News

The approval percentage for small business loan applications at banks with more than $10 billion in assets rebounded from 11.5% in May to 13.5% in June, according to Biz2Credit Small Business Lending Index.

Wunder Capital partnered with funds managed by Ares Management’s infrastructure and power strategy (AIP), Cyrus Capital Partners and Keyframe Capital to provide financing for more than $100 million in commercial solar loans.

Vernacare, a portfolio company of H.I.G. Capital carved out the infection prevention business from Frontier Medical Group, including the brands Sharpsafe, Clinisafe and eXchange. Terms of the transaction were not disclosed.

Concord Financial Advisors closed four senior debt transactions in Q2/20, including a $21 million senior secured revolving line of credit for a global designer, manufacturer and distributor of armored vehicles.

Crestmark provided more than $57.9 million in financing to 294 businesses in the second half of June, including a total of $16.4 million in ABL financial solutions for 14 new clients.

Hunton Andrews Kurth is advising Hi-Crush (HCR) in its Chapter 11 filing. HCR filed its petition for Chapter 11 protection on July 12 in the Southern District of Texas, listing approximately $600 million in debt.

Triad Manufacturing completed a refinancing with J.P. Morgan Chase Bank. FocalPoint Securities served as the exclusive investment banker to the company.

Franchise Group is providing Tuesday Morning with a $25 million debtor-in-possession loan as part of its bankruptcy proceedings.

The Financial Technology Report named Sam Graziano, co-founder and CEO of Fundation, one of the top 50 financial technology CEOs of 2020. Fundation is a financial technology company focused on modernizing how credit is delivered to the small business market.

Tiger Group will begin accepting bids on July 14 for a live online auction of selected assets to the continuing operations of Spectrum Cubic, including a variety of materials handling items.