• Jeff Wacker LinkedIn Headshot Flight Rules for Risk Management - Top Takeaways from NASA's Norman Knight

    A new year brings with it many unknowns, and this year is no exception. It remains to be seen how the pandemic will impact the industry in the year ahead, and companies are still evolving strategies and plans to address the increased uncertainty.

    Norman Knight, Deputy Director of Flight Operations at NASA, is no stranger to the unknown. He specializes in human space flight, and he has seen everything in orbit. He spoke at SFNet's first-ever online Annual Convention in November 2020 to share what he has learned from his decades at NASA.

    Knight shared advice about building a culture of technical truth, openly discussing mistakes to improve systems, and planning for the unimaginable. Here are a few flight rules he suggested for companies looking to manage risk and uncertainty in the year ahead.

  • Gerber+ Funds Prominent NY-based Real Estate Holding Company
    Gerber Finance, a leading finance partner for companies experiencing accelerated growth, today announced it has provided a $11 million line of credit to a prominent Brooklyn-based real estate holding company. This is the second deal under Gerber Finance’s new Gerber+ division that services businesses seeking funding ranging from $10 to $25 million.
  • Melinda Fricke Joins Pacific Western Bank as SVP, Business Development Officer for Asset-Based Lending in North Texas
    Pacific Western Bank is pleased to announce that Melinda Fricke has joined the Bank as a Senior Vice President, Business Development Officer on its asset-based lending team. She will be located at the Bank’s Plano, Texas office. Melinda will expand the Bank’s efforts to deliver asset-based lending solutions to middle-market businesses in North Texas, Oklahoma, Arkansas and Louisiana.
  • SFNet Provides Summary of Economic Aid Act

    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.

  • A Closer Look at Retailer Resilience During the COVID-19 Pandemic

    Retail has taken a huge hit from COVID-19. What sectors are expected to survive, even thrive? What areas are likely to be hardest hit as the pandemic continues?

    Much has been written about the significant impact of the COVID-19 pandemic on the retail sector, as policymakers encourage consumers to wear masks and remain vigilant when leaving home, e-commerce sales have soared, and supply chain concerns persist. Retailers have been challenged to maintain operations and attract current “homebody” consumers, more than 68 percent of whom planned to continue their at home habits after restrictions were lifted, according to a study by management consulting firm McKinsey & Company.1

  • Huntington Business Credit Closes $250 Million Credit Facility with Concordance Healthcare Solutions, LLC
    Huntington Business Credit acting as administrative agent and joint lead arranger announced it closed a new $250,000,000 credit facility with Concordance Healthcare Solutions, LLC on December 28, 2020.  Proceeds of the facility were used to refinance existing indebtedness and to provide ongoing working capital growth financing.      
  • Encina Business Credit Provides $40 Million Revolving Credit Facility to Food Packaging Company

    Encina Business Credit, LLC announced today that it has provided a $40 million senior secured revolving credit facility to a food packaging company.

    The senior secured revolving line of credit, which is collateralized by accounts receivable and inventory, was used to refinance the borrower’s existing bank facility.

    Encina arranged to bring in another lender to provide an incremental $15 million term loan, which – when combined with Encina’s demonstrated ability to move quickly, provided the borrower and its private equity sponsors with the level of certainty they were seeking.

  • White Oak Commercial Finance Bolsters its ABL & Lender Finance Team with Three Senior BDO Hires
    White Oak Commercial Finance ("White Oak") is pleased to announce the addition of three senior business development officers to its ABL and Lender Finance platform. Garrick Tan, Fridolf Hanson and Bill Kearney will join five members of the existing Originations team and will focus on sourcing transactions with committed capital needs ranging from $15 to $250 million.

    Garrick Tan joins the team as a Managing Director and Business Development Officer based in Boston with coverage responsibilities for the New England region. Fridolf Hanson will serve as a Managing Director and Business Development officer for the Northeast Region and will be based in New York. Bill Kearney will join White Oak as a Managing Director and Business Development Officer. 
  • ForwardLine Financial Secures New Credit Facility from Ares Management to Support Working Capital Needs of U.S. Small Businesses

    ForwardLine Financial, a leading provider of financing to small businesses, secures new credit facility from Ares Management.

    ForwardLine Financial, a leading direct lender of small business loans, announced today that it has secured a new senior credit facility from funds managed by the Alternative Credit strategy of Ares Management. As part of this announcement, the company also shared that it has raised additional capital from Five Oceans Capital, a long-term investor in the company.

