News

With COVID-19 cases surging and a new wave of restrictions looming, challenges persist for small business owners as they continue to weather the pandemic, according to data from the Q4 Wells Fargo/Gallup Small Business Index.

According to Biz2Credits’s latest Small Business Lending Index, small business loan approval percentages at lage banks decreased from 13.3% in October to 13.2% in November. In comparison, big banks approved 28.1% of the funding requests they received last November.

Clearbanc, an e-commerce investor and funding platform, and Silicon Valley Bank entered a new partnership to accelerate the growth of U.S.-based early-stage technology companies.

Commercial Chapter 11 filings increased 46% in November 2020 compared with November of last year, according to data provided by Epiq.

Crestmark secured more than $44.8 million in commercial financing for 60 businesses in the second half of November, including $1.8 million in asset-based lending financial solutions for five new clients.

In October, the PayNet Small Business Lending Index increased 2.5 points to 147.3, although that was 0.9% below last year’s October level. While the SBLI rose moderately again in October, preliminary November data suggests challenges ahead as COVID-19 cases rise...

Financing for restaurant franchise operators in the large and middle-tier segments has mostly bounced back to what it had been before the onset of the COVID-19 pandemic, according to Brian Geraghty, head of restaurant finance at Mitsubishi UFJ Financial Group.

Alvarez & Marsal served as restructuring advisor to Superior Energy Services in the company’s financial restructuring and commencement of its Chapter 11 case. Superior serves drilling, completion and production-related needs of oil and gas companies.

eCapital Commercial Finance, a division of eCapital, provided a $2 million factoring facility to a hard seltzer provider to support its increasing production demands.

AlixPartners served as restructuring advisor to UTEX Industries in its emergence from Chapter 11. The financial restructuring reduced UTEX’s funded debt by approximately $700 million and provided $42.5 million in new financing.