May 2002
Specialty Lending Supplement

ABL Industry — Bigger Deals, Greater Stature, Brighter Future
By Kevin Riordan

While the notion that bad times are good times for Asset-Based Lenders still holds, the notion that only troubled companies
seek such financing is an idea whose time has passed. William Davis of Congress Financial Corporation, believes asset-based
products are being met with more acceptance and seen as a much more credible source of working capital. (Ref # IND017)Expanding the Market for Small Ticket Factoring
By Gordon Lahaye

The lack of large-scale, small ticket factoring operations with wide market coverage in the industry is conspicuous by its
absence, despite the size of the potential market. However, continuing consolida-tion of the banking industry, and the expectation
of a tighter credit environment are among the many compelling reasons for the emergence of one or even several large companies in
the market. (Ref # FAC003)

HPSC: Owning an Asset-Based Lender
By Kevin Riordan

A company that provides financing for medical professionals, HPSC is also the parent of the American Commercial Finance
Corporation, an asset-based lending firm. According to president John Everets, doing asset-based lending the right way “starts
with management philosophy and goes right down to the execution.”
(Ref # COMP030)

The Family Business & the Lender:

Often Rewarding; Sometimes Complex
By Walter Einhorn

Family managed enterprises often have long and intricate histories associated with them, and their issues can be quite complex.
For the asset-based lender, the challenge is to find a method of financ-ing that facilitates the company’s return to business
viability. (Ref # IND015)

Embracing Flexibility for Successful Relationships
By Mark Dresner (Ref # IND016)