News

Economic activity in the services sector contracted in December after 30 consecutive months of growth, with the Services PMI registering 49.6%, according to the latest Services ISM Report on Business from the Institute for Supply Management.

According to JPMorgan Chase’s recently released 2023 annual Business Leaders Outlook survey, the majority of small and midsize U.S. business leaders anticipate a recession in 2023, with 65% of midsize businesses and 61% of small businesses indicating as such.

Commercial Chapter 11 filings increased by 2% to 3,816 in calendar year 2022 from the previous year’s total of 3,726, according to Epiq Bankruptcy.

Marius Silvasan, CEO of eCapital, a finance provider for businesses across North America and the U.K., was named a Best in Biz Awards bronze winner in the Executive of the Year – Medium Companies category.

According to Nick Cole, the head of restaurant and hospitality finance at Mitsubishi UFJ Financial Group, the number of U.S. restaurants has not yet rebounded to pre-pandemic levels and is still significantly lower than what it was before COVID-19.

United Capital Funding Group, a Florida-based factoring firm, completed 10 transactions totaling $17.56 million in accounts receivable financing in Q4/22.

According to Kroll Bond Rating Agency, the delinquency rate among KBRA-rated U.S. commercial mortgage-backed securities rose eight basis points in December to 2.97%, up from 2.89% in November and a low of 2.76% in September.

Celtic Capital achieved a new client relationship with a California-based manufacturer of precision machined products using metal alloys and plastics for industrial and commercial applications.

Fairview Partners Investment Management invested more than $500 million into senior secured real estate debt across the United States since the firm's founding in 2011. This milestone included more than $100 million invested in each 2021 and 2022.

Siena Lending Group donated more than 300,000 meals to individuals and families.