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.

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.

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.

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.

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.

Village Farms International, Inc. ("Village Farms" or the "Company") (TSX: VFF;NASDAQ: VFF) today announced its majority-owned joint venture for large-scale, low-cost, high-quality cannabis production, Pure Sunfarms, has expanded its credit facility with its existing lender to $59 million, including accordion provisions of $22.5 million. The expanded credit facility (the "Credit Facility") consists of a $7.5 million revolving operating loan (the "Revolver") and a $10 million term loan (the "New Term Loan"), in addition to its existing $19 million term loan (the "Existing Term Loan").

PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today announced that on March 27, 2020 it amended and expanded its European credit facility, increasing the committed facility by $200 million for a total European revolving credit facility of $1.3 billion. The amended facility extends the maturity of the facility to February 19, 2023 and includes an accordion feature to allow for future increases.

As the global crisis develops with bewildering speed, lenders of all kinds find themselves caught, increasingly, between the demands of government to support business and jobs on the one hand, and the increasing risk of borrower default on the other. Regulated lenders are subject to specific requirements laid down by their supervising authorities. The following is intended to provide pointers to nonbank lenders, specifically those operating in the receivables finance and asset-based lending sectors, which may not be receiving guidance from regulatory bodies.

Celtic Capital Corporation today announced its most recent new client relationship – an Indiana-based manufacturer of all aspects of commercial and industrial sheet metal installations.

Hitachi Capital America Corp. (HCA) today announced that Brian Blend has joined the company as Regional Controller, Technology Finance. Brian is responsible for managing all aspects of the day-to-day relationships of assigned clients in the technology sector. He is based in Columbus, Ohio and reports to Steve Weislogel, Chief Operating Officer of the Technology Finance business.

Sunflower Bank, N.A. is pleased to announce it provided revolving and term debt commitments in connection with an investment in Team Laboratory Chemical, LLC (“Team Lab”). Sunflower Bank partnered with Team Lab’s management team, Lightspring Capital Partners and Plexus Capital to support the future growth of Team Lab.

Sunflower Bank, N.A. is pleased to announce it provided $15 million in commitments to support the redemption of shares and future growth of QuickBox Fulfillment. The transaction closed in November 2019. In this transaction, Sunflower Bank provided senior debt financing in connection with an investment made by Pike Street Capital. Additionally, Sunflower Bank provided QuickBox with a revolving line of credit in support of the company’s operations and future growth.

TCI Business Capital (www.tcicapital.com) is pleased to announce the hiring of Scott Franzen as Senior Vice President, Business Development. Mr. Franzen brings over 27 years of Sales and Business Development experience in the Factoring industry to his role. He is responsible for selling invoice factoring services to trucking fleets throughout the Midwest.

Akin Gump Strauss Hauer & Feld LLP served as the Company’s legal counsel, PJT Partners, Inc. served as its financial advisor and AlixPartners LLP provided a managing director to serve as chief restructuring officer and served as restructuring and operations advisor. Gibson, Dunn & Crutcher LLP and Houlihan Lokey, Inc. served as legal counsel and financial advisor, respectively, to an ad hoc group of certain of the Company’s lenders.

M-III Partners, LP, a leading independent corporate advisory firm, today announced two new additions to the firm's team of advisory, restructuring, and turnaround veterans. Thomas Biaggi, an executive with more than 35 years of experience managing distressed and special assets, and Keshav Lall, an expert in identifying and maximizing value in distressed assets, have joined M-III as Managing Directors, effective immediately.

CIT (NYSE: CIT) today outlined a $1 million community commitment to support those affected by COVID-19. These resources will provide some immediate relief to New York City and L.A. County, the respective headquarters for the company and its bank subsidiary. In addition, it will provide support for several community initiatives across the company's footprint that aim to provide relief to those impacted by the pandemic, with approximately half of the funding supporting nonprofits assisting small businesses in California.

Ares Capital Corporation (“Ares Capital”) (NASDAQ: ARCC) announced today that it has increased commitments under its Revolving Credit Facility (the “Facility”) to approximately $3.6 billion and extended the final maturity date to March 30, 2025. The Facility was led by JP Morgan, Bank of America, SunTrust Robinson Humphrey, BMO Capital Markets, MUFG Bank, Ltd. and Sumitomo Mitsui Banking Corporation and includes a total of 37 bank participants. Pricing and advance rates remain unchanged on the Facility.

The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB), and the State Banking Regulators (hereafter, the agencies), are issuing this interagency statement to provide additional information to financial institutions who are working with borrowers affected by the Coronavirus Disease 2019 (also referred to as COVID-19).

With a negative net worth of $65 billion and an additional $140 billion in unfunded liabilities, the USPS originally expected to run out of liquidity by 2021 without intervention. That has accelerated rapidly because of COVID-19. Fewer people and businesses are sending mail because of the outbreak, which could hasten the decline of the Postal Service and close its doors as early as June, officials warned.

Mitsubishi UFJ Financial Group (MUFG) announced today that given the global impact and disruption of COVID-19, the company is taking measures to support communities in which it serves across the United States, Latin America and Canada, as well as clients and colleagues.