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The data in this Annual Factoring Industry Survey presents results from a period that now seems like a distant memory. Sitting down to write commentary was very challenging. Commenting on the past year seemed moot; and attempting to correlate or speculate on the future of our industry seems a fools’ errand.

One thing to keep in mind is that receivables factoring is a an “all-seasons competitor” in the world of finance.  Factoring is a product that has been around for hundreds, if not thousands, of years, and so I am confident that it, like our economy, will weather the current stormy global conditions stemming from the pandemic. In fact, it is more likely that the industry will grow and thrive during this time of stress and uncertainty. The very design and nature of accounts receivable factoring is ideally suited for providing liquidity to businesses in times of financial, operational stress and uneven cash flow.

Commercial loan growth reaccelerated across much of the U.S. banking industry as lenders began to fund federally backed small business loans and prepared to start processing a second round of applications under the coronavirus relief program.

Excluding the 25 largest institutions by assets, commercial and industrial loans increased 6.3% during the week ended April 15, according to seasonally adjusted data in the Federal Reserve's most recent H.8 report on commercial banks. That represents a huge jump from growth rates of 0.6% to 0.8% in the preceding two weeks, and leapfrogs growth of 2.1% to 2.3% during two weeks in March when corporate draws against bank credit lines were particularly heavy.

Encina Business Credit, LLC announced today that it has provided a $75 million senior secured revolving credit facility to a leading global provider of risk management and operational support services to government and commercial clients.

The senior secured revolving line of credit, which is collateralized by accounts receivable, was used to refinance existing debt and provide ongoing working capital financing.

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.

Wingspire Capital Holdings is pleased to announce the completion of a $30 million senior secured loan to home furnishings retailer Arhaus, LLC to support the company’s daily operations and continued growth.

Wingspire Capital leadership was already familiar with Arhaus and its executive team, and welcomed the opportunity to support a growing and innovative retailer that has been redefining the home furnishing space for more than three decades.

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."

The financing was arranged on behalf of project sponsor Idemitsu Renewables (formerly Solar Frontier Americas), a leading solar project developer that has successfully built and sold hundreds of megawatts of utility-scale solar power since 2015. The project will sell power to Intermountain Rural Electric Association (IREA), a nonprofit electric distribution cooperative based in Sedalia, Colorado.

Citizens Commercial Banking announced today that it is providing a $42 million asset-based credit facility to New York-based Stoli Group USA, an importer, marketer and distributor of Stolichnaya vodkas, along with other spirits and wines in the United States. Citizens is the sole lender.

Forever 21 said it received $275 million in financing from its existing lenders with JPMorgan Chase Bank, N.A. as agent, and $75 million in new capital from TPG Sixth Street Partners, and certain of its affiliated funds.

Gibraltar prides itself on its ability to provide companies and their private equity sponsors with flexible financing and maximum liquidity, based on our ability to understand each business’ special situation. This enabled us recently to provide Texas-based Easy Gardener Products, Inc, a $20 million credit facility to help with a restructuring.

Easy Gardener designs, manufactures, and sells a broad range of consumer lawn and garden products. It sells its products under several well-known patented and trademark brands such as WeedBlock, Jobe's, Emerald Edge, Landmaster, Ross, and Jobe’s Organics. Its customer base includes longstanding relationships over a 20- to 30-year period with a robust network of large national home improvement and mass merchant retailers as well as local hardware stores and independent garden centers and nurseries.

Second Avenue Capital Partners, LLC (“SACP”) (www.secondavecp.com), announced today it has provided a $12,500,000 senior secured credit facility to Carlisle Etcetera, LLC (the “Company”), a direct-to-consumer women’s luxury apparel brand.