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Nearly three-quarters of economists surveyed by the National Association for Business Economics said the U.S. will have entered a recession by 2021, with 38% of respondents stating that will happen by 2020 and 34% predicting 2021.The percentage of economists stating a U.S. recession will start in 2020 dropped from 42% in February to 38% in August, the association's report showed, while the percentage of respondents expecting a recession in 2021 increased from 25% in February to 34% in 2021.In a Read Story

Field Under: Economy
August 23, 2019 @ 09:00 AM

Hilco Global has issued a new perspective on the current tariff-driven issues facing U.S. retailers."Retailers Face Tough Decisions as China Tariff Pressures Mount," authored by Tim Anderson, Sr. Vice President of Hilco Valuation Services/Retail Appraisal Operations, examines the distinct challenges now facing U.S. retailers, the actions those retailers are taking in the face of trade uncertainty, and how asset-based lenders should be thinking about their retail portfolios during this time Read Story

Field Under: Industry News
August 23, 2019 @ 08:55 AM

DRB Financial Solutions, LLC and its wholly-owned subsidiary DRB Capital, LLC are pleased to announce that they have closed on the first $150M of a planned $300M term financing facility for their structured settlement and annuity payment stream programs. DRB Financial has now raised over $1.5 Billion to support its various business units.DRB Capital is a leading purchaser of both structured settlement and annuity payments. The company offers liquidity and optionality to prospective sellers in Read Story

Field Under: Industry News
August 23, 2019 @ 08:50 AM

Antares announced that it served as sole lead arranger and is acting as administrative agent for a senior secured credit facility to refinance existing debt and to provide additional capital to support the continued growth of Mountaingate Capital’s Tinuiti.Founded in 2004, Tinuiti is a leading data-driven digital marketing agency specializing in full-service online marketing. Tinuiti is the new name for Elite SEM and its recently acquired agencies CPC Strategy, Email Aptitude and Read Story

Field Under: Business Services
August 23, 2019 @ 08:45 AM

Crestmark announced it provided $23 million in Commercial Financing to 88 businesses in the first half of August. Crestmark secured a total of $850,000 in ABL financial solutions for three new clients; Crestmark Equipment Finance provided $7,328,266 in five new lease transactions; Crestmark Vendor Finance provided $9,442,735 in 79 new lease transactions; and the Government Guaranteed Lending Division provided $5,393,000 in financing for two new clients in the first half of August. Crestmark’s Read Story

August 23, 2019 @ 08:35 AM

Commercial and multifamily mortgage loan originations were 10 percent higher in the second quarter compared to a year ago, and rose 29 percent from the first quarter of 2019, according to the Mortgage Bankers Association's (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations."Falling long-term interest rates and sustained strength in commercial real estate markets lifted commercial and multifamily mortgage originations during the second quarter," said Jamie Woodwell Read Story

Field Under: Industry News
August 23, 2019 @ 08:00 AM

Monroe Capital LLC announced it acted as sole lead arranger and administrative agent on a $50 million senior secured revolving credit facility to support working capital, organic growth and potential acquisitions for KushCo Holdings, Inc.Founded in 2001 and based in Garden Grove, California, the Company is the premier producer of ancillary products and services to the cannabis and hemp industries. The Company subsidiaries and brands provide, product quality, exceptional customer service Read Story

Field Under: Cannabis
August 22, 2019 @ 09:00 AM

Citizens Commercial Banking announced that Jason Shanahan has joined the bank’s Retail Finance Group as a Senior Vice President and Senior Originator. Bringing more than 20 years of financial services experience to his new role, Shanahan joins Citizens from Wells Fargo Capital Finance, where he was a Director in the Retail Finance Group.Shanahan will be based in Boston and will report to Jaime Ward, Head of the Retail Finance Group at Citizens Commercial Banking. The Retail Finance Group Read Story

August 22, 2019 @ 08:55 AM

Fifth Third Bancorp announced that Peter Gruebele has joined Fifth Third as senior vice president and San Francisco market executive. In this role, he will report to Joseph Yurosek, California market president for Fifth Third Bank.“Peter is embedded in the San Francisco market and is deeply rooted in the community, which makes him a perfect fit to lead Fifth Third’s growth efforts in the Bay Area,” said Yurosek. “We look forward to his leadership contributions as we introduce our strategic Read Story

August 22, 2019 @ 08:50 AM

PNC Bank, National Association, announced the closing of an $18.5 million senior secured credit facility for Sandusky, Ohio-based August Corso Sons, Inc. (Corso). PNC Bank, N.A., served as administrative agent.Established in 1941, Corso is a fourth generation family-owned and operated perennial grower, provider of landscaping services, and flower and gardening products retailer. Corso is ranked among the 55 largest greenhouses in the U.S., with over 30 acres of greenhouse space and 32 acres of Read Story

Field Under: Industry News
August 22, 2019 @ 08:45 AM

NXT Capital announced that it has provided a senior credit facility to support Tenex Capital Management’s acquisition of Big Bolt.NXT Capital acted as the Joint Lead Arranger, Sole Bookrunner and Administrative Agent for this transaction.“The NXT team were thorough yet efficient through the underwrite and execution and we very much appreciate both of those qualities,” said Perrin Monroe, Principal, Tenex Capital Management.Established in 1977 and headquartered in Bloomingdale, IL, Big Bolt LLC Read Story

August 22, 2019 @ 08:40 AM

Amerisource Business Capital announced the closing and funding of a $3,000,000 credit facility for a meal and dining services company based in Ohio.  Proceeds of the facility are being used to finance working capital.Andy Allaire, Regional Market Manager for Amerisource, stated: “This company is a startup, but the owners and management are experienced operators in this industry.  We are pleased to be their financing partner during this critical period of growth and expansion." Read Story

Field Under: Food Services
August 22, 2019 @ 08:00 AM

CIT Group Inc. announced Philip Robbins has joined the company as the President of Asset Management and Capital Markets. In this role, he will manage the capital markets portfolio of products, the syndicated loan group and CIT's asset management activities. He also will serve on the company's Executive Management Committee."We aim to deliver a solutions-based approach to our clients. Capital markets and asset management capabilities are a key part of that solution set, creating value for clients Read Story

August 21, 2019 @ 09:00 AM

Wells Fargo announced its Commercial Banking leadership team for the Northeast, which includes leaders serving businesses in New England, Western New York and Eastern Canada. The new leadership team stems from the bank’s recently announced structure for its Commercial Banking business.Under its new integrated business model, Wells Fargo is strengthening and simplifying how it serves the needs of local commercial customers. With its newly formed national Specialized Industries group, Wells Fargo Read Story

August 21, 2019 @ 08:55 AM

White Oak Healthcare Finance, LLC announced it acted as sole lead arranger on the funding of a senior credit facility to finance the acquisition of New Life Health Group (“New Life”) by CareMax Medical Group (“CareMax”).  CareMax is an at-risk primary-care provider contracted by Medicare Advantage plans to provide care to patients in Florida.“CareMax serves one of the largest and fastest growing Medicare and dual-eligible markets in the US,” said White Oak’s Managing Director Ross Eldridge.  Read Story

Field Under: Medical
August 21, 2019 @ 08:50 AM