  • Juanita Schwartzkopf - Headshot150x150 Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act: PPP Loans Round 2

    The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act was signed into law. While the implementing regulations are not required to be issued by the SBA until January 6, 2021, the Act does provide insight into the new and revised programs.

    The purpose of this article is to provide an overview of the Act to allow borrowers and lenders to take advantage of potential liquidity enhancements. 

  • Avid Technology Announces Closing of Debt Refinancing Resulting in Expected $10 Million Annual Interest Savings
    Avid® (NASDAQ: AVID), a leading technology provider that powers the media and entertainment industry, announced today that it has entered into a new five-year $180 million term loan and $70 million revolving credit facility with JPMorgan Chase Bank, N.A. and a syndicate of banks. 

    JPMorgan Chase Bank, N.A., Citizens Bank, N.A., PNC Capital Markets LLC, Silicon Valley Bank, and Truist Securities, Inc. served as the Joint Bookrunners and Joint Lead Arrangers for the new credit facility with JPMorgan Chase Bank, N.A. serving as Administrative Agent, and Citizens Bank N.A., PNC Bank, National Association, Silicon Valley Bank, and Truist Bank serving as Co-Syndication Agents.
  • Encina Business Credit Provides $30 Million Revolving Credit Facility to E-Commerce Retailer

    Encina Business Credit, LLC announced today that it has provided a $30 million senior secured revolving credit facility to an e-commerce retailer.

    The senior secured revolving line of credit, which is collateralized by accounts receivable, credit card receivables, and inventory, was used by the company’s private equity investor to finance its acquisition and ongoing working capital financing needs.

  • Governor Cuomo Approves New York State Disclosure Law…Compliance Requirements to be Established in Rulemaking
    In a Memorandum filed with Senate Bill SB-5470-B, New York State Governor, Andrew Cuomo acknowledged SFNet’s and other’s opposition to the measure noting that “there is no strong consensus as to the best approach in how to compare various products” and stating, “I have secured an agreement with the legislature to make certain technical changes to this bill to better provide clarity…”. The new statute requires non-regulated commercial lenders, including asset-based lenders and factors, that propose to lend $2 million (pending approval by the legislature the threshold is likely to be at least $2 million) or less to New York-based borrowers to make certain uniform disclosures in their proposals including an “estimated” Annual Percentage Rate.
  • Antares Supports Harvest Partners’ Investment in Galway Insurance Holdings With $1.4 Billion in Credit Facilities
    Antares announced today that it served as joint lead arranger and is acting as administrative agent on $1.4 billion in senior secured credit facilities to support the recapitalization of Galway Insurance Holdings (“Galway”), the holding company for EPIC Brokers & Consultants (“EPIC”) and JenCap Holdings (“JenCap”) by Harvest Partners, LP and its affiliates (“Harvest”). Galway’s existing private equity investors, Oak Hill Capital (“Oak Hill”) and The Carlyle Group (“Carlyle”), will reinvest alongside the management team and employee shareholders, who will remain significant shareholders.
  • Citizens Provides $30M Asset-Based Revolving Line of Credit to Ross-Simons

    Citizens announced today that it has provided a new $30 million asset-based revolving line of credit to Cranston, R.I. based Ross-Simons, a leader in direct-to-consumer sales, specializing in offering unique and proprietary fine jewelry designs alongside a deep selection of classics such as diamond tennis bracelets and gold necklaces. Citizens is the Administrative Agent, Sole Lead Arranger and Sole Bookrunner.

    Ross-Simons reaches consumers through a company-operated website, catalog, and its flagship retail store in Warwick, R.I.  The company offers a wide selection of fine jewelry across a range of price points and is known for mixing materials and colors in unexpected combinations. The company was acquired earlier this month by Nonantum Capital Partners.

