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Vernon Francois grew up in a Rastafarian household where the weekly tradition was having his hair braided every Sunday. The experience was so painful that he decided to learn how to braid hair himself, using carpets and window shade edges as practice.

All that practice paid off. When he was just Vernon Francois grew up in a Rastafarian household where the weekly tradition was having his hair braided every Sunday. The experience was so painful that he decided to learn how to braid hair himself, using carpets and window shade edges as practice.

Huntington National Bank has expanded its Huntington Business Credit team with the addition of a Washington, D.C.-based group focused on asset-based lending in the healthcare industry. The new team, which will serve asset-based lending needs for middle market healthcare clients across the U.S., consists of five healthcare-finance industry veterans who recently joined Huntington from Sector Financial.

Gerber Finance, a leading finance partner for companies experiencing accelerated growth, is expanding its portfolio and client offerings with the launch of Gerber+. This new division will service businesses seeking a higher level of funding ranging from $10 to $25 million. Gerber Finance currently focuses on facilities up to $10 million. Gerber is also announcing its first Gerber+ client, Molded Acoustical Products (MAP) of Easton, a full-service insulation manufacturing solutions company.

Gerber has established this new division alongside its parent company, eCapital Corp., ("eCapital"), a leading alternative finance provider, to help companies grow and achieve their mission by accelerating their access to capital. The new division will be led by Senior Vice President Entela Semini, who will serve as Northeast director of Gerber+.

The shock to the U.S. Oil & Gas market in first quarter 2020 was sparked by the start of the COVID-19 pandemic and exacerbated by a price war between Saudi Arabia and Russia, massive oversupply and plummeting demand. This shock is now rapidly accelerating into a crisis for upstream E&P, midstream and oilfield services companies, as well as their many financial partners and stakeholders.  Headlines in the media focus on the "bust cycle" spurred by public company bankruptcies such as Chesapeake Energy and Diamond Offshore.  However, this summer we will hear more about middle-market players reeling from severe short-term impacts and the reality that some wells may not return to profitability (if they really were profitable) anytime soon.  While we do not have a crystal ball to foresee the future, our research and oil price sentiment does not indicate a substantive rebound in pricing-per-barrel before the first quarter of 2021 or later.

Ares Commercial Finance (“ACF”) announced that it has provided a $45 million senior secured revolving line of credit to Southern States Cooperative, Inc. (“SSC”).  Headquartered in Richmond, Virginia, SSC is a retail agricultural cooperative serving the agronomy, energy and farm supply needs of its members and customers across eight states in the Southeastern United States.  Proceeds of the financing were used to refinance their existing credit facility and for ongoing working capital support.

Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of health care solutions to office-based dental and medical professionals, today announced that it has closed on a new credit facility totaling $700 million, with JP Morgan Securities LLC and U.S. Bank NA serving as Joint Lead Arrangers.

The new facility represents $700 million in committed financing that increases and replaces $200 million in uncommitted financing from the same lenders. The Company’s liquidity position now totals $1.7 billion.

Jan Tammen, SVP - National Recurring Field Exam Manager at PNC, reflects back on receiving the SFNet 40 Under 40 Award in 2018 and his new role at PNC. The 40 Under 40 Awards will return in 2020 in New York City. 

(Editor’s Note: As the supply chain finance landscape continues to evolve, the conversation doesn’t stop here. Continue it in person at Supply Chain Finance Convergence ’26, an SFNet event on March 3, 2026, at the Westin New York Grand Central. The authors of this article will be presenting on a panel exploring the convergence of ABL, factoring, and supply chain finance, along with the legal and risk considerations shaping the market.)

The initial panic over the Silicon Valley Bank collapse is over, but the VC-backed beauty startup landscape is now grappling with the potential long-term effects. 

Reconsideration of which banks to use to keep their businesses’ cash safe is just the beginning of founders’ concerns, as the closure of the bank could have a broader impact on the VC landscape overall, say experts. Startup beauty brands including outdoor brand Kinfield, skin-care brand Herbivore Botanicals and period health company The Flex Co. were among those banking with Silicon Valley Bank before the collapse. But the event has caused many other startup brands to rethink how and where they store their cash. 

C2FO, the world’s on-demand working capital platform, announced the addition of two new executive roles to its leadership team, naming Dan Karas as its first chief credit officer and promoting Controller Bri Simoneau as the first chief accounting officer. Karas brings extensive leadership experience in lending and risk management, and Simoneau brings deep knowledge and experience in financial controls and reporting. Both executives will be essential as C2FO continues to enhance its business and overall global footprint.

Fifth Third Business Capital, a division of Fifth Third Bank, announced it acted as sole lender and administrative agent on the funding of a new $9,417,500 senior credit facility to Bensenville, Illinois-based Amglo Kemlite Laboratories, Inc. Fifth Third’s credit facility was used to support the acquisition of Amglo Kemlite by NewCastle Partners, LLC, and to provide working capital to support future growth.

What of back rooms?

One important thing that we have learned over the recent past, through our observations of societal upheaval and current events, is that words matter.  Reflecting on the often-misleading references that are used in our lives, and industry, is an opportunity to open our minds, deepen our sensitivities, and expand our learning opportunities to what exists in our current collective reality.

I've often heard the term, back office, used by some ABL and/or other leaders within bank organizations.  Users of this term surely do not intend to be offensive, however, it is an outdated reference that has no place in the more complex secured lending operations of today. 

CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, through its investment advisor CIT Asset Management LLC, served as sole lead arranger on a $20 million senior secured credit facility for Marquis Construction Services LLC.

Headquartered in Clute, Texas, Marquis Construction Services is a multi-disciplined, soft-craft provider of industrial and construction services, including scaffolding, insulation, sandblasting and painting, environmental abatement, fireproofing and industrial siding.

 

Audax Private Debt announced that, as Administrative Agent and Lead Arranger, it provided a senior secured credit facility to support add-on acquisitions for Backstage (the “Company”), a portfolio company of TA Associates and online career platform for creative talent. Backstage acquired The Mandy Network, a UK-based talent platform for cast, crew, production services and creative professionals, and StarNow, a New Zealand-based talent platform for actors, models, influencers, and musicians.

COVID-19 has placed an extreme emphasis on physical well-being, but the pandemic has also caused a mental health crisis. How can managers assist their team members during this unprecedented time?

Siena Lending Group LLC (“Siena”) announces the completion of a $3.0 million asset-based revolving credit facility for Datamation Systems, Inc. (“DSI”). The facility will be used to recapitalize the company and finance SNK Capital LLC and its affiliate, Wessex Capital Partners LLC’s acquisition of a controlling interest in DSI and to provide additional working capital to support the company’s growth. 

Hovde Group executives, Tim Stute and T.J. Humes, pictured above, provide an overview of the effects of the pandemic on M&A market conditions.

Architect Capital, an asset-based lender to early-stage technology businesses, announced that it has launched with over $100 million to provide non-dilutive or less-dilutive financing solutions to high-growth and technology-enabled businesses. With a focus on FinTech, E-Commerce, and SaaS companies in Latin America and the United States, Architect Capital's mission is to support innovative founders across the globe by structuring and delivering unique asset-based products complementary to traditional venture capital.

Gail K. Bernstein was executive vice president, national investment manager for PNC Business Credit, located in Los Angeles, CA. Prior to September 2013, she was the marketing manager of PNC Business Credit-Western Region, a de novo office that she opened in 1998. Besides her extensive experience in ABL, her career encompasses a specialization in international lending and investment management. She has traveled extensively in Latin America and is bilingual in English and Spanish.

After 20 years with PNC, Bernstein retired on August 30, 2019.