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In August, Bank of America announced that Seth Benefield had been named head of Bank of America Business Capital (BABC) and Asset-Based Financing.

He is responsible for managing an international team of asset-based lenders that deliver secured credit facilities and other complementary banking products and services to mid-size and large corporate companies. With nine primary offices serving the United States, Canada and Europe, BABC provides corporate borrowers with senior secured loans of $5 million or more, cash management, interest rate and foreign exchange risk management, and a broad array of capital markets products.

Based in Atlanta, Benefield has been with the bank for 20 years, previously serving as National Marketing Manager, where he managed a team of business development officers who provide asset-based solutions and banking products to large and middle market companies, intermediates and financial sponsors across the U.S. and Europe. Prior to joining the bank, he served as a special agent in the Federal Bureau of Investigation.

Benefield earned a Bachelor of Arts degree in Accounting from University of Georgia. He is a Certified Public Accountant and holds Series 7, 24, 63 and 79 FINRA registrations.

The secured finance industry, just like so many others, has demanded that remote work become the “norm.” Will this change better enable the industry to attract and retain top talent?

Rosenthal & Rosenthal, Inc., the leading independent factoring, asset based lending and purchase order financing firm in the United States, today announced the completion of several non-recourse factoring deals with multiple furniture companies in Texas and North Carolina.

After a former Rosenthal client sold its furniture business to a well-known furniture brand in 2019, they reached out to Rosenthal to discuss funding for a new company. The client was seeking financing for several of its furniture businesses, both start-ups and established brands, all of which were experiencing cash flow issues as well as credit coverage concerns. Rosenthal was able to offer a non-recourse factoring solution to cover both. 

Gordon Brothers, the global advisory, restructuring, and investment firm, announced today the appointment of Steven Holstein as Head of Business Development.

As Head of Business Development, Holstein will be responsible for building, driving, and leading global business development, including research, sales, and marketing strategies.

Citizens announced today that it served as Lead Left Arranger for Stoughton, Mass.-based Liquid Tech Solutions’ new $350 million senior credit facility.

Liquid Tech provides route-based, on-site mobile refueling solutions across the United States. The company’s 24/7 “truck-to-truck” service delivers primarily diesel fuel to client job sites or their place of business and directly into truck fleets, boats, locomotives, equipment, generators and fuel storage tanks.

In September, experts from across the industry gathered at the Secured Finance Network’s Annual Cross-Border Lending Summit to discuss Cross-Border ABL.  As we know, common-law jurisdictions such as the UK, Canada, and Australia are a well-trodden path for ABL lenders.  However, other jurisdictions in Europe and wider can be more problematic, and clients of asset-based lenders are looking for liquidity outside of traditional ABL markets.  Some ABL lenders are able to get comfortable with this, but, even then, advance rates are less than optimal and structuring is difficult.  An alternative solution exists:  Trade Receivables Securitization.

Jude Baldo is an associate in the Global Finance group of Sidley Austin LLP, a global law corporate law firm. He is responsible for counseling clients in complex financings across a broad spectrum of platforms, industries, and asset types, including lending and securitization transactions, both domestically and internationally.  Prior to embarking on his legal career, Jude was an associate vice president for a software as a service company, where his experiences with cross-border technology regulations led him to law school. Jude graduated a Regents Scholar from the University of California, Los Angeles and from Northwestern Pritzker School of Law with a JD.

Jude resides in Illinois with his wife, their newborn, and their French bulldog, Celine.

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SFNet’s CEO submitted a  letter to US Treasury Secretary Mnuchin and Administrator Carranza of the Small Business Administration, seeking affirmation of eligibility of non-bank lenders under the CARES Act. The letter seeks to further ensure that non-bank lenders are afforded all available protections under the Act as regulations are now established and implemented.  

(Editor’s note: Subsequent to this letter, the SBA has issued its ‘Interim Final Rule’ that makes businesses identified in 13 CFR 120.110, which includes financial services companies, ineligible for the Paycheck Protection Program.   SFNet will be seeking any recourse available to press the SBA to amend this position)

SFNet’s fourth annual Women in Secured Finance Conference attracted over 300 attendees for two days of inspiring (virtual) sessions featuring senior executives who shared their perspectives on leadership and communications while heading teams virtually and managing changes wrought by the COVID-19 Pandemic.

The consensus: Workers will not be returning to how it was even after a viable vaccine for the COVID-19 virus becomes available. Many of the speakers – women in top management, who are accustomed to being in the office, travelling, and meeting face-to-face with teams and clients—spoke about remote work challenges. They also offered creative ideas to ensure employees feel embraced during this challenging time.

MDC Partners Inc. (the "Company") (NASDAQ: MDCA) today announced that the Company has amended its existing senior secured revolving credit facility with Wells Fargo Capital Finance, LLC, as agent, extending the maturity date to February 3, 2022.

Factoring is an age-old form of financing providing companies with much-needed cash.

It takes money to make money, as any business owner knows. But many small businesses also know what it’s like to be turned down by a bank for a loan or line of credit, not get as much as they need, or simply not get the cash quickly enough to take advantage of an opportunity.