Articles
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What Are the Top Cybersecurity Concerns for 2022?
Jul 18, 2022With 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.
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Ares Commercial Finance Has Provided a $40 Million Senior Secured Cross-Border Credit Facility to PlayMonster LLC
Jul 18, 2022Ares Commercial Finance announced today that it has provided a cross-border, $40 million senior secured credit facility to PlayMonster LLC. The credit facility consists of an asset based revolving line of credit secured by assets in both the US and UK. Proceeds of the credit facility were used to refinance existing indebtedness and for ongoing working capital to support growth.
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Great Rock Capital Names Chief Commercial Officer
Jul 18, 2022Great Rock Capital is pleased to announce the promotion of Jim Clifton to Chief Commercial Officer. Jim will be based in Chicago and is responsible for expanding the firm’s origination efforts and strategic relationships across North America.
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Huntington Business Credit Closes a $175 Million new Credit Facility With Second Avenue Capital Partners, LLC
Jul 14, 2022Huntington Business Credit acting as Administrative Agent, Bookrunner and Lead Arranger announced it closed a $175,000,000 new credit facility with Second Avenue Capital Partners, LLC on June 27, 2022. Proceeds of the facility were used to refinance existing indebtedness and provide ongoing growth financing.
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Encina Lender Finance Expands and Strengthens Senior Management Team With Addition Of Four Industry Veterans and Key Promotion
Jul 13, 2022Encina Lender Finance, LLC (“ELF”) announced today a significant expansion to its executive leadership team designed to bolster the company’s position as a leading nonbank lender finance platform serving both commercial and consumer specialty finance companies in the U.S. and Canada.
The new hires are: Edward Chang - chief executive officer; Mark Kassis - head of Risk Management, Commercial Vertical; Bill Laird – head of Risk Management, Consumer Vertical and David Mattei – managing director, Funding Strategy. Additionally, John Thomas was promoted to president and chief operating officer.
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Solifi Names Mithu Bhargava as President
Jul 12, 2022Solifi™, a global fintech software partner for secured finance, announced that Mithu Bhargava joined the company as its first president. In this newly created position on the Solifi executive team, Bhargava brings more than 20 years of operational leadership to drive the delivery of scalable, sustainable, high-performing software-as-a-service (SaaS) products for the secured finance industry. -
Anthony Lavinio Joins Entrepreneur Growth Capital as President
Jul 12, 2022Entrepreneur Growth Capital (“EGC”), headquartered in New York City, announced today that Anthony Lavinio has joined the company and has been named President of the organization. Anthony will focus on growing the business while leading the team in structuring financing solutions to small and lower middle market businesses.
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Coming Into Focus - TSL Inaugural Data Issue
Jul 7, 2022Welcome to The Secured Lender’s first ever Industry Data Issue. Over the past several years, SFNet has invested heavily in data resources designed to improve planning, provide competitive benchmarking, and attract capital to our industry. Through resources like our groundbreaking Market Sizing and Impact Study, which dimensioned the secured finance ecosystem and will be refreshed this year, to our quarterly and annual data surveys, which continue to grow in participation, to our forward looking Market Pulse Reports, we have made great strides in capturing, analyzing, and predicting industry trends by the numbers.
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Ares Commercial Finance Provides a Senior Secured Credit Facility to Hint, Inc.
Jul 7, 2022Ares Commercial Finance announced today that it has provided a senior secured credit facility to Hint, Inc. The credit facility consists of an asset based revolving line of credit. Proceeds of the credit facility were used to refinance existing indebtedness and for ongoing working capital to support growth.
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REV Capital Announces New Commercial Finance Division with Strategic Appointment
Jul 6, 2022REV Capital, the leading provider of factoring & cashflow financing in Canada and the United States announces a new Commercial Finance Division along with the appointment of Mark Dubs as President – Eastern Division.
