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The Single Group Facility: Simplifying Cross-Border Receivables Finance
Nov 21, 2022In November of 2021, SFNet announced its first Cross-Border Finance Essay Contest, sponsored by Goldberg Kohn Ltd. Members of SFNet’s International Finance and Development Committee judged the essay submissions on content, originality, clarity, structure and overall contribution to furthering and expanding understanding and discourse within the field of cross-border finance. This essay is the first-place essay.
The authors of the winning essays have been invited to participate on a panel at SFNet’s 78th Annual Convention in Austin, TX, Nov. 9-11. The third place essays were published in the September issue of TSL and the second place winner was published in the October issue. -
Accord Financial Unites Middle Market Financing, Names Jim Hogan President, U.S. Commercial
Nov 17, 2022Accord Financial Corp., one of the U.S. and Canada’s leading independent commercial finance companies ("Accord") (TSX: ACD) announced a realignment plan to better support the organization’s continued growth among middle market businesses, uniting all U.S. commercial financing programs under one umbrella. “Middle market companies are and have been a major growth engine for the U.S. economy,” stated Simon Hitzig, President, Accord Financial. “This reorganization will allow us to better support our clients as they face both challenges and opportunities when growing and sustaining their businesses.”
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Disbanding the Change-Prevention Committee
Nov 16, 2022
The way an organization handles change is critical to its success, particularly during periods of uncertainty. In the year 500 B.C., the Greek philosopher Heraclitus observed that life was in flux, with everything constantly on the verge of becoming something else. He noted that resisting this natural flow was a hindrance to progress and growth in all aspects of life.
Resistance, however, has proven to be a very normal human response to change over the centuries and in organizations today, often manifests itself in the form of the formidable Change-Prevention Committee.
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Bell Bank Establishes Bell Business Credit
Nov 16, 2022
Bell Bank announces the launch of Bell Business Credit, a national specialty lending team providing asset-based lending and factoring services ideally suited for working capital intensive companies that generate $2 million to $120 million in annual revenue.
Led by industry veterans Kei Lehigh, who serves as president, and Matt Howe, director of credit and operations, Bell Business Credit further expands Bell Bank’s commercial finance and specialty lending areas. Lehigh and Howe bring to Bell more than 50 years of combined commercial lending experience in this niche.
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California Bank of Commerce Creates New Specialty Banking Division
Nov 15, 2022California Bank of Commerce (CBC) has formed a new division to focus on existing specialty lines of business. The division will look to expand both credit and treasury solutions to the Bank’s commercial markets. Known as CBC Specialty Banking, the division offers a broad asset-based lending platform, CBC Asset Based Lending, ranging from turnarounds to early- and mid-stage companies through acquisitions (both sponsor and non-sponsor). It also includes the Bank’s existing sponsor finance products, now called CBC Sponsor Finance, working with private equity firms, SBICs and direct lenders to leverage cash flow for acquisitions.
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CohnReznick Hires Two Senior Leaders for Expanding Value360 Practice
Nov 14, 2022CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, today announced that Virginia Schnippel, Principal, Valuation Advisory Services, and Aaron Kolko, Managing Director, Transaction Advisory Services, have joined the firm’s rapidly expanding Value360 practice. Value360 offers a full spectrum of advisory services to businesses at key points throughout their life cycle.
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Great Elm Capital Corp. Partners with Berkadia to Launch Healthcare Finance Venture
Nov 14, 2022Great Elm Capital Corp. (“we,” “us,” “our,” or “GECC,”) (NASDAQ: GECC), a business development company, today announced that it has launched Great Elm Healthcare Finance, LLC (“GEHF”) with an affiliate of Berkadia Commercial Mortgage, LLC (“Berkadia”) as its strategic minority partner. Led by healthcare finance veteran, Michael Gervais, and a management team with significant healthcare expertise, GEHF will also be supported by Great Elm Specialty Finance’s existing infrastructure.
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SFNet's 2022 Hall of Fame Profiles
Nov 10, 2022On the following pages, we honor the industry icons who have been inducted into the 2022 SFNet Hall of Fame. We all owe a debt of gratitude to these leaders. Although they represent the industry during various periods of time, they have all made critical contributions to secured finance and deserve our appreciation for making the industry and our association what it is today.