  • House/Senate Approve Next Round of Economic Stimulus

    Last night the House and Senate approved a $900B next round of economic stimulus. The full text of the bill can be found here as well as a detailed summary. SFNet’s Advocacy Committee is reviewing the language and will hold an informative webinar as soon as practical in January. In the meantime, you may wish to consult your advisers. In addition to other broad reaching measures, the statute provides for:

    • PPP extended through March 31, 2021
    • CECL and TDR provisions potentially deferred until January 2022
    • Additional allocations for EIDL Grants
    • ERTC extended and expanded
    • Rescission of emergency lending facilities, including MSLP, in their current form
  • Hammad Amel_headshot Seizing the Moment of Rising Home Health Demand
    Home health services have long been a convenient and cost-effective way for patients to receive crucial medical attention in the security of their own homes. But, until recently, these services were mostly limited to post-acute care that required little to no specialized equipment. This year, the continued rise of COVID-19 has underscored the importance of access to safe and worry-free healthcare that goes beyond post-acute services, as more and more patients fear contracting the virus during a clinical visit or nursing home stay.
  • Michael Jacoby_PhoenixManagement Lenders Reveal Slow Growth and Choppy Recovery After COVID-19
    For almost 25 years, Phoenix Management Services has been collecting, tabulating, and analyzing the results from its “Lending Climate in America” survey to evaluate national lending attitudes and trends. Each quarter Phoenix’s proprietary “Lending Climate in America” survey is distributed to over 5,000 lenders nationwide. Results for the Q4/20 survey, which were received between 11/10/2020 and 11/24/2020, revealed optimism among lenders regarding the U.S. economy in the near-term. In the Q4/20 survey, their near-term expectations (i.e. how will the U.S. economy perform during the next six months) increased 33 points to a grade point average (GPA) of 2.05. However, lenders long-term expectations (i.e. how will the U.S. economy perform beyond the next six months) decreased 17 points to a GPA of 2.43. Our Q4/20 survey also indicates that lenders expect a) COVID-19 to cause slow growth and a choppy recovery for the U.S. economy, b) negligible effects in regard to a potential second stimulus, and c) that their customers will raise additional capital and make an acquisition in the long-term.
  • Wayne Tentler Joins 36th Street Capital as EVP of Sales

    36th Street Capital Partners LLC (“36th Street Capital”), an independent provider of alternative funding solutions for the equipment financing industry, announced the appointment of Wayne Tentler as Executive Vice President of Sales.

    The addition of Mr. Tentler provides 36th Street Capital an opportunity to develop new client relationships while expanding the company’s position in the marketplace. Based in the Sarasota, FL, Wayne brings over 15 years of experience in corporate finance, including most recently serving as Commercial Leader for one of GE Capital’s Industrial Financing units.

     

  • Eileen Wubbe 150x150 YoPro Leadership Summit - Economic Panel Discussion Recap

    This year’s YoPro Leadership Summit, held virtually August 26-27, 2020 brought together the young professionals of the secured finance industry for opportunities to hear from industry leaders, connect with peers, and to discover together how to find success in the post-COVID environment. This year's theme was "Succeeding in the New Environment."

    Panels included an Economic Discussion, focusing on wealth management and personal finance, Standing Out While Working from Home, Lending Through COVID, with an exploration of the changes in credit and legal due diligence during a pandemic, and a Titans Roundtable, consisting of industry leaders discussing career advice and experiences going through the ranks as well as managing their teams during COVID.

     

  • Jeff Wacker LinkedIn Headshot Flight Rules for Risk Management - Top Takeaways from NASA's Norman Knight

    A new year brings with it many unknowns, and this year is no exception. It remains to be seen how the pandemic will impact the industry in the year ahead, and companies are still evolving strategies and plans to address the increased uncertainty.

    Norman Knight, Deputy Director of Flight Operations at NASA, is no stranger to the unknown. He specializes in human space flight, and he has seen everything in orbit. He spoke at SFNet's first-ever online Annual Convention in November 2020 to share what he has learned from his decades at NASA.

    Knight shared advice about building a culture of technical truth, openly discussing mistakes to improve systems, and planning for the unimaginable. Here are a few flight rules he suggested for companies looking to manage risk and uncertainty in the year ahead.

  • Gerber+ Funds Prominent NY-based Real Estate Holding Company
    Gerber Finance, a leading finance partner for companies experiencing accelerated growth, today announced it has provided a $11 million line of credit to a prominent Brooklyn-based real estate holding company. This is the second deal under Gerber Finance’s new Gerber+ division that services businesses seeking funding ranging from $10 to $25 million.
  • Melinda Fricke Joins Pacific Western Bank as SVP, Business Development Officer for Asset-Based Lending in North Texas
    Pacific Western Bank is pleased to announce that Melinda Fricke has joined the Bank as a Senior Vice President, Business Development Officer on its asset-based lending team. She will be located at the Bank’s Plano, Texas office. Melinda will expand the Bank’s efforts to deliver asset-based lending solutions to middle-market businesses in North Texas, Oklahoma, Arkansas and Louisiana.
  • SFNet Provides Summary of Economic Aid Act

    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.