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SFNet Launches In the Know Video Podcast
Jul 5, 2022The Secured Finance Network is excited to launch a new video podcast today, in partnership with respected industry veteran Barry Bobrow, and sponsored by Hilco Global. “Our members continue to seek valued insights on issues critical to their businesses,” said SFNet CEO Rich Gumbrecht. “This new resource will complement existing sources of expert analysis and information SFNet provides to our community in an energizing new format.” -
Birch Creek Development Secures $250 Million Loan Facility from Fundamental Renewables
Jul 5, 2022Birch Creek Development LLC ("Birch Creek") and Fundamental Renewables, an established provider of debt financing for renewable energy projects, today announced an agreement in which Fundamental Renewables will increase its existing credit facility with Birch Creek to $250 million.
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SFNet Launches In the Know Video Podcast
Jul 1, 2022The Secured Finance Network is excited to launch a new video podcast today, in partnership with respected industry veteran Barry Bobrow, and sponsored by Hilco Global. “Our members continue to seek valued insights on issues critical to their businesses,” said SFNet CEO Rich Gumbrecht. “This new resource will complement existing sources of expert analysis and information SFNet provides to our community in an energizing new format.”
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Citizens Leads $1.8 Billion Asset-Based Senior Credit Facilities for PRO Unlimited
Jun 30, 2022
Citizens announced that it has provided incremental financing to San Francisco-based PRO Unlimited Global Solutions Inc. PRO Unlimited is currently owned by EQT Partners.
Established in 1991, PRO Unlimited is a leading provider of end-to-end contingent workforce management solutions to a broad range of global clients and has been a Citizens client for more than 10 years.
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Summary of Approved California Regs
Jun 28, 2022As many of our members are aware, legislation is popping up around the country requiring providers of commercial financings to make certain disclosures to their clients with respect to the costs associated with a commercial financing product being provided to a borrower. The first such legislation was introduced in California in 2018 by Senator Steve Glazer, which impacted commercial financing products for $500,000 or less. -
Stepan Company Executes $450 Million Credit Facility Agreement
Jun 27, 2022Stepan Company (NYSE: SCL), announced today that it has entered into credit agreement providing for a five-year committed $350 million multi-currency revolving credit facility and a $100 million delayed draw term loan facility with a syndicate of banks. JPMorgan Chase Bank, N.A. and BofA Securities, Inc. acted as joint lead arrangers.
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Brian Daray Joins Republic Business Credit as SVP, Head of Underwriting
Jun 27, 2022
Republic Business Credit is proud to announce that Brian Daray has joined the company as Senior Vice President, Underwriting Manager, at its headquarters in New Orleans.
Brian adds tremendous value to Republic’s ambitious growth plans as he leads the company’s seasoned underwriting team across the United States. Brian’s responsibilities include underwriting, structuring, and managing the successful funding of new clients while supporting Republic’s growing suite of products across its national commercial finance platform.
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Natixis Corporate & Investment Banking Provides $140 Million Revolving Credit Facility to a Rialto Capital Management and YourStorageUnits JV
Jun 22, 2022Natixis Corporate & Investment Banking announced today that it has provided a $140 million secured revolving credit facility to a JV between Rialto Capital Management and YourStorageUnits.
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SFNet Presents Results of Groundbreaking Diversity, Equity and Inclusiveness Survey on June 28
Jun 22, 2022
Members of SFNet’s Diversity, Equity and Inclusiveness Committee will discuss the results of SFNet’s much-anticipated, groundbreaking DEI benchmarking study of the secured finance industry.
Betty Hernandez, CCO, SLR Business Credit and chair, SFNet DEI Committee, will serve as moderator. Panelists will include Richard Gumbrecht, CEO, Secured Finance Network; Terry Keating, CEO, Access Capital, Inc.; Lizzy Diaz-Ortiz, JD, CRCM, vice president and senior advisor, Governance & Inclusion, BMO Financial Group; Nicole N. Richardson, distinguished professor, Professional Practice, Rutgers University; and Courtney Hazzard, Data Services Consulting, Rutgers University. -
Siena Lending Group LLC Announces the Promotion of Longtime Team Members Scott Elliotto and Jason Schick
Jun 21, 2022Siena Lending Group LLC ("Siena") is pleased to announce the promotion of longtime team members Scott Elliotto and Jason Schick, who will play key roles in helping the company build on the success of its Healthcare Finance division. In addition to his current role as the Senior Managing Director of New Business Originations at Siena Lending Group, Scott will serve as the CEO of Siena Healthcare Finance.
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