Daily News: July 11, 2012

North Mill Names Cirelli, Kaplowitz to Senior Advisors

North Mill Capital (NMC), a Princeton, NJ-based commercial finance company providing working capital to small- and mid-sized businesses, announced that it has named Sam Cirelli and David Kaplowitz of Northern Lights Partners, LLC as senior advisors in the New York metropolitan area.

Cirelli has over 25 years of experience originating and structuring financings for middle-market companies. He held a number of senior executive positions at global financial institutions, including CIT, GMAC, Wells Fargo and RBS. His accomplishments in those roles included successfully launching and operating two senior debt finance businesses for two global banks.

Kaplowitz began his career over 30 years ago with Manufacturers Hanover and its successor The CIT Group, where he served roles in credit, underwriting and business development. He followed that with senior business development roles at other major financial institutions including GMAC, Royal Bank of Scotland and LaSalle Bank.

“Most banks today have taken a “flight-to-quality” approach and have abandoned the lower end of the middle market,” said Cirelli. “Dave and I are so excited to work with the great team at NMC to offer its creative and competitive lending solutions to companies in the New York metropolitan area and beyond.”

“We are thrilled to have Sam and Dave join our company to support our continued profitable growth” said Jeffrey Goldrich, president of NMC. “They have the high level relationships and the credit acumen necessary to identify businesses looking for asset based loans and factoring transactions where NMC can add market driven value.”

NMC directly provides asset-based lending and factoring credit facilities of up to $10 million to companies that, due to leverage, performance issues or other special situations, cannot obtain bank financing. North Mill also maintains a full-service office in Minneapolis, MN.