The Singing Machine Company, a designer and distributor of consumer karaoke products, closed a $2 million senior credit facility with Oxford Commercial Finance, a subsidiary of Oxford Bank.
Mick Goik, the current president of Oxford Commercial Finance, will transition to the role of executive chairman of the board of directors, while Steve Tomasello, currently a senior vice president and national sales manager, will assume the position of president.
Oxford Commercial Finance, a subsidiary of Oxford Bank, recorded $64 million in funding for small and mid-sized businesses in 2023, its first full year in business.
Oxford Commercial Finance, a subsidiary of Oxford Bank, expanded its line of working capital solutions for small to medium-sized businesses with the addition of purchase order financing as an add-on to the lender’s accounts receivable and asset-based loan products.
During its first year in business, Oxford Commercial Finance, a subsidiary of Oxford Bank, has expanded its line of working capital solutions for small to medium-sized businesses, increased its customer base and launched a new website with resources for business owners.
Oxford Bank appointed Michael Goik, president of Oxford Commercial Finance, and Matthew Lowman, Oxford Bank executive vice president and chief risk officer, to its board of directors, effective immediately.
Richard K. Miller will retire as senior vice president and CFO of Oxford Bank in 2023. To eventually replace Miller, the company’s board of directors appointed Jesse A. Deering executive vice president and CFO, effective June 20.
Oxford Commercial Finance, a wholly-owned subsidiary of Oxford Bank, acquired the assets of FSW Funding and hired its entire team. Robyn Barrett, owner and managing member of FSW Funding, will join Oxford Commercial Finance as senior vice president and managing director of its working capital division.