  • A Closer Look at Retailer Resilience During the COVID-19 Pandemic

    Retail has taken a huge hit from COVID-19. What sectors are expected to survive, even thrive? What areas are likely to be hardest hit as the pandemic continues?

    Much has been written about the significant impact of the COVID-19 pandemic on the retail sector, as policymakers encourage consumers to wear masks and remain vigilant when leaving home, e-commerce sales have soared, and supply chain concerns persist. Retailers have been challenged to maintain operations and attract current “homebody” consumers, more than 68 percent of whom planned to continue their at home habits after restrictions were lifted, according to a study by management consulting firm McKinsey & Company.1

  • Huntington Business Credit Closes $250 Million Credit Facility with Concordance Healthcare Solutions, LLC
    Huntington Business Credit acting as administrative agent and joint lead arranger announced it closed a new $250,000,000 credit facility with Concordance Healthcare Solutions, LLC on December 28, 2020.  Proceeds of the facility were used to refinance existing indebtedness and to provide ongoing working capital growth financing.      
  • Encina Business Credit Provides $40 Million Revolving Credit Facility to Food Packaging Company

    Encina Business Credit, LLC announced today that it has provided a $40 million senior secured revolving credit facility to a food packaging company.

    The senior secured revolving line of credit, which is collateralized by accounts receivable and inventory, was used to refinance the borrower’s existing bank facility.

    Encina arranged to bring in another lender to provide an incremental $15 million term loan, which – when combined with Encina’s demonstrated ability to move quickly, provided the borrower and its private equity sponsors with the level of certainty they were seeking.

  • White Oak Commercial Finance Bolsters its ABL & Lender Finance Team with Three Senior BDO Hires
    White Oak Commercial Finance ("White Oak") is pleased to announce the addition of three senior business development officers to its ABL and Lender Finance platform. Garrick Tan, Fridolf Hanson and Bill Kearney will join five members of the existing Originations team and will focus on sourcing transactions with committed capital needs ranging from $15 to $250 million.

    Garrick Tan joins the team as a Managing Director and Business Development Officer based in Boston with coverage responsibilities for the New England region. Fridolf Hanson will serve as a Managing Director and Business Development officer for the Northeast Region and will be based in New York. Bill Kearney will join White Oak as a Managing Director and Business Development Officer. 
  • ForwardLine Financial Secures New Credit Facility from Ares Management to Support Working Capital Needs of U.S. Small Businesses

    ForwardLine Financial, a leading provider of financing to small businesses, secures new credit facility from Ares Management.

    ForwardLine Financial, a leading direct lender of small business loans, announced today that it has secured a new senior credit facility from funds managed by the Alternative Credit strategy of Ares Management. As part of this announcement, the company also shared that it has raised additional capital from Five Oceans Capital, a long-term investor in the company.

  • Juanita Schwartzkopf - Headshot150x150 Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act: PPP Loans Round 2

    The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act was signed into law. While the implementing regulations are not required to be issued by the SBA until January 6, 2021, the Act does provide insight into the new and revised programs.

    The purpose of this article is to provide an overview of the Act to allow borrowers and lenders to take advantage of potential liquidity enhancements. 

  • Avid Technology Announces Closing of Debt Refinancing Resulting in Expected $10 Million Annual Interest Savings
    Avid® (NASDAQ: AVID), a leading technology provider that powers the media and entertainment industry, announced today that it has entered into a new five-year $180 million term loan and $70 million revolving credit facility with JPMorgan Chase Bank, N.A. and a syndicate of banks. 

    JPMorgan Chase Bank, N.A., Citizens Bank, N.A., PNC Capital Markets LLC, Silicon Valley Bank, and Truist Securities, Inc. served as the Joint Bookrunners and Joint Lead Arrangers for the new credit facility with JPMorgan Chase Bank, N.A. serving as Administrative Agent, and Citizens Bank N.A., PNC Bank, National Association, Silicon Valley Bank, and Truist Bank serving as Co-Syndication Agents.
  • Encina Business Credit Provides $30 Million Revolving Credit Facility to E-Commerce Retailer

    Encina Business Credit, LLC announced today that it has provided a $30 million senior secured revolving credit facility to an e-commerce retailer.

