Second Avenue Capital Partners, LLC (“SACP”) (www.secondavecp.com) announced it has closed on a $10,000,000 senior secured credit facility (which includes an accordion feature) for myGemma, a modern and professional alternative for consumers wanting to buy or sell high-end luxury goods. The credit facility will be used to support increased working capital and additional inventory purchases as the business continues to rapidly grow.

Laura Kemper Glass, chair of SFNet’s WISF Committee, is senior vice president and senior portfolio manager for Bank of America Business Capital (BABC).  Based in Atlanta, Glass is responsible for the middle market and large corporate asset-based lending portfolio in the Eastern United States and Europe and the lower middle market portfolio nationwide. 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. 

Editor’s Note: SFNet’s WISF Conference will be held June 15-16 in New York City. For details click here.

Crestmark, the Commercial Finance division of MetaBank®, N.A., is pleased to announce the additions of Richard Flamang and Ralph Aurelia as experienced business development team members to the Working Capital group. They will be responsible to enhance the growth of small- to medium-sized businesses by providing asset-based lending solutions.

Gordon Brothers, the global advisory, restructuring and investment firm, has received $300 million in financing from Canada Pension Plan Investment Board (CPP Investments) through its subsidiary CPPIB Credit Investments Inc., increasing the firm’s capital base to over $1 billion.

This financing will fuel the continued rapid growth of the firm’s capital offerings, which generated over $700 million in originations worldwide in 2021, building on billions of assets traded and financed in recent years.

Greenbacker Renewable Energy Company LLC (“GREC” or “Greenbacker”), a leading owner and operator of sustainable infrastructure and energy efficiency projects, has entered into a senior credit agreement of $76.3 million with joint lead arrangers Fifth Third Bank, National Association, and PNC Capital Markets LLC. Morgan Stanley Renewables Inc. served as tax equity investor. Fifth Third Bank also served as administrative agent.

First Citizens Bank today announced that it has hired experienced banker Linda Stanley as a relationship manager in its Middle Market Banking business.

In this role, Stanley will be responsible for developing, maintaining and expanding client and prospect relationships in the middle market financing sector, where the bank is a leader.

Eclipse Business Capital (“EBC”) announces the completion of a revolving credit facility for a vertically integrated manufacturer of steel products.  The credit facility will be used to refinance existing bank indebtedness and provide ongoing working capital financing.  The new revolver from Eclipse will provide needed liquidity to allow the company to capitalize on its strong market position and technical expertise.

We’ve all heard the phrase “The Great Resignation” over the past few months. Angela Fiorentino of AmeriFactors Financial Group and a member of SFNet’s Women in Secured Finance Committee gathered several top female executives to discuss the best way to communicate your professional goals and hold some of those “tough conversations” in this current climate.

Chris McCarty has a powerful accounting and credit analysis background, which he has leveraged over the past 15+ years to help clients solve cash flow and funding issues through the application of Asset-Based Lending, Specialty Finance, and Commercial Lending solutions. Chris previously worked with First Business Bank in 2019, and also has worked at First Horizon & Renasant Bank. 

U.S. Bank announced it hired Daniel Stampfel and Mitch Rubin as senior vice presidents of its asset-based finance division. The hires are part of a strategy for the broader U.S. Bank commercial banking team to continue its expansion in Texas and across the country to better serve middle-market clients.

Here we sit with Daniel, Mitch and David Slavik, SVP, national sales director – middle market, U.S. Bank Asset Based Finance, to discuss expansion in New York and Texas, goals for the rest of the year, and industry trends and predictions.

Last year was a study in contrasts as many business sectors recovered from the pandemic recession only to face a new challenge: rising inflation. The financing market was no exception.

In its annual indicator of industry activity, the Secured Finance Network (SFNet) found cause for optimism but warned members to expect continued economic pressures in 2022.

The 2021 Annual Asset-Based Lending & Factoring Survey cited a year of rapid economic growth and increased demand for financing. Portfolios were strong, with SFNet reporting a significant decline in gross write-offs relative to volume and average earning assets.

Prana, a leader within the organic and plant-based food industry, is pleased to announce the signing of a three-year credit agreement for a senior secured revolving loan facility and a senior secured term loan facility with Wells Fargo Capital Finance Corporation Canada that will enable the next stage of the company’s growth.

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, has appointed Geoff Black to the position of managing director and group head for the Lender Finance business in its Business Capital division. Black, who was also promoted to senior vice president, will be based in Jacksonville Florida and will oversee sales, marketing and business development for all of Lender Finance.

White Oak Global Advisors, LLC, (“White Oak”) announced today it has provided a $75 million term loan to North Atlantic Imports, which also operates under the name Blackstone Products (“Blackstone” or the "Company"), a Utah-based distributor of branded griddles and accessories. The loan was offered on a split-lien basis alongside a Wells Fargo ABL Revolver.

In this article, Hilco experts from across the Valuation Services team discuss how the ongoing inflationary environment is impacting a broad range of industries from a cost, pricing and operational perspective. 

MidCap Financial today announced it has provided a $30 million senior secured revolving credit facility to Kayne, LLC (“Jenni Kayne” or “Company”). The MidCap credit facility refinanced the Company’s prior credit facility and will support the Company’s further growth and working capital needs.

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.

Oxford Commercial Finance Corp.(“OCF”), a wholly owned subsidiary of Oxford Bank, is pleased to announce the acquisition of the assets of FSW Funding, and hiring their entire team today. Ms. Robyn Barrett, Owner and Managing Member of FSW Funding, will join the OCF team as SVP - Managing Director, Working Capital Division and lead that segment for OCF.

Betsy Ratto is senior vice president of Hilco Capital Solutions: ReStore Capital and Hilco Corporate Finance, with responsibility to drive business for ReStore Capital and Hilco Corporate Finance. She is responsible for originating and executing corporate finance and capital markets transactions, with a focus on the retail industry and other financing transactions. She joined Hilco in fall 2021 and is based in Hilco’s Boston office.

Here, she discusses her goals at Hilco, challenges and opportunities in the retail sector, differentiating yourself at a non-bank platform, and lessons learned in leadership and career development.