• Michele Ocejo In the Spotlight: Women-Dominated Teams in Secured Finance
    Apr 3, 2023
    It’s no secret that, despite great progress in the last couple of decades, secured finance remains a male-dominated field. Here, we shine the spotlight on three unique SFNet members whose teams are made up of more women than men.
  • First Citizens Bank Provides $44.2 Million for Medical Office Building Portfolio
    Mar 30, 2023
    First Citizens Bank today announced that its Healthcare Finance group, part of the CIT division, has provided $44.2 million to affiliates of Kayne Anderson Real Estate and Remedy Medical Properties to finance a portfolio of medical office building properties.
  • Zions Bancorp. Completes ABL Deal with Houston Steel Fittings Distributor
    Mar 29, 2023
    Zions Bancorporation, N.A., through its Texas Division, Amegy Bank, closed and funded a $45,000,000 credit facility for an importer and distributor of iron castings for the water and waste water industries.
  • Crédit Agricole CIB Acted as Sole Arranger and Bookrunner for Allegiant $100MM Revolving Credit Facility
    Mar 28, 2023

    Crédit Agricole CIB has closed a new $100MM 3-year Senior Secured Revolving Credit Facility with Allegiant Travel Company, acting as Sole Arranger and Bookrunner.

    Allegiant is a longstanding client of the Bank, with this Senior Secured Revolving Credit Facility being the foundation of its relationship with the Company since 2015. With this latest refinancing, the transaction will continue to further enhance Allegiant’s liquidity position and will support the Company’s order book and introduction of new technology assets.

  • Assembled Brands Announces the Hiring of Genevieve Forsman and Juliana Clark
    Mar 27, 2023
    Assembled Brands is pleased to announce that Genevieve Forsman and Juliana Clark have joined its team as Portfolio Analysts in Los Angeles, CA. In this role, Forsman and Clark are responsible for account management, operational and collateral compliance, and portfolio monitoring.
  • Michele Ocejo It’s All About the People
    There are few individuals more genuinely positive and upbeat than SFNet’s own Michele Ocejo. On her 30th anniversary of joining SFNet, I took the opportunity to sit down with our heralded but unassuming director of communications and discussed the importance of relationships, making an impact, and the joy she gets from sharing people’s stories.
  • First Citizens Bank Enters into Whole Bank Purchase of Silicon Valley Bridge Bank, N.A.
    Mar 27, 2023
    First-Citizens Bank & Trust Company ("First Citizens Bank"), a subsidiary of Raleigh-headquartered First Citizens BancShares, Inc. ("First Citizens") (Nasdaq: FCNCA), announced today that it has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) to purchase out of FDIC receivership substantially all loans and certain other assets, and assume all customer deposits and certain other liabilities of Silicon Valley Bridge Bank, N.A. 

    BofA Securities, Inc. is serving as exclusive financial advisor to First Citizens and Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP acted as legal advisor.
  • TSL0323_RetentionArt Taking a More Proactive Approach to Retention
    Secured finance, much like the rest of financial services, is often a high-pressure industry, requiring long hours to resolve client concerns, handle due diligence, and scout for new prospects. Professionals in the field are commonly answering emails in the wee hours of the morning and late into the night. But the greying of the industry and attrition are causing secured finance executives to take a long, hard look at employee concerns, as well as DEI, recruitment, and retention initiatives.
  • Beam Global Secures $100 Million Credit Facility
    Mar 23, 2023
    Beam Global, (Nasdaq: BEEM, BEEMW), the leading provider of innovative sustainable products and technologies for electric vehicle (EV) charging, energy storage, energy security and outdoor media, announced the execution of a line of credit with supply chain solutions specialist, OCI Group, based in London, UK. OCI is highly experienced in accelerating business performance for high-growth-potential organizations. 
  • Steven Janson and Mark Buren Join Cadence Business Finance
    Mar 22, 2023
    Cadence Business Finance, a subsidiary of Cadence Bank (NYSE: CADE), today announced the addition of Steven Janson and Mark Buren as managing directors, expanding the company’s footprint for asset-based lending solutions to middle-market companies.
  • New California Disclosure Rules Reduce Capital Available to Small Businesses
    Mar 21, 2023

    In a poll conducted by the Secured Finance Network (SFNet), since new CA disclosure rules were implemented in December 2022, 40% of respondents were found to be “no longer lending” to prospective borrowers who fall within the regulations’ threshold of less than $500,000. SFNet is an 80-year-old nonprofit with members representing the $4T U.S. secured finance industry.  The new law, requiring sweeping financial disclosures, introduced by CA State Senator Steven M. Glazer in 2018, faced four years of strong opposition before being rolled out in December of 2022.