    The senior secured revolving line of credit, which is collateralized by accounts receivable, credit card receivables, and inventory, was used by the company’s private equity investor to finance its acquisition and ongoing working capital financing needs.

  • Governor Cuomo Approves New York State Disclosure Law…Compliance Requirements to be Established in Rulemaking
    In a Memorandum filed with Senate Bill SB-5470-B, New York State Governor, Andrew Cuomo acknowledged SFNet’s and other’s opposition to the measure noting that “there is no strong consensus as to the best approach in how to compare various products” and stating, “I have secured an agreement with the legislature to make certain technical changes to this bill to better provide clarity…”. The new statute requires non-regulated commercial lenders, including asset-based lenders and factors, that propose to lend $2 million (pending approval by the legislature the threshold is likely to be at least $2 million) or less to New York-based borrowers to make certain uniform disclosures in their proposals including an “estimated” Annual Percentage Rate.
  • Antares Supports Harvest Partners’ Investment in Galway Insurance Holdings With $1.4 Billion in Credit Facilities
    Antares announced today that it served as joint lead arranger and is acting as administrative agent on $1.4 billion in senior secured credit facilities to support the recapitalization of Galway Insurance Holdings (“Galway”), the holding company for EPIC Brokers & Consultants (“EPIC”) and JenCap Holdings (“JenCap”) by Harvest Partners, LP and its affiliates (“Harvest”). Galway’s existing private equity investors, Oak Hill Capital (“Oak Hill”) and The Carlyle Group (“Carlyle”), will reinvest alongside the management team and employee shareholders, who will remain significant shareholders.
  • Citizens Provides $30M Asset-Based Revolving Line of Credit to Ross-Simons

    Citizens announced today that it has provided a new $30 million asset-based revolving line of credit to Cranston, R.I. based Ross-Simons, a leader in direct-to-consumer sales, specializing in offering unique and proprietary fine jewelry designs alongside a deep selection of classics such as diamond tennis bracelets and gold necklaces. Citizens is the Administrative Agent, Sole Lead Arranger and Sole Bookrunner.

    Ross-Simons reaches consumers through a company-operated website, catalog, and its flagship retail store in Warwick, R.I.  The company offers a wide selection of fine jewelry across a range of price points and is known for mixing materials and colors in unexpected combinations. The company was acquired earlier this month by Nonantum Capital Partners.

  • House/Senate Approve Next Round of Economic Stimulus

    Last night the House and Senate approved a $900B next round of economic stimulus. The full text of the bill can be found here as well as a detailed summary. SFNet’s Advocacy Committee is reviewing the language and will hold an informative webinar as soon as practical in January. In the meantime, you may wish to consult your advisers. In addition to other broad reaching measures, the statute provides for:

    • PPP extended through March 31, 2021
    • CECL and TDR provisions potentially deferred until January 2022
    • Additional allocations for EIDL Grants
    • ERTC extended and expanded
    • Rescission of emergency lending facilities, including MSLP, in their current form
  • Hammad Amel_headshot Seizing the Moment of Rising Home Health Demand
    Home health services have long been a convenient and cost-effective way for patients to receive crucial medical attention in the security of their own homes. But, until recently, these services were mostly limited to post-acute care that required little to no specialized equipment. This year, the continued rise of COVID-19 has underscored the importance of access to safe and worry-free healthcare that goes beyond post-acute services, as more and more patients fear contracting the virus during a clinical visit or nursing home stay.
  • Michael Jacoby_PhoenixManagement Lenders Reveal Slow Growth and Choppy Recovery After COVID-19
    For almost 25 years, Phoenix Management Services has been collecting, tabulating, and analyzing the results from its “Lending Climate in America” survey to evaluate national lending attitudes and trends. Each quarter Phoenix’s proprietary “Lending Climate in America” survey is distributed to over 5,000 lenders nationwide. Results for the Q4/20 survey, which were received between 11/10/2020 and 11/24/2020, revealed optimism among lenders regarding the U.S. economy in the near-term. In the Q4/20 survey, their near-term expectations (i.e. how will the U.S. economy perform during the next six months) increased 33 points to a grade point average (GPA) of 2.05. However, lenders long-term expectations (i.e. how will the U.S. economy perform beyond the next six months) decreased 17 points to a GPA of 2.43. Our Q4/20 survey also indicates that lenders expect a) COVID-19 to cause slow growth and a choppy recovery for the U.S. economy, b) negligible effects in regard to a potential second stimulus, and c) that their customers will raise additional capital and make an acquisition in the long-term.
  • Wayne Tentler Joins 36th Street Capital as EVP of Sales

    36th Street Capital Partners LLC (“36th Street Capital”), an independent provider of alternative funding solutions for the equipment financing industry, announced the appointment of Wayne Tentler as Executive Vice President of Sales.

