Commercial Funding Partners promotes Bailey Turner to Senior Vice President of Market Strategies
March 8, 2023
Commercial Funding Partners (CFP) has announced the promotion of Bailey Turner to Senior Vice President of Market Strategies. In this new capacity Turner will be responsible for overseeing marketing strategies and efforts to improve the company’s market positions and achieve desired business goals.
Turner joined CFP in 2017 as Business Development Officer and was quickly promoted to Vice President and subsequently Partner in the firm. During his tenure, Bailey has been a tremendous asset to the growth of the company. “Bailey’s contribution to bottom line growth of CFP has been paramount. We are excited to use his years of experience and excellent leadership skills to continue to expand our sales revenues and innovate our client experience,” said Buddy Zarbock, President of CFP.
Commercial Funding Partners is a national lender that provides businesses with no-hassle asset financing and leasing. CFP’s industry leadership and a wide array of financing products have helped its customers prosper since 1987. Please visit their website at www.com-funding.com
Seacoast Business Funding Provides $14,500,000 in New Working Capital Lines
March 7, 2022
Boynton Beach, FL – March 4, 2022 – Seacoast Business Funding, secured $14,500,000 in accounts receivable facilities. The transactions added three new companies to the Seacoast portfolio.
- A $10,000,000 asset-based facility with A/R and Inventory, was provided to a sports medicine and therapeutic product manufacturer located in the Southeast. The Company will utilize the proceeds to increase its product line to existing retail supply chain as well as expand into medical supplies.
- A $2,500,000 factoring facility for an electrical supply distributor located in the Southeast. Increased demand as well as shipping delays has resulted in the need for an increased working capital line.
- A $2,000,000 ledgered invoice LOC for a software & hardware manufacturer. The Company was seeking to establish a reliable working capital partner to support demand and the expansion of a business line.
President of Seacoast Business Funding, Jay Atkins, commented, “We understand the financial needs affecting manufacturing and distribution industries in the current environment, and our ability to move quickly ensures our clients the structure needed to continue without disruption. We met the needs of our clients by providing flexible and sustainable solutions, placing them in a position to maintain momentum and mitigate operational instability.”
About Seacoast Business Funding
Seacoast Business Funding provides customized and timely working capital financing solutions to small and middle-market companies engaged mainly in business services, distribution, manufacturing and staffing with annual sales ranging from $1 million to $200 million. Credit facilities are in the form of Factoring, Invoice Purchasing or Asset-Based agreements. Seacoast Business Funding is a Division of Seacoast National Bank. Member FDIC. For more information visit SeacoastBusinessFunding.com.
Media Contact:
Brooke Ruben
Seacoast Business Funding
561.623.1871
Brooke.Ruben@seacoastbf.com
Ascentium Capital LLC Reports $390M in Third Quarter Funding Volume
November 2, 2021
KINGWOOD, Texas – Nov. 2, 2021 – Ascentium Capital LLC, a national commercial lender, announced continued growth during the third quarter of 2021. Financing volume increased $82 million, up 26% from the prior-year period. Strategic execution and ongoing economic recovery resulted in strong performance this quarter.
“Ascentium remains focused on delivering an exceptional customer experience supported by operational efficiencies, service excellence and competitive financing products. These core competencies are resonating with our clients and contributing to our positive momentum going into the fourth quarter,” said Tom Depping, executive vice president and Ascentium group manager.
Ascentium Capital offers specialized equipment financing and business loans to commercial entities nationwide. The company also provides customized finance programs for equipment manufacturers and distributers with simplified application procedures to help businesses in a broad array of industries including commercial vehicles, energy, franchise, healthcare, industrial, and technology.
“Quarter-over-quarter originations growth remains steady as we continue to satisfy our customers’ demands,” added David Lyder, senior vice president of Ascentium Sales and Marketing. “We are recruiting additional sales resources and refining existing products to keep pace with, and anticipate, our customers’ needs. Our top priority is helping our customers grow their businesses.”
About Ascentium Capital LLC
Ascentium Capital LLC, a subsidiary of Regions Bank, specializes in providing a broad range of business equipment financing, leasing, and loans across the United States. The Company’s offering is designed to benefit equipment manufacturers and distributors as well as direct to businesses nationwide. For additional information about Ascentium and its business financing products and services, please visit AscentiumCapital.com.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $156 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates more than 1,300 banking offices and approximately 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.
