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  • Retailers Extend COVID-19-triggered Temporary Closings Indefinitely
    April 1, 2020
    As efforts to curb the spread of COVID-19 expand, retailers are retooling their operations across the board.
  • Albert Delgado Joins Seacoast Business Funding
    April 1, 2020
    Seacoast Business Funding is pleased to announce the addition of Albert Delgado, as Vice President, Business Development Officer. Mr. Delgado is based on the West Coast and will focus on growing the portfolio in the region. Mr. Delgado has an extensive knowledge of the Invoice Factoring and Asset-Based Lending industry and brings a high level of expertise to solving complex financial challenges.
  • Will the $2.2 Trillion Coronavirus Aid Package Be Enough?
    April 1, 2020
    The CARES Act that President Trump signed into law last Friday marks the fourth big effort to support the U.S. economy as it continues to reel from the impact of the coronavirus pandemic. It includes some $2.2 trillion in cash, loans, tax breaks and other incentives for individuals and families, small and big businesses, state and local governments, and health and education services, among others. It builds on a series of actions by the Federal Reserve, and two other relief bills Trump signed in March – one for $8.3 billion in emergency funding for mostly health and human services, and another for paid sick and family leave for affected employees or those caring for a sick child.
  • Gibraltar Crafts $5MM Financing Solution for Sponsored Manufacturer
    April 1, 2020
    Headquartered in Kansas City, MO, Gibraltar's new client has been in business since 1952, manufacturing, supplying, designing, marketing, selling and servicing refueling and related equipment.
  • Context Business Lending Closed Three New Loans During the Height of the Pandemic, Supporting Companies Through This Uncertain Time
    April 1, 2020
    Over the last few weeks, amidst global chaos, Context provided revolving lines of credit to three new companies: a Mining Technology Company, an eCommerce distributor, and a designer and manufacturer of consumer products.
  • Scott Frederick Joins First Business Growth Funding as Vice President – Business Development Officer
    April 1, 2020
    First Business Growth Funding, the accounts receivable financing arm of First Business Financial Services, Inc., today announced that Scott Frederick has been hired as Vice President – Business Development Officer.
  • Honeywell Announces Completion Of $6 Billion Term Loan To Enhance Resilience During COVID-19 Outbreak
    April 1, 2020
    Honeywell (NYSE: HON) announced today that it has entered into a $6 billion two-year delayed draw term loan agreement to maximize financial flexibility and further bolster liquidity in the event global economic conditions persist or worsen throughout 2020.
  • Crown Partners Fund Completes Term Loan with Centric Health for up to $30 Million
    April 1, 2020
    Capital Partners Inc. ("Crown" or the "Corporation") (CRWN.TO), a capital partner to entrepreneurs and growth businesses, today announced that Crown Partners Fund, an investment fund managed by Crown and in which Crown holds an approximate 39% interest, has completed a term loan of up to $30 million (the "Agreement") with Centric Health Corporation ("Centric") (CHH.TO), a leading provider of pharmacy and other healthcare services to Canadian seniors.
  • Mountain Province Diamonds Announces Amendments to Revolving Credit Facility
    April 1, 2020
    Mountain Province Diamonds Inc. ("Mountain Province", or the "Company") (TSX andOTCQX: MPVD) announces the following amendments to the covenant requirements under its currently undrawn US$50 million revolving credit facility with Scotiabank and Nedbank:
  • Aclaris Therapeutics Secures $11 Million Term Loan Facility
    April 1, 2020
    Aclaris Therapeutics, Inc. (NASDAQ: ACRS), a physician-led biopharmaceutical company, today announced that it has entered into a loan and security agreement with Silicon Valley Bank (“SVB”) pursuant to which Aclaris has borrowed $11.0 million.
  • COVID-19 Update: Planned Changes to UK Insolvency Laws to Enable Companies to Continue Trading
    April 1, 2020
    On Saturday 28 March 2020, the Business Secretary, Alok Sharma, announced that the UK government would be introducing legislation to make changes to existing insolvency laws in response to COVID-19. The new measures seek to enable companies undergoing a rescue or restructuring process to continue trading and help them avoid insolvency, and include a temporary suspension of wrongful trading provisions retrospectively from 1 March 2020 for three months.
