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Huntington Business Credit announced it closed a new $13,400,000 credit facility with Dutchland Plastics, LLC on December 20, 2019.  Proceeds of the facility were used to refinance existing debt and provide ongoing working capital growth financing.        

MidCap Business Credit announced today they have closed on an $8,000,000 asset-based credit facility for a manufacturer of precision components and assemblies in the aerospace and defense industry. The opportunity was sourced out of MidCap’s office located in West Hartford, CT. 

The Federal Paycheck Protection Program loan funds did buy many struggling businesses time to weather the proverbial economic storm. Plus, secured lenders, not surprisingly, found it much more advantageous to work with borrowers and extend liquidity than deal with a bankrupt business. The idea was simply that the pandemic couldn’t last forever and that the economy, as it is now, does appear to be on the mend.

Asset-based lenders were aware of the problems going into the pandemic. Not surprisingly, brick and mortar retailers, already facing significant financial stress before the shutdown, did take the brunt of the pandemic and many were forced to shutter stores, says Dan Karas, executive vice president of Allied Affiliated Funding, a division of Axiom Bank, N.A. Many large retailer liquidations dominated 2020, including J.C. Penney and Pier 1. The silver lining for lenders, as it turns out, is that liquidations were generally not the order of the day for most businesses, he adds. According to data from Epiq, commercial Chapter 11 filings grew year-over-year, up 29% in 2020 compared to 2019.

Siena Lending Group LLC (“Siena”) announces the completion of a $25 million asset-based revolving line of credit for Vault Pressure Control LLC (“Vault Pressure Control”). The facility was provided in conjunction with Pelican Energy Partners to fund the acquisition as well as for working capital needs to support future growth.

Vault Pressure Control, based in Houston, Texas, was formerly the Surface Pressure Control Flow business unit of the Oilfield Equipment segment of Baker Hughes.  The newly independent company is wholly focused on providing outstanding customer service and world-class products to pressure control customers in the US, Canada, Australia, Papua New Guinea, and Trinidad & Tobago markets.

In February, Otterbourg P.C. announced that Valerie S. Mason and Nneoma A. Maduike had been named co-chairs of the firm’s Lender Finance Practice Group. Otterbourg’s experienced Lender Finance team advises and represents the largest U.S. and global institutional lenders and regional banks, as lenders and mature lenders, sponsors supported companies, and strategics, ranging from startups to mature traditional lenders and funds, merchant cash advance companies, asset-based lenders, factors and fintech lenders, as borrowers, in “lender to lender” secured revolving credit and term loan facilities.

In March, when the world suddenly and completely switched to “virtual” everything, quick, yet thoughtful, decisions had to be made by SFNet’s leadership and staff to ensure the Association could fulfill its mission of bringing together and representing those who provide the capital that fuels our economies.

“As it became clear that COVID was causing a seismic shift in just about every aspect of our professional and personal lives, the well-being of our staff and the SFNet Community became our priority. We also had to find creative ways to bring critical information to our members, as changes were occurring with head-spinning speed. In addition, it was vital for SFNet to continue to facilitate the connections that are so important now, during this time of social distancing,” said SFNet CEO Rich Gumbrecht. “We recognized the urgency of addressing our members’ most-pressing needs through impactful advocacy, providing crucial conversations through online events and sharing relevant and timely content."

Encina Business Credit, LLC announced today that it has provided an $80 million senior secured revolving credit facility to a national distributor of media and consumer goods.

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

The author discusses the potential perils of improper use of “incorporation by reference” in commercial lending transactions, as well as potential strategies for reducing potential incorporation by reference hazards.

Cambridge Savings Bank (CSB), one of the oldest and largest community banks in Massachusetts, announced the addition of John Bobbin, First Vice President, Senior Asset-Based Lending Officer, to join its Asset-Based Lending Team, which sits under CSB’s well-established Corporate Banking division.

Middle-market private companies in the Golub Capital Altman Index experienced approximate year-over-year earnings growth of 13.2% and revenue growth of 9.6% during the first two months of the third quarter of 2019. This compares to approximate year-over-year earnings growth of 12.5% and revenue growth of 10.3% in the second quarter of 2019.

CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as sole lead arranger on a $50 million credit facility for Intermetal Rebar LLC.

Headquartered in Miami, Florida, Intermetal Rebar is a leading importer and distributor of reinforcing bar ("rebar") and other structural products to distributors, fabricators, and contractors in the non-residential construction industry.

SLR Digital Finance LLC (“SLR Digital Finance”) announces the funding of an asset-based revolving credit facility for DeepIntent. The facility consists of a $40MM revolver with a sublimit for unbilled receivables.

As one of the pioneers in advertising technology for healthcare marketers, DeepIntent and its 220+ dedicated employees across four different countries have built a robust healthcare advertising platform that empowers marketers to plan, activate, and optimize their digital ad campaigns on a single platform.

House Democrats unveiled a massive $3-trillion virus-relief bill Tuesday, combining aid to state and local governments with direct cash payments, expanded unemployment insurance and food stamp spending as well as funds for voting by mail and the U.S. Postal Service.  A vote is likely on Friday.

While the bill is not supported by House Republicans (or expected to become law), it is the opening salvo for the next COVID-19 relief package, which will likely face protracted negotiations between the White House and Congress.

House Democrats prepared the below summaries, which make a number of changes to programs in the CARES Act, including  to the Payroll Protection Program (PPP).  

We tend to believe that most people who go to an interview will automatically take the job if it is offered, but many times that is not the case. It is important to remember that while you are interviewing the candidate, the candidate is also interviewing both you and the company. Just as the company has a checklist of what it is looking for, so does the candidate. Here is a guide to some of the most tried and true ways for an interviewer to ensure a ‘Yes!’ from a candidate after only one interview.

Citizens Financial Group, Inc. [NYSE: CFG] today announced a definitive agreement to purchase the assets of Trinity Capital, a Los Angeles-based advisory firm that delivers a range of financial services to commercial clients. This transaction, which follows several other recent moves by Citizens to add key talent and solutions, further strengthens Citizens’ growing advisory capabilities.