TSL Feature Articles

For manufacturers, growth often depends on having capital that moves as quickly as the business does. This article shows how asset-based lending and factoring can help companies refinance debt, improve liquidity and invest in equipment, operations and expansion—without being limited by traditional credit structures. For companies weighing their next move, these real-world examples offer a practical starting point.

For law students and summer associates interested in finance, secured transactions or commercial law, secured finance offers a practical, business-focused career path at the center of how companies obtain working capital.

For law students and summer associates interested in finance, secured transactions or commercial law, a career as a commercial finance attorney can offer a unique blend of legal analysis, business strategy and deal-making. One of the most specialized areas within commercial finance is representing lenders in asset-based lending (ABL) and factoring transactions

For students and early-career professionals exploring finance or accounting careers, asset-based lending field examination offers a path that is hands-on, analytical and surprisingly varied.

Asset-based lending (ABL) is built on the premise that if a borrower is unable to repay its loan, the cash conversion of the collateral is there. But in a cyber incident, collateral may remain “there” but visibility to the lender’s collateral and its quality disappears. If a borrower can’t ship, can’t invoice, or can’t produce a trustworthy borrowing base for even a few days, collateral proceeds and AR/inventory mix will change significantly, with the resultant impact on the borrowing base leaving the Lender in the dark as to their collateral vis-à-vis their loan exposure.

In this insightful Q&A, we feature three remarkable women credit professionals who have made significant strides in their careers. Betty Hernandez, executive vice president/chief credit officer at SLR Business Credit; Mignon Winston, vice president/underwriting team leader at Great Rock Capital, and Hailee Ledford, vice president of client relations at AmeriFactors, share their experiences, challenges, and successes.

In the last couple of years, the finance industry has been undergoing a profound transformation, which has been driven by technology, globalization, evolving regulation, and shifting cultural expectations. At the center of this change is another powerful movement: the rise of women transitioning into new roles, leadership positions, and specialized domains within finance.

This column highlights the hard work and dedication of SFNet’s Committee volunteers. Here we speak with Boudewijn Smit, partner at NautaDutilh and chair of SFNet’s Emerging Leaders (Young Professionals) Committee.

Editor’s Note: This article originally was published in the January/February issue of The Secured Lender magazine and contains updated information about the SFNet Emerging Leaders Summit.

The most traditional avenue for a distressed company seeking to reorganize existing debts or maximize company value is through a Chapter 11 bankruptcy. However, due to its complexity, a Chapter 11 bankruptcy can be a lengthy, expensive process that is not always palatable for the distressed company’s secured lenders.

PNC Bank, National Association, announced the closing of a $90 million senior secured credit facility for Iconex LLC (Iconex), a portfolio company of Greenwich, CT-based Atlas Holdings. PNC’s facility was provided in conjunction with a $67.5 million term loan and a $30 million delayed draw term loan provided by Cerberus Business Finance.

SFNet’s Mid-Year Factoring Survey shows accelerating volume, expanding funds in use and remarkably stable credit performance as inflation, tariffs and higher financing costs reinforce factoring’s role in the working-capital market.

SFNet’s Q2 2026 Asset-Based Lending Survey shows a sharp rebound in new commitments, improving bank credit performance and renewed optimism about demand—even as inflation, higher rates and geopolitical uncertainty complicate the outlook.

Debt Capital Advisors are democratizing ABL like Amazon did to retail.

I've spent 35 years across the table from secured lenders. I've watched some become legends and watched others get fired. The difference was rarely their spreadsheet skills. The best ones have something in common. They think like Stoics.