    The addition of Mr. Tentler provides 36th Street Capital an opportunity to develop new client relationships while expanding the company’s position in the marketplace. Based in the Sarasota, FL, Wayne brings over 15 years of experience in corporate finance, including most recently serving as Commercial Leader for one of GE Capital’s Industrial Financing units.

     

  • Eileen Wubbe 150x150 YoPro Leadership Summit - Economic Panel Discussion Recap

    This year’s YoPro Leadership Summit, held virtually August 26-27, 2020 brought together the young professionals of the secured finance industry for opportunities to hear from industry leaders, connect with peers, and to discover together how to find success in the post-COVID environment. This year's theme was "Succeeding in the New Environment."

    Panels included an Economic Discussion, focusing on wealth management and personal finance, Standing Out While Working from Home, Lending Through COVID, with an exploration of the changes in credit and legal due diligence during a pandemic, and a Titans Roundtable, consisting of industry leaders discussing career advice and experiences going through the ranks as well as managing their teams during COVID.

     

300x250
  • Jeff Wacker LinkedIn Headshot Flight Rules for Risk Management - Top Takeaways from NASA's Norman Knight

    A new year brings with it many unknowns, and this year is no exception. It remains to be seen how the pandemic will impact the industry in the year ahead, and companies are still evolving strategies and plans to address the increased uncertainty.

    Norman Knight, Deputy Director of Flight Operations at NASA, is no stranger to the unknown. He specializes in human space flight, and he has seen everything in orbit. He spoke at SFNet's first-ever online Annual Convention in November 2020 to share what he has learned from his decades at NASA.

    Knight shared advice about building a culture of technical truth, openly discussing mistakes to improve systems, and planning for the unimaginable. Here are a few flight rules he suggested for companies looking to manage risk and uncertainty in the year ahead.

  • Gerber+ Funds Prominent NY-based Real Estate Holding Company
    Gerber Finance, a leading finance partner for companies experiencing accelerated growth, today announced it has provided a $11 million line of credit to a prominent Brooklyn-based real estate holding company. This is the second deal under Gerber Finance’s new Gerber+ division that services businesses seeking funding ranging from $10 to $25 million.
  • Melinda Fricke Joins Pacific Western Bank as SVP, Business Development Officer for Asset-Based Lending in North Texas
    Pacific Western Bank is pleased to announce that Melinda Fricke has joined the Bank as a Senior Vice President, Business Development Officer on its asset-based lending team. She will be located at the Bank’s Plano, Texas office. Melinda will expand the Bank’s efforts to deliver asset-based lending solutions to middle-market businesses in North Texas, Oklahoma, Arkansas and Louisiana.
  • SFNet Provides Summary of Economic Aid Act

    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.

  • A Closer Look at Retailer Resilience During the COVID-19 Pandemic

    Retail has taken a huge hit from COVID-19. What sectors are expected to survive, even thrive? What areas are likely to be hardest hit as the pandemic continues?

    Much has been written about the significant impact of the COVID-19 pandemic on the retail sector, as policymakers encourage consumers to wear masks and remain vigilant when leaving home, e-commerce sales have soared, and supply chain concerns persist. Retailers have been challenged to maintain operations and attract current “homebody” consumers, more than 68 percent of whom planned to continue their at home habits after restrictions were lifted, according to a study by management consulting firm McKinsey & Company.1

  • Huntington Business Credit Closes $250 Million Credit Facility with Concordance Healthcare Solutions, LLC
    Huntington Business Credit acting as administrative agent and joint lead arranger announced it closed a new $250,000,000 credit facility with Concordance Healthcare Solutions, LLC on December 28, 2020.  Proceeds of the facility were used to refinance existing indebtedness and to provide ongoing working capital growth financing.      
  • Encina Business Credit Provides $40 Million Revolving Credit Facility to Food Packaging Company

    Encina Business Credit, LLC announced today that it has provided a $40 million senior secured revolving credit facility to a food packaging company.