  • Norma Kuntz-Headshot-150 Interview with Gordon Brothers’ New CEO Norma Kuntz
    Mar 20, 2023

    In December, Gordon Brothers announced that Norma Kuntz would be appointed CEO of the company, effective February 13, 2023. Ken Frieze and Michael Frieze will continue to serve the company as chairman and chairman emeritus, respectively.

    Kuntz joined Gordon Brothers as its president and chief operating officer in June 2022 and quickly demonstrated her readiness to lead the firm. Prior to Gordon Brothers, she served as the chief operating officer and chief financial officer of global private equity at The Carlyle Group. Her nearly 25 years of financial services industry experience includes global roles within private equity, asset management, alternative investments and valuations, positioning her well to lead a multi-disciplinary global firm poised for growth.

  • Entravision Announces New Credit Facility
    Mar 20, 2023
    Entravision (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced that on March 17, 2023 the Company entered into a new $275 million credit facility, consisting of a $200 million term loan A and a $75 million revolving credit facility. Led by Bank of America, Wells Fargo, and J.P. Morgan Chase, the new credit facility replaces the Company’s existing credit facility entered into on November 30, 2017.
  • Danimer Scientific Announces Improved Liquidity Position with Closing of $130 Million Senior Secured Term Loan
    Mar 20, 2023
    Danimer Scientific, Inc. (NYSE: DNMR) (“Danimer” or the “Company”), a leading next-generation bioplastics company focused on the development and production of biodegradable materials, today announced it had closed a new senior secured term loan (“Term Loan”) with an aggregate principal amount of $130 million that expands its capital structure, significantly improves its near-term liquidity position, and enables it to maintain strategic and operational flexibility as it executes its growth strategy.
  • SFNet Reaches Out to Leading Trade Associations Regarding Banking Crisis
    Mar 17, 2023

    In letters to officials at leading US industry vertical trade associations, including the National Association of Manufacturers and National Retail Federation, SFNet President Jennifer Palmer and CEO Richard Gumbrecht, offered support to their membership in light of the recent disruption sparked by the SVB collapse.  The outreach comes at a tumultuous time for many borrowers and extends “economic lifelines” to current and prospective borrowers.

  • “Know Your Borrower” Now Has a New Lens
    Mar 17, 2023
    Longstanding guidance to “know your borrower” is respected for good reason. The recent and unexpected upheaval in the banking and lending sector is triggering a renewed focus on financial risk management relating to borrowers and potential borrowers.

    Banks and lenders need a clear understanding of the treasury-management function and risk-mitigation strategies employed by their borrowers and potential borrowers. As in previous challenging economic environments, the current uncertainty is an unpleasant, but beneficial, reminder to evaluate – or re-evaluate – these important functions and strategies. The Treasury Management Gap Analysis is an essential way to achieve this goal.
  • Ares Commercial Finance Provides $31.2 Million Senior Secured Credit Facility to Leading Manufacturer and Distributor of Home and Garden Equipment
    Mar 15, 2023
    Ares Commercial Finance announced today that it has provided a $31.2 million senior secured credit facility for a family-owned and operated manufacturer and distributor of high-quality home and garden equipment for professional and consumer use. The credit facility consists of an asset based revolving line of credit and M&E term loan.
  • King Trade Capital Closes a $8 Million PO Finance Facility
    Mar 14, 2023

    King Trade Capital is pleased to announce the completion of a $8 million purchase order finance facility for a popular growing sorbet brand.

    King Trade Capital was introduced to the client by an Investment Bank looking for a finance solution to replace a previous lender that was not capable of keeping up with the company’s growth.

  • ePlus Expands Credit Facility
    Mar 13, 2023
    ePlus inc. (NASDAQ NGS: PLUS – news) a leading provider of technology and financing solutions, today announced that its wholly-owned subsidiaries ePlus Technology, inc., ePlus Technology Services, inc. and SLAIT Consulting, LLC (collectively, the "Borrowers") recently entered into an amendment to their credit agreement with their lenders (the "Lenders") for which Wells Fargo Commercial Distribution Finance Corporation ("WFCDF") acts as administrative agent. 
  • Abby Parsonnet - 2019 Headshot Catching up with Abby Parsonnet, Head of Asset Based Lending at Webster Bank
    Mar 13, 2023

    Last Fall, Webster Bank announced that Abby Parsonnet was named executive managing director, head of Asset Based Lending (ABL) for Webster Bank. In her role, she oversees the nationwide Asset-Based Lending and Commercial Services teams at Webster, which also includes staffing solutions and factoring. She reports to Chris Motl, president of Commercial Banking.

    As head of ABL, Parsonnet is responsible for continuing Webster’s strong tradition of excellence in delivering customized working capital solutions to middle- market clients and sponsors.  She will lead a team of bankers based in strategic markets nationwide.

    Here, Abby discusses her career, goals in her new role, how the merger with Sterling National Bank helped to expand Webster’s offerings, particularly in ABL and factoring, and more.