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Commercial loan growth reaccelerated across much of the U.S. banking industry as lenders began to fund federally backed small business loans and prepared to start processing a second round of applications under the coronavirus relief program.
Excluding the 25 largest institutions by assets, commercial and industrial loans increased 6.3% during the week ended April 15, according to seasonally adjusted data in the Federal Reserve's most recent H.8 report on commercial banks. That represents a huge jump from growth rates of 0.6% to 0.8% in the preceding two weeks, and leapfrogs growth of 2.1% to 2.3% during two weeks in March when corporate draws against bank credit lines were particularly heavy.
North Mill Capital announced it provided a $15,000,000 accounts receivable factoring facility to provider of oral and personal hygiene products.
The funds were used to pay off the previous lender and provide additional working capital to support the Company's growth. NMC also entered into an inter-creditor agreement with a purchase order financing partner to help meet substantial near-term growth needs.
What does it take to break the proverbial glass ceiling in secured finance? What does the journey to the “top” look like for women in financial services? We interviewed four C-Suite women and here is what they had to say. The women we spoke with are Meredith Carter, president and CEO, Context Business Lending; Miin Chen, COO, Siena Lending Group; Deborah Monosson, president & CEO, Boston Financial & Equity Corporation; and Jennifer Yount, partner, Paul Hastings LLP.
Secured Finance executives and an executive recruiter discuss how the industry can attract and retain more women.
Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of health care solutions to office-based dental and medical professionals, today announced that it has closed on a new credit facility totaling $700 million, with JP Morgan Securities LLC and U.S. Bank NA serving as Joint Lead Arrangers.
The new facility represents $700 million in committed financing that increases and replaces $200 million in uncommitted financing from the same lenders. The Company’s liquidity position now totals $1.7 billion.
Second Avenue Capital Partners, LLC (“SACP”) (www.secondavecp.com) announced it has closed on a $17,000,000 senior secured credit facility to Crown & Caliber, an online marketplace leader in authenticated pre-owned luxury watches. The credit facility will be used to support growth opportunities and provide additional working capital.
In January, Gerber Finance announced the completion of its CEO succession strategy, naming longtime president Jennifer Palmer as CEO with Founder Gerald Joseph transitioning to his new role as strategic advisor and chairman of the board.
In a letter to Treasury Secretary Steven T. Mnuchin and Federal Reserve Chairman Jerome H. Powell, SFNet CEO Rich Gumbrecht provided recommendations to help facilitate the objectives of the newly introduced Main Street Expanded and New Loan Facilities as set out by the Federal Reserve. Given that many of the potentially eligible borrowers who would benefit from the Programs have existing collateralized debt, SFNet reasoned that it is critical that the Programs specifically address the relationship between existing secured loans and the additional loans provided for in the Programs. The inability to do so would “limit access to this critical source of capital, imperiling jobs and jeopardizing economic recovery”. The benefit of clarifying and amending these protections would “mitigate the current economic hardship being experienced by [Main Street companies] and bolster this critical part of the capital supply chain”. SFNet further positioned that non-depository lenders should be eligible lenders to maximize the benefit of the Programs.
Click here to view the letter.
Gordon Brothers, the global advisory, restructuring, and investment firm, announced today the appointment of Steven Holstein as Head of Business Development.
As Head of Business Development, Holstein will be responsible for building, driving, and leading global business development, including research, sales, and marketing strategies.
- Debt covenant amended
- Raised $120 million in additional revolver capacity
- Total liquidity position of $3.8 billion
- Cost reduction program launched with target 2020 savings of $500 million
I hope you had a safe and peaceful weekend as many of us celebrated the Passover and Easter holidays and found some respite from the crisis in our friends, families and communities. Events continue to unfold at a rapid pace, and I’d like to bring you up to speed on what our association is doing to analyze and share information and influence outcomes to support our collective interests. Our priority remains to attend to the well-being of our SFNet community and to fulfill our mission of putting capital to work.
On the legislative and regulatory front, we have focused our Advocacy resources on three imperatives.
On March 27, 2020, Congress approved the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The CARES Act includes extensive provisions to address the current public health crisis, including, among other things, $349 billion of commitments for general business loans under Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) through June 30, 2020 under Title I of the CARES Act, titled “Keeping American Workers Paid and Employed Act,” which sets out the terms for the “Paycheck Protection Program.”
The Paycheck Protection Program has been of particular interest to members of Secured Finance Network because it provides potential interim financing for small businesses that are typical borrowers from many member lenders.
Following up on the description in the articles above here are answers to some frequently asked questions from members of the Secured Finance Network.
Gordon Brothers, the global advisory, restructuring, and investment firm, announced today the appointment of Laurence Sax as Chief Operating Officer.
As COO, Sax will lead Gordon Brothers’ finance, accounting, treasury, financial planning, corporate development, and information technology functions. He brings over 30 years of operating, finance, and turnaround and restructuring experience to the firm.
U.S. health officials say Americans should wear masks in public to combat the coronavirus. Financial support by CIT Group Inc. (NYSE: CIT) is helping two California apparel makers create masks that protect with style. Sanctuary Clothing and Karen Kane, both Los Angeles-based clients of CIT's Commercial Services business, have rolled out stylish face masks that can be worn by consumers to provide another layer of protection against COVID-19 transmission when out in public. Both clothing companies are using proceeds from sales of fashion masks to help finance donations of masks to hospitals and other healthcare facilities.