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Santander Commercial Banking Appoints Two New Leaders
Nov 10, 2022Santander Bank, N.A. today announced the appointments of Donna Cleary to Market Manager and Jim Bravyak to Head of Underwriting & Portfolio Management. In her new role, Cleary will lead an additional team of bankers to focus on the vast opportunity with middle market companies in the New York City and Long Island markets. Bravyak will assume Cleary’s previous role, leading Underwriting and Portfolio Management.
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Rosenthal Closes Multiple Factoring Transactions
Nov 9, 2022Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending, purchase order financing, d2c and e-commerce inventory financing firm in the United States, today announced the completion of several factoring transactions that will help to address working capital needs, mitigate risk and support growth opportunities for clients across multiple sectors.
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Funding in the Food Circle – the Winds of Change
Nov 8, 2022
Food. It’s at the heart of all our lives. We love it – we think about it – we plan it – we talk about it.
Never before has there been so much focus on food: where it comes from, how much it costs and how to keep getting it. Just about all of us who have recently bought groceries think: “Wow – that’s a lot more expensive than it was last year.” When I said that recently to a good friend, she responded that this must be due to inflation and Ukraine. I thought: that is too simple an answer.
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Outset Medical Secures Up To $300 Million in Debt Financing
Nov 7, 2022Outset Medical, Inc. (Nasdaq: OM)(“Outset”), a medical technology company pioneering a first-of-its-kind technology to reduce the cost and complexity of dialysis, today announced that it has entered into two senior secured credit facilities with investment affiliates managed by SLR Capital Partners, LLC (“SLR”) which collectively provide for borrowings of up to $300 million, comprising up to a $250 million term loan facility and up to a $50 million asset-based revolving credit facility.
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Barry Bobrow Joins Regions Business Capital (RBC) as Managing Director, Head of Credit Markets
Nov 7, 2022
Regions Business Capital (RBC) announces that Barry Bobrow has joined as Managing Director, Head of Credit Markets. Barry brings over 35 years of banking experience to this new role, including significant leadership positions in asset-based lending and debt capital markets.
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Interview with Michael Scolaro, BMO Commercial Bank ABL
Nov 3, 2022As part of our series of executive interviews, Charlie Perer sits with Michael Scolaro, managing director and asset based group head for BMO Commercial Bank ABL, to hear his perspective on the state of the BL market, bank vs. non-bank competition, the future of ABL, executive development and competition, among other things.
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ePlus Expands Credit Facility
Nov 2, 2022ePlus inc. (NASDAQ NGS: PLUS – news) a leading provider of technology and financing solutions, today announced that its wholly-owned subsidiaries ePlus Technology, inc., ePlus Technology Services, inc. and SLAIT Consulting, LLC (collectively, the "Borrowers") recently entered into an amendment to their credit agreement with their lenders (the "Lenders") for which Wells Fargo Commercial Distribution Finance Corporation ("WFCDF") acts as administrative agent.
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Talk of Wave of Borrower Defaults Overblown
Nov 1, 2022Will the long-predicted wave of defaults come to fruition? Key players in the industry provide their perspectives.
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Rosenthal Completes $13 Million in Transactions for Clients Across Multiple Industries
Nov 1, 2022Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending, purchase order financing, d2c and e-commerce inventory financing firm in the United States, today announced the completion of several transactions, including an asset based lending deal and three deals for Rosenthal’s newest division, Pipeline, serving e-commerce and direct-to-consumer businesses. The funding and financing facilities will help to address clients’ working capital needs and support various growth opportunities.
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SFNet Creates the SFNet Guide to the California Commercial Finance Disclosure Laws and Regulations
Oct 31, 2022SFNet is pleased to provide its members with what it believes is the most comprehensive Guide to complying with the controversial new California Disclosure Regulations for Commercial Finance Transactions that go into effect December 9, 2022. The Regulations apply to non-regulated commercial institutions offering financial transactions of $500,000 or less to California borrowers.
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What Does The Second Year of Inflation Tell Us?
Oct 27, 2022
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Phoenix Lending Survey Results Reveals Inflation is Driving Economic Conditions and Consumer Spending
Oct 27, 2022Phoenix’s Q3 2022 “Lending Climate in America” survey asked lenders to identify that greatest factor driving the softening global economic conditions. The majority of lenders, seventy-five percent, believe inflation is the greatest factor. Seventeen percent of the lenders surveyed believe that global supply chain issues is the greatest factor. Of the lenders surveyed, eight percent believe the war in Ukraine is the greatest factor driving the softening global economic conditions.
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