Articles

FTC Commercial Corporation was launched in 2002 with a strong focus on small and medium-size enterprise. Co-founder Ken Wengrod tapped into his experience, having worked in factoring and retail to create a company that understands the entire trade cycle of manufacturing and importing.

Wells Fargo Equipment Finance (WFEF), a division of Wells Fargo Commercial Capital (WFCC), announced the appointment of three key leaders in its Specialty Industries business unit, led by Executive Vice President Byron Payne.   

As the Secured Finance Network and its members have examined the Main Street Lending Program, there have been two aspects of the program in particular that have been identified as impacting on the utility of the program for borrowers from asset-based lenders. 

Both points, along with some others, have been raised in letters from the Secured Finance Network to the Department of the Treasury and the Federal Reserve.  And the Secured Finance Network has followed up with specific questions to Treasury arising from the “Main Street Lending Program Frequently Asked Questions” published on July 31, 2020 by the Federal Reserve Bank of Boston (the “FAQs”) in understanding what is permitted under the Program that could significantly impact how it may be used with an asset-based facility.

As of March 31, 2021 the US Bureau of Labor Statistics reported 8.1 million job openings, with 3.1 million open jobs in the south, 1.8 million jobs in the west, 1.3 million jobs in the northeast and 1.8 million jobs in the Midwest. Private job openings are 7.3 million of the total job openings, with 0.8 million government jobs open. The private job openings are across all industries.

The unemployment rate by state varies dramatically from 2.9% in Nebraska, South Dakota, Utah and Vermont to 8.3% in California, Connecticut, and New Mexico, 8.5% in New York and 9.0% in Hawaii. The overall unemployment rate is 6.1%.

Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of health care solutions to office-based dental and medical professionals, today announced that it has closed on a new credit facility totaling $700 million, with JP Morgan Securities LLC and U.S. Bank NA serving as Joint Lead Arrangers.

The new facility represents $700 million in committed financing that increases and replaces $200 million in uncommitted financing from the same lenders. The Company’s liquidity position now totals $1.7 billion.

Bobbi Acord Noland is a partner at Parker Hudson Rainer & Dobbs LLP in Atlanta, Georgia. As head of the Commercial Finance practice, Bobbi guides global banks, regional banks and finance companies through domestic and cross-border transactions ranging from $5 million to more than $1 billion. She has handled practically every aspect of commercial lending, from single-lender deals to syndicated facilities involving multiple lenders, borrowers, creditors and multi-tiered debt tranches. In addition, Bobbi frequently advises her clients on workouts and restructurings.

The following interview is a transcript from SFNet YoPro Committee member Matt Gillman, interviewing Andrew Bertolina of Finvoice in late 2019.  We hope you enjoy getting to know the industry’s young professionals. 

The bank syndicate supporting the credit facility is comprised of ten participants acting in various capacities, with JPMorgan Chase Bank, N.A. as Administrative Agent, Bank of America, N.A. and Citizens Bank, N.A. as Co-Syndication Agents, Keybank National Association, TD Bank, N.A., BMO Harris Bank, N.A. and Wells Fargo Bank, National Association as Co-Documentation Agents, and J.P. Morgan Chase Bank, N.A., Bank of America, N.A. and Citizens Bank, N.A. as Joint Lead Arrangers and Joint Book Runners.

SFNet’s recent Virtual International Lending Conference offered insight on the effects of the COVID-19 crisis from geopolitical risk consultant, David Chmiel, co-founder/managing director, Global Torchlight; Marc Finer, director, Debt Advisory Group, KMPG LLP; Scott Fuller, director, Valuations, Gordon Brothers; Richard Hawkins, CEO, AtlanticRMS and Robert Horak, managing director, Lincoln International.  David Morse, partner, Otterbourg P.C. and Richard Kohn, principal, Goldberg Kohn Ltd. served as conference moderators.

This article analyzes the conflict between federal and state marijuana laws, and its impact on the inability of state-legal marijuana businesses to obtain traditional and fundamental types of banking services from federally insured banks. The article is divided into three parts: (i) an explanation of the conflict of state and federal marijuana laws; (ii) the effect of the conflicting laws on the decision of banking institutions to provide services to state-licensed marijuana businesses; and (iii) congressional and judicial attempts to resolve the conflict between state and federal marijuana laws.

White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced it provided a $10 million factoring – inventory finance facility to a consumer electronics wholesaler and distributor serving public and private retailers in the US and international markets.

The funding was provided against the New Jersey-based company’s accounts receivable and inventory, which the firm will use to fund large-volume purchases to grow its business and provide competitive prices for top name-brand products.

Crestmark, the Commercial Finance division of PathwardTM, N.A., formerly known as MetaBank®, N.A., is pleased to announce the addition of five new members to its sales team, and the promotion of Dean Allman.

Allman joined Crestmark in 2018 as a national account executive, and now represents Crestmark Equipment Finance as the western region sales manager.  Richard Bollinger and William Houng Jr. have joined Crestmark Equipment Finance as national account executives and are based in San Diego and Los Angeles, California, respectively.  Robert Abraham, Andrew Disch and Nicholas Wagner have joined Crestmark as business development officers in the working capital group.