Leslie J. Polt, Esq., Adelberg Rudow, provided the following analysis of Maryland’s Commercial Financing Transactions Act (SB825). He can be reached at lpolt@adelberg.com. 

SFNet will continue to track this along with all other state disclosure legislation and work to influence favorable outcomes for our industry. 

CIT, a division of First Citizens Bank, today announced that its Commercial Services business is promoting and hiring new business development leaders to support clients and drive growth in factoring finance in the Northeast and West.

In the Northeast, Howard Moore and Paul Pagano are joining CIT's Commercial Services group as business development directors. Both are based in New York and hold responsibility for developing, maintaining and expanding client and prospect relationships across a wide range of business verticals.

J.P. Morgan Commercial Banking has named Linda Redding its new Head of Equipment Finance and announced expanded responsibilities for Mac Fowle as its Head of Capital Finance Solutions. Redding will lead a team responsible for helping overseeing equipment finance originations and solutions for business clients. She will report to Fowle, who will oversee the Equipment Finance business while continuing to lead the Asset Based Lending business.

In 2010, only 19 women served on the SFNet Board of Directors, today there are 46. We’ve doubled the representation of women on the Executive Committee from three to six. Here, we speak with the six women who currently sit on SFNet’s Executive and Management Committees.

CIT Northbridge Credit, as advised by CIT Asset Management, and Tiger Finance today announced they have arranged up to $47 million in financing for a leading e-commerce seller of branded consumer products.

The financing consists of a $30 million revolving credit facility provided by CIT Northbridge, a $5 million term loan provided by Tiger Finance, and an accordion for up to an additional $12 million. The loans will be used to support the client’s inventory needs and provide capital for future growth opportunities.

On March 18, SFNet hosted a Webinar, “Cybersecurity: Evaluating and Mitigating Borrowers' Risk to Cyber Breaches”. It discussed current trends in cyber threats to commerce and the potential impact to borrowers, and the steps lenders and borrowers can take to guard against and mitigate and recovery from cyber-attacks or data breaches. Panelists focused on due diligence steps lenders should consider in assessing risk and the steps they may need in their lending agreements.

Tina Capobianco, senior vice president, J D Factors served as moderator. Panelists included Thomas J. DeMayo, principal, Cybersecurity and Privacy Advisory, PKF O'Connor Davies, LLP; Steven Teppler, of counsel, Mandelbaum Barrett P.C. and Louis Natale, chief credit officer, White Oak Commercial Finance. PFK Clear Thinking and White Oak Commercial Finance sponsored the webinar.

CIT, a division of First Citizens Bank, today announced that it is launching a new lending and leasing vertical focused on financing fleet golf cars, turf (grounds care) equipment, utility vehicles and similar equipment.

Golf & Turf is part of CIT’s Business Capital group, which is already a national leader in equipment financing solutions for small and mid-size businesses across a wide range of market sectors, including technology, office imaging, printing, construction, industrial and many others.