Daily News: January 31, 2014

SBDG, Rys Form Subsidiary to Provide Asset-Based Financing

Small Business Development Group (SBDG) and RYS & Co. its largest shareholder have formed Deep River Management (DRMC) as an SBDG subsidiary.

DRMC expects to launch its first funding partnership in the third quarter of 2014 with the goal of securing $5M to $7.5M once management has developed the compliance and underwriting procedures.

The company said this majority owned subsidiary has been formed to address future client and acquisition financial needs in the form of asset-based financing and non-toxic private investment in public equities.

RYS & Co. will provide DRMC with interim management who will report to the board of directors of SBDG.