###
Media Contact
Christine Kimball, Vice President, Marketing
Ascentium Capital LLC
ChristineKimball@AscentiumCapital.com
Ascentium on Twitter: @AscentiumTeam
Ireland is Funding Fintech Through Government Investment
November 2, 2021
The Irish government has taken a serious liking to fintech. With a broad history of being active in financial services, the nation believes they can attract companies from around the world to reap the benefits of employing Irish citizens, while also tapping a major source of export revenue through an up-and-coming industry.
With access to capital for small businesses just as difficult here as it is in the US, a new fintech company looking for start-up cash may be able to turn to Dublin to get a major investment, rather than dealing with a retail investor or a venture capital firm here in the states. Enterprise Ireland, the organzation that runs these programs, is trying to tempt fintech companies looking for a fresh start or an international expansion to start that process in Ireland.
“Enterprise Ireland is the trade development and venture capital arm of the Irish Government,” said Claire Verville, Senior Vice President of Fintech and Financial Services at Enterprise Ireland. “We are a semi state agency and our mandate is to help support indigenous Irish enterprise to grow and expand in global markets.”
Just like in the United States, it is extremely difficult for an Irish business to walk into a big bank and get a loan. It’s in these situations where the Irish government has decided to make a direct investment themselves. Through Enterprise Ireland, according to Verville, the Irish government can provide capital to startups across a range of areas, in exchange for things like loan repayment or government equity in the company.
“In addition to the kind of more traditional trade development stuff that you would see from any government promoting their indigenous businesses abroad, we do invest directly in companies through equity and participate directly as a [limited partner] in funds to funds.”
Verville spoke about how the Irish government has been looking to extend funding to fintech startups for some time. “Our fintech portfolio is over 200 companies now, we have been one of the most active investors in Europe in a long time. We are one of the most active global investors across all sectors, and we’re really focused on early stage capital for fintech.”
When asked about the decision making process that goes into Irish investments, Verville portrayed it the same as if it was a private firm making the same move. “We will vet like any other investment, make sure we’re comfortable with it, make sure that the business is verifiable, and that we understand the track record of the team,” she said.
Through investing in fintech, Enterprise Ireland appears to believe they will give their small business owners better access to capital. If the industry can create a Euro-American hub in Ireland, the latest tech and funding innovations will develop there, giving access to that technology to Irish businesses first. If Irish small business lenders can use Irish technology to help an Irish merchant, everyone wins.
With financial innovation in Europe being leaps ahead of the US, Verville believes the Irish employees working in finance would be better suited to deal with some of these new innovations over Americans because of their familiarity with these systems that are already in place. She hinted at things like EMV cards being around in Ireland for years at the consumer level before they ever made it to the United States.
As far as incentive for profit, Enterprise Ireland isn’t concerned with the success of their investment from a financial perspective as other investment groups are. They instead focus on things like employment numbers and longterm sustainability for those jobs acquired through their efforts in investing in industries like fintech.
“Because we are attached to the government, we aren’t a money-making mission as far as venture capitalists go. We are focused on employment in Ireland, which is partly why it’s so important that the companies are founded in Ireland and that they are building their employee base in Ireland, and on export revenue.”
Verville spoke about how only when businesses in Ireland do well, Enterprise Ireland only does well, too. “We do make money off some of our investments, and that’s government money. We get our budget set by the government department every year, just like any other government agency.”
To be eligible for funding from Enterprise Ireland, a business needs to be based in Ireland, have an Irish LLC, and must have a significant amount of Irish employees. According to Verville, the Irish market is ripe for American small businesses, especially alternative finance.
Fundomate Announces $50 Million Line of Credit to Bring Embedded Automated Funding and Real-Time Banking to Payments and SMB Marketplaces
September 30, 2021
Los Angeles, September 30, 2021 — Fundomate, a leading embedded finance provider of automated business funding solutions and real-time banking tools for merchant-facing platforms, announced the closing of a $50 million line of credit with Revere Capital today. The new line of credit is Fundomate’s largest to date.
Fundomate will leverage the credit facility to scale up its partnerships with merchant-facing businesses and grow the company’s new white-label banking platform. The platform enables merchant-facing platforms and marketplaces to rapidly expand their product suite and enhance engagement by offering automated financing and embedded banking tools under their own brand.
“With the closing of the $50 million credit line, Fundomate can scale its proven automated funding platform via its one-touch funding tool already embedded within 100+ payment processing partners and marketplaces”, says Sam Schapiro, CEO and Founder of Fundomate. “We’re excited to also focus on our new embedded real-time banking platform, which uses AI and advanced forecasting to provide our partners the ability to offer their customers free short-term working capital that’s available for immediate use.”
