Bell Bank launched Bell Business Credit, a specialty lending team providing asset-based lending and factoring services. Kei Lehigh and Matt Howe will lead the new division as president and director of credit and operations, respectively.
California Bank of Commerce (CBC) formed a new division to focus on existing specialty lines of business. Known as CBC Specialty Banking, the division will offer a broad asset-based lending platform branded as CBC Asset Based Lending.
A new study published by Biz2Credit found that information technology (IT) firms had the highest average revenue ($955,793) and the best average credit score (658) and received the highest average amount of financing ($131,743) when they sought credit in 2021.
Horizon Funding Trust 2022-1, a newly-formed, wholly-owned subsidiary of Horizon Technology Finance, issued $100 million of notes, which were rated ‘A’ by a rating agency and which are backed by $158 million of secured loans originated by Horizon.
Great Elm Capital launched Great Elm Healthcare Finance (GEHF) with an affiliate of Berkadia Commercial Mortgage. Led by healthcare finance veteran, Michael Gervais, GEHF will also be supported by Great Elm Specialty Finance’s existing infrastructure.
J.P. Morgan plans to open a new office in Athens, Greece, to support the organic growth of its businesses in the country. The office will also house a new payments innovation lab for which the firm will be hiring a payments research and development team locally.
According to Fitch Ratings’ September 2022 Global Economic Outlook, global interest rates have risen more rapidly than expected in the past two months and a pivot back towards rate cuts in 2023 is unlikely.
According to the latest Biz2Credit Small Business Lending Index, small business loan approval percentages at big banks dropped from 14.9% in September to 14.7% in October, marking the lowest total since February.