TSL Express Daily Articles & News
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Factoring Sector Slightly More Optimistic as Industry Expects Better Business Conditions and Portfolio Performance
While lenders experienced subdued demand for factoring in 2023, reflecting soft consumer retail spending and a cautious retailer approach to inventory management, the Secured Finance Network (SFNet) Year-End Factoring Survey found that overall factoring sentiment improved somewhat last year, up 6.0, to 64.8 where 50 indicates a neutral outlook.
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Navigating the Roadblocks: Challenges and Progress in the U.S. Electric Vehicle Revolution
As the automotive industry moves toward electrification, lenders face an uncertain path forward. The successful transition to EVs will require substantial investment at all levels, from charging technology and coverage to dealership infrastructure. As the effect on total cost of ownership unfolds, the residual value models that underpin the entire industry will need to be redefined, impacting financing and leasing. Lenders to the mobility sector should be prepared for further disruption which will provide either opportunities or create credit challenges as companies navigate this dynamic landscape.
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U.S. Bancorp Promotes Gunjan Kedia to President
May 6, 2024U.S. Bancorp (NYSE: USB), parent company of U.S. Bank, announced today that Gunjan Kedia will be its new president, reporting to Andy Cecere, who will retain the title of chairman and CEO.
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Bowman Closes On $100 Million Revolving Credit Agreement
May 6, 2024Bowman Consulting Group Ltd. (“Bowman” or “the Company”) (NASDAQ: BWMN), today announced it entered into a $100 million aggregate revolving credit agreement with Bank of America, N.A, as Administrative Agent, and TD Bank, N.A., as Syndication Agent (the “Credit Agreement”).
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Charles River® Appoints Vin Bhat as New Head of Asia-Pacific
May 6, 2024Charles River Development (CRD), a State Street Company, has appointed Vinayak Bhat (Vin) as senior vice president (SVP), head of Asia Pacific (APAC), where he will be responsible for all business oversight within the region and collaboration with State Street Alpha®, the first front-to-back asset servicing platform from a single provider for institutional investors.
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Small Business Subchapter V Elections Increase 60 Percent In April Over the Same Period Last Year
May 6, 2024Small business filings, captured as subchapter V elections within chapter 11, increased 60 percent to 233 in April 2024 from 146 in April 2023, according to data provided by Epiq AACER, the leading provider of U.S. bankruptcy filing data.
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Bastion Management Closes $50 Million Facility with Cashco Financial
May 6, 2024Bastion Management ("Bastion"), a private investment firm focused on asset-based lending in the specialty finance sector, announced today that it agented a senior debt investment of $50 million in Cashco Financial ("Cashco") to refinance an existing senior lender and fund future growth of their Canadian consumer lending portfolio.
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KeyBank Survey Finds Signs of Confidence with Small Business Owners Coupled With Concerns about Inflation, Fraud and Political Noise
May 6, 2024Often the first to feel the effects of inflation and economic volatility, small business owners are optimistic about their businesses, even as economic challenges remain. KeyBank's 2024 Small Business Survey found that 65% of small business owners feel confident they could fund their operating expenses for one month with their cash reserves, if an unexpected need arose.
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Sunflower Bank Announces Expansion in Southern California With Hiring of Regional President James Canepa and Experienced Commercial Banking Teams
May 6, 2024James Canepa joined Sunflower Bank in April 2024 to lead the new teams as Executive Vice President & Regional President. In this role, Canepa is responsible for the strategy, management and growth of Sunflower Bank’s commercial banking, private banking and wealth management services in greater Los Angeles, Riverside, San Bernadino, Orange and San Diego Counties.
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Edelstein & Company Combines with EisnerAmper
May 6, 2024Global business advisory firm EisnerAmper announces that the partners and colleagues of Boston, Massachusetts-based CPA firm Edelstein & Company, LLP, are joining EisnerAmper in a combination expected to close in June 2024.