Revere Capital Managing Director Christopher Gilker said, “We’re incredibly excited to grow with Fundomate. As I tell all my colleagues, Fundomate is a company at the right place at the right time. The team is ambitious, and I have no doubt the company will disrupt the fintech, payments, and banking space in a big way.”
Revere Capital Managing Director Suman Mallick commented further, saying, “I’m very excited about Fundomate’s potential to change how businesses manage their banking and credit needs. I believe the company will benefit from strong secular tailwinds and has vast opportunities for growth with merchant-facing businesses throughout the US.”
Waterford Capital structured and arranged the line of credit on behalf of Fundomate. Dave Piotrowski, Managing Director at Waterford Capital, said, “Fundomate has an advantage over others in the merchant finance space through the products offered through their payment processor partners. This financing relationship with Revere Capital will help take the company to the next level and further broaden their competitive advantage.”
About Fundomate
Fundomate is an innovative fintech company that operates in the alternative lending space and provides both direct-to-business and white-labeled turnkey solutions, enabling merchant-facing platforms to offer alternative funding products to their customers as a value-added proposition.
The company has deployed over $100M to more than 2000 merchants across various industries in
the United States.
About Revere Capital
Revere Capital is a private credit manager with expertise in lower middle-market real estate bridge lending & specialty finance. The firm’s disciplined underwriting utilizes fundamental real estate analysis and research, emphasizing intrinsic value to create a diversified portfolio for investors. Revere also specializes in financing other commercial interests, consumer interests and insurance-backed interests. With a national footprint, Revere Capital offers speed, certainty of execution, and creativity to structure loans to fit borrowers’ needs and provide contractual income for investors.
About Waterford Capital
Waterford Capital is a leading arranger of structured finance and asset securitization transactions. The firm advises specialty finance companies and asset managers in connection with warehouse credit facilities, private placements of asset-backed securities, whole loan sale programs, and mezzanine and equity capital raises.
Stacey Huddleston Joins Seacoast Business Funding
August 17, 2021Boynton Beach, FL – August 16, 2021 – Seacoast Business Funding is pleased to announce the addition of Stacey Huddleston as Vice President, Business Development Officer. Mr. Huddleston is based in the Midwest and will focus on expanding the Seacoast portfolio in the region. He brings over twenty years of expertise in the financial and alternative lending space providing creative solutions for businesses with complex financial needs.
Seacoast is focused on driving growth and cultivating client relationships to meet the increasing financial needs of businesses throughout their lifecycles. I am confident Stacey’s extensive industry knowledge and relationship-driven approach will drive growth and strengthen our presence across the Midwest region. He will make a welcomed addition to the team,” remarked, Jay Atkins, President of Seacoast Business Funding.
Huddleston is a US Army Veteran who holds a bachelor’s degree from Illinois State University and an MBA from Baker University. He has held many distinguished positions throughout his career dedicated to providing businesses with financing to meet their strategic goals. “I am pleased to be joining Seacoast Business Funding. Their focus on ensuring businesses receive the right custom funding solutions is what sets them apart. The opportunity to be part of such an experienced and client-focused team is exciting, and I look forward to driving successful growth for Seacoast in the Midwest,” commented Huddleston. Mr. Huddleston is a member of the SF Net, International Factoring Association, and Association for Corporate Growth. For deal inquiries, Stacey may be contacted by email at stacey.huddleston@seacoastbf.com or by phone at 816-372-5223.
About Seacoast Business Funding
Seacoast Business Funding provides customized and timely working capital financing solutions to small and middle-market companies engaged mainly in business services, distribution, manufacturing and staffing with annual sales ranging from $1 million to $200 Million. Credit facilities are in the form of Factoring, Invoice Purchasing or Asset-Based agreements. Seacoast Business Funding is a Division of Seacoast National Bank. Member FDIC. For more information visit SeacoastBusinessFunding.com.
###
Reliant Funding Announces Steve Kietz as New CEO
August 10, 2021Industry veteran and former Chief Marketing Officer is appointed Chief Executive Officer of the leading alternative finance company
San Diego, CA (August 10, 2021) – Reliant Funding, a leading small business finance company, today announced that it has named Steve Kietz to the role of Chief Executive Officer. Kietz previously served as the firm’s Chief Marketing Officer. The industry veteran will guide Reliant Funding on its mission to continue providing world-class, customized finance solutions for American Small Businesses.