  • Drew McManigle, Founder and Managing Director of MACCO Restructuring Group, LLC Announces Firm Promotions and Additions
    April 1, 2020
    MACCO Restructuring Group, LLC (MACCO) announces a promotion, additions to the firm and the founder, Drew McManigle’s selection as 1 of 6 Houston-based, Title 11, Subchapter V (Small Business) Chapter 11 Trustees appointed by the U.S. Department of Justice, Office of the United States Trustee.
  • Dean Foods Reaches Agreement in Principle With Industrial Realty Group, LLC for the Sale of Dean Foods’ Meadow Gold Hawaii Business
    April 1, 2020
    Davis Polk & Wardwell LLP and Norton Rose Fulbright are serving as legal advisors to the Company, Evercore is serving as its investment banker and Alvarez & Marsal is serving as its financial advisor.
  • Online Automotive Retailer Vroom Announces $450 Million Floorplan Commitment from Ally Financial
    April 1, 2020
    Ally’s new financing supports Vroom’s continued national growth, which is bringing about enduring change in the used vehicle industry. Ally has provided floor plan financing to Vroom since 2016. The new agreement, finalized earlier this month, doubles the total amount of available credit and is Ally’s first fully committed facility to Vroom.
  • Phoenix Lending Survey Results Reveals Coronavirus will be a Leading Driver of Economic Performance in 2020
    April 1, 2020
    From the first quarter Phoenix Management “Lending Climate in America” survey results, which was conducted in late February, reveal the coronavirus and other factors will be leading economic driver in 2020. Lenders were asked to identify what they believe will be the largest driver of economic performance in the first half of 2020. The majority of lenders, 40%, believe the coronavirus along with other factors will be the largest driver of economic performance.
  • Kazuo Koshi Appointed Executive Chairman of the Board of MUFG Americas Holdings Corporation and MUFG Union Bank, N.A.
    April 1, 2020
    MUFG, one of the world's leading financial groups, today announced that Kazuo ("Kaz") Koshi has been appointed Executive Chairman of the board of directors for MUFG Americas Holdings Corporation and its U.S. banking subsidiary, MUFG Union Bank, N.A., effective April 1, 2020. He has been a member of the board of directors since 2016 and active with MUFG's U.S. subsidiaries since the mid-1990s. He will continue to be based in New York.
  • Azlo’s COVID-19 Small Business Survey
    April 1, 2020
    According to the survey of small business banking customers, 77% of small business owners have already been negatively impacted by COVID-19 and another 16% anticipate they will be impacted. In addition, over 30% said they have experienced up to 100% loss of monthly revenue.
  • CARES Act Provides Enhanced Opportunities for Small Businesses to Use Chapter 11 of the Bankruptcy Code to Weather COVID-19
    April 1, 2020
    The Coronavirus Aid, Relief and Economic Security Act of 2020 (“CARES Act”) which Congress approved last week, together with the Small Business Reorganization Act of 2019 (the “SBRA”) which became effective on February 19, 2020, will make Chapter 11 bankruptcy protection much more attractive for small business debtors. Together, the two new pieces of legislation not only streamline existing rules governing the efforts of small businesses and individuals to restructure successfully under Chapter 11 of the Bankruptcy Code, but the CARES Act raises the maximum debt level to qualify from $2,725,625 to $7,500,000, thereby expanding access to this form of relief to thousands of businesses.
  • Allen Frederic Joins Infinity Financial Group (IFG)
    March 31, 2020
    With 47 years of experience in commercial banking, asset-based lending, factoring, and mergers and acquisitions, Allen Frederic will use his vast experience to find solutions for his clients to help them succeed when faced with the challenges presented by industry, market, and financial problems. Allen’s extensive network of various institutional and personal contacts in the financial industry is essential for successful outcomes of his services.
  • Frequently Asked Questions for Financial Institutions Affected by the Coronavirus Disease 2019 (Referred to as COVID-19)
    March 31, 2020
    Frequently Asked Questions for Financial Institutions Affected by the Coronavirus Disease 2019 (Referred to as COVID-19) Working with Borrowers 1. Payment Accommodations. Would it be acceptable for a bank to offer borrowers affected by COVID-19 payment accommodations, such as allowing borrowers to defer or skip some payments or extending the payment due date. The FDIC encourages financial institutions to provide borrowers affected in a variety of ways by the COVID-19 outbreak with payment accommodations that facilitate their ability to work through the immediate impact of the virus. Such assistance provided in a prudent manner to borrowers facing short-term setbacks could help the borrower and a community to recover. The FDIC understands that effective loan accommodation programs may involve protracted resolutions, but all should be ultimately targeted toward loan repayment.