    The senior secured revolving line of credit, which is collateralized by accounts receivable and inventory, was used to refinance the borrower’s existing bank facility.

    Encina arranged to bring in another lender to provide an incremental $15 million term loan, which – when combined with Encina’s demonstrated ability to move quickly, provided the borrower and its private equity sponsors with the level of certainty they were seeking.

  • White Oak Commercial Finance Bolsters its ABL & Lender Finance Team with Three Senior BDO Hires
    White Oak Commercial Finance ("White Oak") is pleased to announce the addition of three senior business development officers to its ABL and Lender Finance platform. Garrick Tan, Fridolf Hanson and Bill Kearney will join five members of the existing Originations team and will focus on sourcing transactions with committed capital needs ranging from $15 to $250 million.

    Garrick Tan joins the team as a Managing Director and Business Development Officer based in Boston with coverage responsibilities for the New England region. Fridolf Hanson will serve as a Managing Director and Business Development officer for the Northeast Region and will be based in New York. Bill Kearney will join White Oak as a Managing Director and Business Development Officer. 
  • ForwardLine Financial Secures New Credit Facility from Ares Management to Support Working Capital Needs of U.S. Small Businesses

    ForwardLine Financial, a leading provider of financing to small businesses, secures new credit facility from Ares Management.

    ForwardLine Financial, a leading direct lender of small business loans, announced today that it has secured a new senior credit facility from funds managed by the Alternative Credit strategy of Ares Management. As part of this announcement, the company also shared that it has raised additional capital from Five Oceans Capital, a long-term investor in the company.

  • Juanita Schwartzkopf - Headshot150x150 Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act: PPP Loans Round 2

    The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act was signed into law. While the implementing regulations are not required to be issued by the SBA until January 6, 2021, the Act does provide insight into the new and revised programs.

    The purpose of this article is to provide an overview of the Act to allow borrowers and lenders to take advantage of potential liquidity enhancements. 

  • Avid Technology Announces Closing of Debt Refinancing Resulting in Expected $10 Million Annual Interest Savings
    Avid® (NASDAQ: AVID), a leading technology provider that powers the media and entertainment industry, announced today that it has entered into a new five-year $180 million term loan and $70 million revolving credit facility with JPMorgan Chase Bank, N.A. and a syndicate of banks. 

    JPMorgan Chase Bank, N.A., Citizens Bank, N.A., PNC Capital Markets LLC, Silicon Valley Bank, and Truist Securities, Inc. served as the Joint Bookrunners and Joint Lead Arrangers for the new credit facility with JPMorgan Chase Bank, N.A. serving as Administrative Agent, and Citizens Bank N.A., PNC Bank, National Association, Silicon Valley Bank, and Truist Bank serving as Co-Syndication Agents.
  • Encina Business Credit Provides $30 Million Revolving Credit Facility to E-Commerce Retailer

    Encina Business Credit, LLC announced today that it has provided a $30 million senior secured revolving credit facility to an e-commerce retailer.

    The senior secured revolving line of credit, which is collateralized by accounts receivable, credit card receivables, and inventory, was used by the company’s private equity investor to finance its acquisition and ongoing working capital financing needs.

  • Governor Cuomo Approves New York State Disclosure Law…Compliance Requirements to be Established in Rulemaking
    In a Memorandum filed with Senate Bill SB-5470-B, New York State Governor, Andrew Cuomo acknowledged SFNet’s and other’s opposition to the measure noting that “there is no strong consensus as to the best approach in how to compare various products” and stating, “I have secured an agreement with the legislature to make certain technical changes to this bill to better provide clarity…”. The new statute requires non-regulated commercial lenders, including asset-based lenders and factors, that propose to lend $2 million (pending approval by the legislature the threshold is likely to be at least $2 million) or less to New York-based borrowers to make certain uniform disclosures in their proposals including an “estimated” Annual Percentage Rate.
  • Antares Supports Harvest Partners’ Investment in Galway Insurance Holdings With $1.4 Billion in Credit Facilities
    Antares announced today that it served as joint lead arranger and is acting as administrative agent on $1.4 billion in senior secured credit facilities to support the recapitalization of Galway Insurance Holdings (“Galway”), the holding company for EPIC Brokers & Consultants (“EPIC”) and JenCap Holdings (“JenCap”) by Harvest Partners, LP and its affiliates (“Harvest”). Galway’s existing private equity investors, Oak Hill Capital (“Oak Hill”) and The Carlyle Group (“Carlyle”), will reinvest alongside the management team and employee shareholders, who will remain significant shareholders.
  • Citizens Provides $30M Asset-Based Revolving Line of Credit to Ross-Simons

    Citizens announced today that it has provided a new $30 million asset-based revolving line of credit to Cranston, R.I. based Ross-Simons, a leader in direct-to-consumer sales, specializing in offering unique and proprietary fine jewelry designs alongside a deep selection of classics such as diamond tennis bracelets and gold necklaces. Citizens is the Administrative Agent, Sole Lead Arranger and Sole Bookrunner.