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SVB Financial Group Enters into Definitive Agreement for the Sale of SVB Capital
May 6, 2024SVB Financial Group (Pink Sheets: SIVBQ) today announced that it has entered into a definitive agreement under which a newly created entity affiliated with Pinegrove Capital Partners ("Pinegrove") and backed by permanent capital from Brookfield Asset Management ("Brookfield") and Sequoia Heritage, will acquire the Company's investment platform business, SVB Capital.
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1st Source Corporation Announces the Promotion of Andrea Short to President
May 6, 2024Christopher J Murphy III, Chairman and CEO of 1st Source Corporation and Chairman of 1st Source Bank announced today that as part of 1st Source’s long-term succession planning, the Board of 1st Source promoted Andrea G. Short to President of 1st Source Corporation.
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Encina Lender Finance Provides $25 Million Senior Credit Facility to Consumer Unsecured Installment Lending Platform
May 6, 2024Encina Lender Finance, LLC announced today that it has closed a $25 million senior credit facility for a consumer unsecured installment lending platform with a 20+ year track record.
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OneEthos Technology Supports $100 Million in Solar Loan Originations for Climate First Bank
May 2, 2024OneEthos, the only mission-driven, B Corp, Federal Reserve Bank-regulated fintech in the US specializing in climate finance today announces that its sustainable finance platform has produced $100 million in consumer solar loan originations for the Climate First Bank.
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Davis Polk Welcomes Leading Finance Partner Luke McDougall in London
May 2, 2024Davis Polk today announced that prominent leveraged finance practitioner Luke McDougall will join the firm as a partner in the Finance practice based in London.
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eCapital Injects $5MM Funding Boost, Paving the Way for Medical Supplier's US Debut
May 2, 2024eCapital Corp. (“eCapital”), a leading tech-enabled finance provider specializing in tailored solutions for businesses across North America and the United Kingdom, is pleased to announce the closing of a $5 million non-notification ledger line factoring facility for a private equity-backed medical supply company.
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Gridiron Capital Promotes Hank Barrett to Vice President
May 2, 2024Gridiron Capital, LLC (“Gridiron Capital” or “Gridiron”), an investment firm focused on partnering with founders, entrepreneurs, and management teams, is pleased to announce that Hank Barrett has been promoted to Vice President.
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Monroe Capital Supports Valudor Products, LLC’s Acquisition of LidoChem, Inc.
May 2, 2024Monroe Capital LLC (“Monroe”) announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility and equity co-investment to support the acquisition of LidoChem, Inc. (“LidoChem”) by Valudor Products, LLC (“Valudor Products”).
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Getzler Henrich Names Ann Huynh Managing Director and Co-Head of Houston Office
May 2, 2024Ann Huynh has joined Getzler Henrich & Associates LLC, (getzlerhenrich.com), one of the nation’s oldest and most respected middle-market corporate restructuring and operations improvement firms, as a Managing Director and Co-Head of the firm’s Houston office.
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Alleon Healthcare Capital Provides a $1,000,000 Accounts Receivable Factoring Facility to a NY based Home Infusion Nursing Company
May 2, 2024Alleon Healthcare Capital (“Alleon”), a specialty finance company focused on providing healthcare accounts receivable financing, medical accounts receivable factoring, and cash flow solutions to medical providers in the U.S., recently closed a $1,000,000 accounts receivable factoring facility with a home infusion nursing company in New York (“Company”).
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Ares Management Corporation Reports First Quarter 2024 Results
May 2, 2024Ares Management Corporation (NYSE:ARES) today reported its financial results for its first quarter ended March 31, 2024. GAAP net income attributable to Ares Management Corporation was $73.0 million for the quarter ended March 31, 2024. On a basic and diluted basis, net income attributable to Ares Management Corporation per share of Class A and non-voting common stock was $0.33 for the quarter ended March 31, 2024.
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Houlihan Lokey Healthcare Group Adds Experienced Hire
May 2, 2024Houlihan Lokey, Inc. (NYSE:HLI), the global investment bank, announced today that Erik Kistler has joined the firm’s Healthcare Group as a Managing Director. Based in New York, Mr. Kistler will cover selected areas within healthcare retail multi-site, physician practices, and pharma services.
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