Daily News: January 23, 2012

First Niagara Commercial Finance Provides $17.5MM Facility


First Niagara Commercial Finance said it provided SolomonEdwardsGroup (SEG) a $17.5 million facility to be used to refinance its prior credit facility, for ongoing working capital and other corporate purposes.

SEG is a national business advisory and professional staffing firm with regional offices in Philadelphia, Atlanta, DC, Chicago, NYC, Dallas and Houston.

“The folks at First Niagara quickly understood our situation and came up with a creative answer to our financing needs,” said Robert Bermon, CFO of SEG. “With this new facility, we now have the flexibility necessary to support our future growth and execute on our strategic plans.”

“We are very happy to have a dynamic company like SolomonEdwardsGroup on board at First Niagara,” said George Mandt, FVP of First Niagara Commercial Finance. Added Larry Favre, President of First Niagara Commercial Finance “We could not be more pleased to have SolomonEdwardsGroup as our newest client. Our customized financing solutions are tailor made to support the type of growth strategy SEG is successfully executing.”

First Niagara Commercial Finance, a wholly owned subsidiary of First Niagara Bank, provides customized asset-based lending solutions to middle-market companies throughout the country and across most industry sectors.