As CMO, Kietz was instrumental in expanding Reliant Funding’s marketing, risk and technology initiatives. He is a seasoned financial services professional with a more than 30-year track record of leading successful teams and is widely recognized as an industry leader in cultivating strategic partnerships. Prior to joining Reliant, Kietz served as President of Inte Q, was Founder and CEO of Mobile Money Ventures (which was acquired by Intuit), and held leading roles at Citi and JP Morgan, including President of Citibank Direct. Outside the profession, Kietz has volunteered as Vice President of the Familial Dysautonomia Foundation for over 30 years.
Commenting on his appointment, Kietz said, “I’m excited and grateful for the opportunity to lead Reliant Funding into a new era, where we are positioned as industry leaders in delivering value to our customers. The company has a long history of providing outstanding financial solutions to small businesses and I am deeply humbled to continue this legacy. I am excited to lead a team of great people and I look forward to continuing to execute our mission.”
Reliant Funding has grown rapidly as it seeks to help small businesses across the country in achieving their financial goals, having provided nearly $2 billion in funding to over 30,000 companies since 2008. The nationally recognized company works to provide tailored financial solutions, regardless of business size. Reliant Funding is owned by Angelo Gordon, a leading global alternative investment firm that provides research-driven investment solutions, driven by their 30+ years of expertise.
Art Peponis, Head of Private Equity at Angelo Gordon, said, “Steve has been instrumental in building Reliant Funding to the leading alternative finance company it is today and has been pivotal in its ability to continue to provide support to small businesses impacted by the devastating COVID-19 pandemic. His decades of expertise, innovative perspective and dedication to our people and small businesses made him the perfect fit as the new CEO of Reliant Funding. We’re confident that he will continue to provide American small businesses with the access to funding they need and the service that assists them in accomplishing their goals. The future is bright for Reliant Funding.”
For more information on Reliant Funding, please click here.
Reliant Funding, headquartered in San Diego, provides customized, short-term funding to small and mid-sized businesses nationwide. For more information, please visit www.reliantfunding.com.
Angelo Gordon, headquartered in New York City, is a global alternative investment company, focused on credit and real estate. For more information, please visit www.angelogordon.com.
Funding E-Commerce Businesses Helped This Startup Get Acquired Right After They Launched
June 23, 2021
Less than eight months after Yardline announced their launch in the e-commerce financing space, they were acquired by Thrasio. The blazing fast progression from launching to selling the company suggests that Yardline’s niche presents a unique opportunity.
“There are many companies out there that look at e-commerce businesses in the space and say, ‘there’s no barrier for entry to operate in e-commerce, they’re all drop shippers, it’s a hobby, they have no skin in the game,'” said Seth Broman, Chief Revenue Officer of Yardline. “What Yardline does is really unique: One, we obviously have a lot more information and understanding of how they operate their business, and we can really break down on a deal by deal basis, what their margins look like, to get them a more customized offering that meets their needs.”
Yardline will fund Amazon sellers, for example.
Broman said that while most MCA funders know how to look at a merchant’s fixed costs like rent, payroll, taxes, and inventory to provide funding based on a gross revenue, those same funders don’t have a risk tolerance for e-commerce.
Yardline pulls data from digital marketplaces like Amazon and online storefront platforms like Shopify to make better credit decisions, Broman said, and this was a banner year for digital shopping.
“During COVID, you were seeing such an increase of demand for e-commerce goods; Amazon, Shopify, if you look at their stock price over the last 15 months, it’s incredible,” he said. “And the reason being retails closed, everybody’s shopping from home, and the demand for all my goods is through the roof.”
Before everyone was stuck inside, e-commerce already made up 20% of consumer commerce, Broman estimated. Then everything was online-only, and demand became nearly unlimited, he said. Amazon’s third-party sellers transact 60% of all products sold on the site, and Thrasio is one of the largest consolidators of those sellers in the world, Broman said.
Now, Yardline will have access to Thrasio’s international seller network.
“We’re confident in saying that untapped ecosystem can be very profitable for ISOs if they were to start focusing on e-commerce businesses,” Broman said. “There’s less demand for it, less competition, and now they have a home for where they can get these deals done.”
Broman said after the pandemic, typical brick and mortar stores were hit hard and required PPP to keep the doors open while e-commerce flourished.
“It’s not a matter if shopping online is the future; shopping online is the present. People will continue to shop at brick and mortar, people want to eat out, just look at New York City,” Broman said. “If you look at what Amazon offers, what Walmart’s doing, what Target’s doing, what these online marketplaces are doing to make commerce quicker and easier, there’s no doubt that it’s going to continue to grow.”
