Sterling National Bank has approved a $2 million factoring facility to a company that is an importer of quality umbrellas and rain gear. The company designs, produces and then imports a finished product from overseas.
American Laser Centers has completed a sale of substantially all of its assets to private equity investment firm Versa Capital Management. The company received court approval of the sale on January 31.
Heritage Bank of Commerce announced that Michael Benito has been promoted to executive vice president/Business Banking Division manager. Benito has been with Heritage for nine years as senior vice president, director of Sales and Business Development.
According to the Washington Post, the SBA is providing a steady flow of new loans in the Washington D.C. area that is helping some institutions return to the pace of lending that was common in the pre-boom years.
Audax Group has completed the sale of A-D Technologies to CHS Private Equity V, a fund managed by CHS Capital. Audax formed A-D Technologies in March 2007 through the simultaneous acquisitions and merger of ARNCO and Dura-Line.
Medley Capital announced the closing of $25 million of additional commitments to its senior secured revolving credit facility led by ING Capital. Barclays Bank joined the lending group and committed $20 million to the facility.
Traditional communications and information services and technology companies continue to experience strong growth increases in underlying demand, driving the need for capital in the industry, according to Tom Westdyk, managing director of CIT Communications, Media and Entertainment.