CIT Commercial Services , a subsidiary of First Citizens Bank, today announced that it increased a New York-based fashion company’s discretionary lending facility to $100 million to support the acquisition of an entity that specializes in children’s apparel. 

Siena Healthcare Finance is pleased to announce the addition of Ashley Nelson as VP, Western Region Business Development Officer. In her new role, Ashley will be responsible for leading new healthcare originations in the Western United States.

(Editor’s Note: SFNet held a webinar on the California Financial Disclosure regulations on July 7. SFNet members can watch this webinar here. SFNet’s Advocacy Committee, under the guidance of Hamid Namazie of McGuireWoods, has engaged Hudson Cook, LLP to create a compliance guide for SFNet members. If you have questions, please contact Michele Ocejo at mocejo@sfnet.com.)

Commercial financing providers in California will soon need to comply with detailed disclosure requirements when making an offer of commercial financing to potential borrowers. The California Department of Financial Protection and Innovation’s final implementing regulations for the state’s commercial finance disclosure law (CFDL) become effective on December 9, 2022. Other states that have been considering or already passed a CFDL—including New York—have been awaiting release of California’s regulations and are anticipated to soon release similar regulations.

SFNet's International Finance and Development Committee has recently announced the launch of its ABL Cross-Border Database.  The database is a comprehensive compilation of information from publicly available credit agreements in large cross-border asset-based loans. The database currently includes 61 transactions, representing all ABL cross-border transactions closed and filed with the SEC from 2011 to present (excluding those transactions involving only the United States and Canada), and will be updated regularly to cover new transactions. 

In connection with the significant expansion of its capital base, EPC also announced it has hired Michael Hensinger as its President & Chief Commercial Officer.

CIT, a division of First Citizens Bank, has named Randy Lederman as a managing director for business development activities across the Northeast for CIT Northbridge Credit LLC, a joint venture advised by CIT Asset Management LLC.

Based in New York, Lederman will be responsible for sourcing new asset-based loan opportunities from $15 million to $150 million with business borrowers across a range of credit profiles. His appointment represents CIT Northbridge’s continued dedication to serving client and referral sources in the northeast.

CIT, a division of First Citizens Bank, today announced that its Power and Energy business arranged $88 million in financing for a 173-megawatt stand-alone merchant battery storage facility in Texas.

The borrower, Wolf Tank Storage, is an affiliate of Aypa Power Development, which develops, owns and operates numerous utility-scale energy storage and hybrid renewable energy projects that assist in the decarbonization of the electrical grid. Aypa Power is a portfolio company of Blackstone Inc.

Mark Forrest has joined Gordon Brothers, the global advisory, restructuring and investment firm, as Director, Business Development.

Forrest will expand Gordon Brothers’ integrated service offerings and presence in the Midwest. With over 25 years of experience in corporate finance, capital markets and lending, he will work with private equity, investment banking and asset-based lending professionals in Illinois, Indiana, Iowa, Minnesota, Michigan, Wisconsin and Northern Ohio to identify valuation, disposition and lending opportunities for the firm.

With the second half of 2022 underway, it is a good time to evaluate cybersecurity issues and concerns. The cybersecurity front continues to be an area of significant risk for businesses. In this article we will explore recent trends, and specific industries at more risk of attack. For a perspective on the dollar impact, the largest payment in 2021 was a $40 million payment made by an insurance company. For a perspective on number of attacks, there is a cyber-attack every 11 seconds.

The National Cyber Security Alliance estimated that 60% of small businesses fail within six months of an attack.