CIT Group Inc. (NYSE: CIT) today announced that it has won three Stevie ® American Business Awards for business excellence. The awards include a Gold award for Achievement in Management – Banking, a Silver award for FinTech Solution and a Silver award for Corporate Social Responsibility Program of the Year.

Stapleton Group announced it has expanded its team with three key hires and promoted Jake Diiorio to managing director. Michael Husted has joined Stapleton as a director specializing in operations; Joan Hadeed as associate director, Financial Advisory Services; and Emily Chen as associate director, Accounting Services.

Austin Financial Services, Inc. (AFS) is pleased to announce the closing of a $1.5MM revolving A/R and inventory facility to a manufacturer of precision machine components for the aerospace and defense industries. Proceeds from AFS’ revolver were used to provide funds for working capital support and growth.

In a time of turmoil, Gibraltar Business Capital funded an acquisition for a new client via an $18 million line of credit. The transaction was initiated by a family office investor group.

Rosenthal & Rosenthal, Inc., the leading factoring, asset based lending and purchase order financing firm in the U.S., today announced the completion of two separate deals – a $750,000 purchase order finance facility for an automotive client and a $10 million collection factoring agreement for a mattress company. Both clients will be serviced by Rosenthal’s Southeast office in Atlanta.

First Business Growth Funding, a division of First Business Capital Corp., funded a $5 million accounts receivable purchase facility for a logistics and transportation company. The facility was used to refinance an existing bank loan and for additional working capital for growth opportunities. Despite challenges created by COVID-19, First Business arranged a successful and timely closing by leveraging its technical proficiencies.

J D Factors announced it provided the following factoring facilities: $50,000 to a transportation company in Arkansas. $120,000 to a transportation company in Illinois. $100,000 to a transportation company in British Columbia. $120,000 to a transportation company in Illinois. $250,000 to a transportation company in Ohio.

Vinson & Elkins L.L.P. is serving as legal advisor, Evercore Group L.L.C. is serving as investment banker, and Opportune LLP is serving as restructuring advisor to the Company. Weil, Gotshal & Manges LLP is serving as legal advisor and Greenhill & Co., LLC is serving as financial advisor to an ad hoc group of holders of Subordinated Notes.

LXRandCo, Inc. ("LXRandCo" or the "Company") (TSX: LXR, LXR.WT), a North American omni-channel retailer of branded vintage luxury handbags and accessories, today reported that further to its announcement on May 13, 2020, the Company has completed a $3.6 million financing round of which $3.0 million, in the form of a three-year term loan, comes from the Business Capital Assistance Program COVID-19 relief program offered by the Federal Government (the "BCAP" financing) and $587,500 through a private placement (the "Equity Private Placement") of LXRandCo Class B shares (the "Shares").

Advantage Oil & Gas Ltd. ("Advantage" or the "Corporation") is pleased to announce the renewal of the Corporation's existing $400 million revolving credit facility, following completion of its annual review by the syndicate of lenders.

The Company's $325 million Credit Facility was available on a revolving basis until May 23, 2020. On May 22, 2020, subject to certain conditions, the Company signed an extension until June 30, 2020 in order for the syndicate to have more time to assess current market conditions and the effect of potential government assistance programs on the Credit Facility. Among others, the conditions include a cap on the drawings available to the Company under the Credit Facility and that no drawings can be used to redeem or repay the Debentures.

MGG Investment Group, LP (“MGG”), a leading private direct lending investment firm, today announced that Eran Cohen, former Managing Director on the loan originations team at Wells Fargo Capital Finance, has joined the firm as a Managing Director. Mr. Cohen is based in Chicago and reports to Chief Executive Officer and Chief Investment Officer Kevin Griffin.

Bay Point Advisors announces it has entered into a senior secured debtor-in-possession (“DIP”) financing agreement with a network of blockchain mining companies comprising VC Mining Enterprises Inc., Godby DC-5 LLC, Godby DC-4 LLC, Hemphill Avenue LLC, and Virtual Citadel LLC (collectively “the Company”), which has filed for bankruptcy protection under Chapter 11 under the United States Bankruptcy Code.

SBA & Treasury have recently released additional guidance: Interim Final Rule on Loan Forgiveness (Released May 22, 2020) and Interim Final Rule on Loan Review Procedures and Related Borrower Responsibilities (Released May 22, 2020).

Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.WT) ("Sugarbud" or the "Company") is pleased to announce that it has entered into a commitment letter with Connect First Credit Union Ltd. ("First Calgary") in respect of a $5.0 million senior secured credit facility (the "Credit Facility").

Dealnet Capital Corp. (“Dealnet” or the “Company”) (TSX VENTURE: DLS) announced today that it has executed a binding commitment letter for a $6.25 million, 12-month term loan with a Schedule 1 Bank in partnership with the Export Development Corporation. This loan bears interest at bank’s prime rate + 4%, with an annual guarantee fee of 1.8% and is secured by a first ranking general security agreement over EcoHome.

Middle market companies that have exhausted traditional funding sources are increasingly using their assets as collateral to access vital liquidity for their operations. Investors’ risk-aversion and direct lenders’ demands for greater protections to make loans have narrowed the availability of capital for small or mid-sized companies compelling borrowers to pledge their assets as collateral to obtain asset-based loans (ABL).

SC&H Capital, a leading investment bank specializing in M&A advisory, announced it acted as the exclusive investment banker to Beef International, Inc. (“Beef International”) in the sale of its equipment and inventory assets to RKW Holdings, LLC (RKW), a Delaware Corporation.

Karni has nearly three decades of extensive executive, corporate and commercial banking experience with Bank Leumi, serving most recently as CEO of the bank's UK operations. In the past decade, he also held significant executive roles in Europe.

Crestmark secured a total of $7,800,000 in ABL financial solutions for 10 new clients; Crestmark Equipment Finance provided $7,564,246 in four new lease transactions; Crestmark Vendor Finance provided $10,791,438 in 17 new lease transactions; and the Joint Ventures Division provided $1,047,785 in financing for one new client in the first half of May.