15 years of experience leading culture change for organizations. Most recently, her efforts have focused on driving diversity and inclusion programs in which she helps organizations create a culture of belonging to drive better business results.
She grew up as a military brat living and working all over the world and spent her formative years in Germany, quite different than the rest of her extended Puerto Rican family. Her diverse experiences as an Army dependent laid the groundwork for a three-year professional stint in Mexico City as an adult. More importantly, it provided the foundation for her desire to work in the diversity, equity, and inclusion realm and advocate for equitable outcomes.
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SFNet to Host Innovation Conference - The Future of Work Live Online in July
What if I don’t want to come back? Do I have to disclose whether I was vaccinated to my employer? What are the impacts of remote operations from a commercial real estate perspective? How does corporate culture survive in a remote or hybrid environment? What is the impact on career mobility? How are new technologies being deployed to revolutionize workflows and the customer experience in the equipment finance industry?
As the country continues to make its comeback after more than a year of fear and uncertainty from COVID-19, we are left with a lot of questions on what this all means about the work world—returning to offices and what the future will look like. In response to this, SFNet will host its first Innovation Conference, focusing on The Future of Work on July 14 and July 21, 2021 from 12:00-3:00 EDT each day. The Conference will focus on what the world of secured finance will look like as we emerge from the crisis. Attendees will walk away with the knowledge of whether their business is leading, adapting or falling behind.
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SFNet WISF Career Corner
What are some effective ways to approach management regarding the sensitive topic of compensation, particularly as it relates to peers in the same role, and also within the current overall market?
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Interview with Laura Glass, Vice Chair of SFNet’s Women in Secured Finance Committee
Laura Kemper Glass, vice chair of SFNet’s WISF Committee, is senior vice president and senior portfolio manager for Bank of America Business Capital (BABC), part of the Wholesale Credit division at Bank of America.
Based in Atlanta, Glass is responsible for the asset-based lending portfolio in the Eastern United States and Europe. In this role, she leads a team of credit professionals responsible for managing a $20 billion portfolio of credit commitments in the asset-based lending plus related products and solutions. The team serves clients in a wide range of industries primarily in the middle market and large corporate space.
Here she discusses her career trajectory and current position, leadership and what the finance industry can do to improve diversity. -
Interview with Marius Silvasan, CEO of eCapital
Last month, eCapital Corp., a leading capital solutions provider for small and medium-sized businesses in North America and the UK, announced it achieved substantial growth in 2020 and consolidated a total of eight acquired entities into a simplified corporate structure.
Marius Silvasan, CEO of eCapital, is responsible for leading the company’s overall vision and direction, as well as developing the overarching strategies that support its corporate goals. In this role, Silvasan balances the interests of a diverse investment community with the operational model and resources required to become a global leader in alternative lending.
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Should Banks Combine Their ABL and Factoring Groups?
For most banks with specialty finance groups the answer is no for several clear-cut reason, but it is not that simple of an answer for all banks with specialty finance divisions. This question is being hotly debated at the lower end of the market as many non-banks have successfully utilized one business development (BDO) team to sell both products. Utilizing one BDO team to sell two products can work when there is a similar borrower profile that could dictate the credit going either way and a credit and portfolio team that is well trained in both products. Good BDOs, both bank and non-bank alike, can use product, pricing and market flexibility to their advantage while utilizing one central back office for underwriting and portfolio management. Why then do banks keep these groups separate? The reason most banks don’t and shouldn’t combine ABL and factoring groups is that for most groups the underlying businesses, facility sizes, sourcing channels and credit risk are significantly different enough to merit separate divisions. -
Takeaways from SFNet's 2021 Asset-Based Capital Conference
SFNet's Asset-Based Capital Conference was held virtually March 9-11 and offered professionals in the asset-based lending, alternative asset management, private debt, private equity, distressed debt and service providers to discuss the rapidly changing economic environment and its impacts on portfolios and business opportunities. With nearly 1300 attendees, the virtual event offered more content to a broader audience than in years’ past.
Many panelists were optimistic that there would be a stronger and quicker than expected recovery in 2021. While the COVID-19 pandemic was unexpected, another playbook has been written and the industry once again showed how to be resilient and adjust to “the new normal.”
“The SFNet ABCC conference did a great job of balancing both education and networking,” said attendee Nancy Kalman, senior business development officer, United Capital Funding. “The distinguished panels were very informative with what our industry looks like today. I met several new people in the networking rooms, along with setting up many individual meetings. I even received a lead from this that looks like we will be able to fund.”
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