    Ross-Simons reaches consumers through a company-operated website, catalog, and its flagship retail store in Warwick, R.I.  The company offers a wide selection of fine jewelry across a range of price points and is known for mixing materials and colors in unexpected combinations. The company was acquired earlier this month by Nonantum Capital Partners.

  • House/Senate Approve Next Round of Economic Stimulus

    Last night the House and Senate approved a $900B next round of economic stimulus. The full text of the bill can be found here as well as a detailed summary. SFNet’s Advocacy Committee is reviewing the language and will hold an informative webinar as soon as practical in January. In the meantime, you may wish to consult your advisers. In addition to other broad reaching measures, the statute provides for:

    • PPP extended through March 31, 2021
    • CECL and TDR provisions potentially deferred until January 2022
    • Additional allocations for EIDL Grants
    • ERTC extended and expanded
    • Rescission of emergency lending facilities, including MSLP, in their current form
  • Hammad Amel_headshot Seizing the Moment of Rising Home Health Demand
    Home health services have long been a convenient and cost-effective way for patients to receive crucial medical attention in the security of their own homes. But, until recently, these services were mostly limited to post-acute care that required little to no specialized equipment. This year, the continued rise of COVID-19 has underscored the importance of access to safe and worry-free healthcare that goes beyond post-acute services, as more and more patients fear contracting the virus during a clinical visit or nursing home stay.
  • Michael Jacoby_PhoenixManagement Lenders Reveal Slow Growth and Choppy Recovery After COVID-19
    For almost 25 years, Phoenix Management Services has been collecting, tabulating, and analyzing the results from its “Lending Climate in America” survey to evaluate national lending attitudes and trends. Each quarter Phoenix’s proprietary “Lending Climate in America” survey is distributed to over 5,000 lenders nationwide. Results for the Q4/20 survey, which were received between 11/10/2020 and 11/24/2020, revealed optimism among lenders regarding the U.S. economy in the near-term. In the Q4/20 survey, their near-term expectations (i.e. how will the U.S. economy perform during the next six months) increased 33 points to a grade point average (GPA) of 2.05. However, lenders long-term expectations (i.e. how will the U.S. economy perform beyond the next six months) decreased 17 points to a GPA of 2.43. Our Q4/20 survey also indicates that lenders expect a) COVID-19 to cause slow growth and a choppy recovery for the U.S. economy, b) negligible effects in regard to a potential second stimulus, and c) that their customers will raise additional capital and make an acquisition in the long-term.
  • Wayne Tentler Joins 36th Street Capital as EVP of Sales

    36th Street Capital Partners LLC (“36th Street Capital”), an independent provider of alternative funding solutions for the equipment financing industry, announced the appointment of Wayne Tentler as Executive Vice President of Sales.

    The addition of Mr. Tentler provides 36th Street Capital an opportunity to develop new client relationships while expanding the company’s position in the marketplace. Based in the Sarasota, FL, Wayne brings over 15 years of experience in corporate finance, including most recently serving as Commercial Leader for one of GE Capital’s Industrial Financing units.

     

  • Eileen Wubbe 150x150 YoPro Leadership Summit - Economic Panel Discussion Recap

    This year’s YoPro Leadership Summit, held virtually August 26-27, 2020 brought together the young professionals of the secured finance industry for opportunities to hear from industry leaders, connect with peers, and to discover together how to find success in the post-COVID environment. This year's theme was "Succeeding in the New Environment."

    Panels included an Economic Discussion, focusing on wealth management and personal finance, Standing Out While Working from Home, Lending Through COVID, with an exploration of the changes in credit and legal due diligence during a pandemic, and a Titans Roundtable, consisting of industry leaders discussing career advice and experiences going through the ranks as well as managing their teams during COVID.