Articles

Factoring is an age-old form of financing providing companies with much-needed cash.

It takes money to make money, as any business owner knows. But many small businesses also know what it’s like to be turned down by a bank for a loan or line of credit, not get as much as they need, or simply not get the cash quickly enough to take advantage of an opportunity.

White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced today that it is expanding its retail offering with the formation of its new National Retail Finance Group to meet the growing demand for custom funding solutions by retail companies pivoting their business models to meet fast-changing market trends, including the industry’s increased investment in ecommerce.

The White Oak teams driving the effort span the U.S. and include this newly formed group led by Bill Kearney, as well as senior regional executives Martin Efron, Charles Sharf, and Gino Clark.

Siena Healthcare Finance recently led a $35.0MM asset-based line of credit for a home health company based in New York. The line will be used to support acquisitions and provide working capital for ongoing operations and growth initiatives.

The Company serves over 7,000 clients and provides care to people in their homes or communities, including personal care and companionship, skilled nursing, post-op care, pediatric care, specialized care, and therapy care in the five boroughs of New York City.

CIT Group Inc. (NYSE: CIT) today announced that its Equipment Finance business, part of the Business Capital division, has hired new business development leaders for the Northeast, West and Southwest regions.

Wayne Wagner, Mark Johnson and JP DeStefano join CIT as vice presidents for business development on the Industrial team, where they will be responsible for developing dealer relationships throughout the Northeast, West and Southwest, respectively. All will report to Harold Ray, who directs industrial finance for the Equipment Finance business.

Nneoma Maduike, member of SFNet’s Diversity, Equity & Inclusiveness Committee interviews Anthony C. Hood, PhD, executive vice president and chief diversity, equity and inclusion officer of First Horizon National Corp. Dr. Hood is responsible for cultivating and expanding First Horizon’s strategic leadership in developing and implementing programs and initiatives that advance the Company’s Diversity, Equity and Inclusion (DEI) efforts.

Bitcoin-mania appears to have no limit, including entering corporate balance sheets with Tesla’s move to buy $1.5 billion worth of the cryptocurrency. By doing so, Tesla joins Square and MicroStrategy as a public company with a large bitcoin exposure. The increased bitcoin presence, however, also creates some significant questions that requires answers from corporate financial advisers and the companies themselves.  

Laura Kemper Glass, vice chair of SFNet’s WISF Committee, is senior vice president and senior portfolio manager for Bank of America Business Capital (BABC), part of the Wholesale Credit division at Bank of America.  

Based in Atlanta, Glass is responsible for the asset-based lending portfolio in the Eastern United States and Europe.  In this role, she leads a team of credit professionals responsible for managing a $20 billion portfolio of credit commitments in the asset-based lending plus related products and solutions.   The team serves clients in a wide range of industries primarily in the middle market and large corporate space.

Here she discusses her career trajectory and current position, leadership and what the finance industry can do to improve diversity.

CIT Group Inc. (NYSE: CIT) today announced that it has hired Calvin Navatto as a business development officer in its Commercial Services business.

Navatto will be based in New York City and focus on business development across a wide range of business verticals supported by Commercial Services, including apparel, footwear, housewares, consumer electronics, health and beauty aids and more.

CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy business served as lead arranger for approximately $185 million in financing for a 66-megawatt portfolio of community solar projects.

The financing was arranged on behalf of Clearway Energy Group, one of the largest developers and operators of clean energy generation facilities in the U.S.

The portfolio consists of 19 separate projects totaling 66 megawatts of solar generation capacity located in Massachusetts, Illinois and New York State.

The Consolidated Appropriations Act, 2021, an omnibus stimulus and budget act that includes the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), was enacted on December 27, 2020.  The Economic Aid Act amends, extends and expands several key stimulus programs as summarized below.

CIBC Innovation Banking today announced it has extended a $15 million credit facility to Yello, a provider of early talent acquisition and recruiting scheduling software. The credit facility will be used to support Yello's continued growth as it further establishes itself with organizations seeking to hire the best and most diverse talent.

Yello is a Chicago-based portfolio company of JMI Equity and First Analysis. Financing was provided by CIBC Bank USA, CIBC's US banking subsidiary.

SFNet’s Annual Convention was held in Austin from November 9-11.  This article provides an overview of the key topics addressed. 

Listening to Convention keynoter Peter Zeihan’s geopolitical perspectives is a reminder of the many global and economic disruptors possible and all that one can’t control. However, in keeping with the event’s theme of "Mastering Disruption, Putting Capital to Work in the New Global Environment,” the breakout sessions triggered healthy discussion about what a new global environment for lending could look like, how data could be more strategically used to protect cross-border interests or prevent fraud, and how new supply chain models are forming. The factoring and asset-based lending sessions presented ways to master their markets while facing recessionary headwinds.

Besides the many opportunities to network with peers and clients, attendees in Austin, TX, could absorb others’ views on economic conditions affecting the industry and dive into niche topics of strategic importance.

Citizens Bank announced today that it has provided a $290 million Revolving Line of Credit to Boca Raton, Fla.-based International Materials, Inc.

Founded in 1987, International Materials, Inc. (IMI) operates as a global broker/trader of bulk commodity materials, most notably cement/clinker, gypsum, bauxite, iron fines and coal/pet coke and will use the $290 million RLOC for working capital.

The COVID-19 pandemic caused ecommerce to transition from “convenient” to “essential,” but what does the post-pandemic world hold for this sector?

Gordon Brothers, the global advisory, restructuring, and investment firm, announced today that it has provided a $20 million secured term loan facility to Brooks Brothers Group, Inc, the prototypical American apparel retailer headquartered in New York, New York.  A family business founded in 1818, the company has grown into a truly global brand with stores across the United States and Canada as well as a footprint that spans over 70 countries.  

MGP Ingredients, Inc. (MGPI), a leading supplier of premium distilled spirits and specialty wheat proteins and starches, today announced it has entered into a five-year $300 million revolving credit facility with a syndicate of lenders led by Wells Fargo Bank, N.A. (“Wells Fargo”). The new facility replaces the Company's $150 million credit facility with Wells Fargo and increases its credit availability by $150 million.

On April 30, 2020, the Federal Reserve announced that it is expanding eligibility to participate in the Federal Reserve’s Paycheck Protection Program Liquidity Facility (the “PPPLF”) to all lenders eligible to originate Paycheck Protection Program loans.[1]  The PPPLF permits eligible PPP lenders to pledge PPP loan notes to the Federal Reserve in exchange for a low interest, non-recourse loan from the Federal Reserve in the amount of the pledged PPP loan note. 

Program Update

When originally announced, the PPPLF was only available to PPP lenders that are depository institutions.  Now, all PPP lenders approved by the SBA, including banks, credit unions, Community Development Financial Institutions, members of the Farm Credit System, small business lending companies licensed by the SBA, and some financial technology firms, are eligible to participate in the PPPLF.