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INDUSTRY NEWS

Balboa: 65% of Small Businesses Obtain LoCs from Non-Bank Lenders

A recent survey conducted by direct lender Balboa Capital revealed that 65% of small business owners obtained a business line of credit from a non-bank lender in the past 12 months. Applicants cited easier application processes and faster funding decisions as the main factors in their choice of lender.

Balboa Capital’s online survey was sent to a sample of small business owners in a variety of industries nationwide to gauge their knowledge of business lines of credit and to assess the demand for this business funding option.

“Small business owners who need quick access to short-term capital to improve cash flow, or to cover the costs of inventory, payroll and unexpected expenses, are looking to non-bank lenders for business lines of credit,” said Matthew Lent, manager of Ancillary Products/Working Capital at Balboa Capital. “Based on the results of our survey, over six in 10 small business owners said they obtained a line of credit from a non-bank lender.”

Lent believes this is the result of small business owners wanting an easier borrowing process. “Small business owners are often strapped for time and need capital right away, and non-bank lenders like Balboa Capital present them with a fast and straightforward way to get a business line of credit.”


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CIT Expands Asset Management Capabilities

CIT Group expanded its investment management and advisory capabilities to provide increased capacity and flexibility to finance private equity sponsor-owned middle market companies across a diverse range of industry sectors. Under the new arrangement, CIT Asset Management, CIT’s registered investment advisor unit, will offer expanded cash flow-based revolving and term loan options to qualified borrowers though a managed financing vehicle funded by an A-rated insurance company.

Wells Fargo Releases 2019 Stress Test Results Under Dodd-Frank Act

Wells Fargo released the results of its latest company-run stress test conducted in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act. The results of the 2019 annual stress test suggested that the company’s performance would decline under the assumptions of the test scenario in response to increased provision expenses, reduced business volumes, lower net interest income and higher market-related losses. 

Liberty Commercial Finance Sees Record Volume in H1/2019

Liberty Commercial Finance has established a new volume record in the first half of 2019 with $131.8 million funded, a 304% increase over the same period in 2018. Recognized as “Rookie of the Year” in 2018 by Monitor, Liberty Commercial funded $107 million in full-year 2018.

LTi Launches DocuSign Integration for ASPIRE Platform

LTi Technology Solutions partnered with DocuSign to help its customers process contracts with greater efficiency, accuracy and security. LTi’s ASPIRE is an equipment finance software platform which gives customers the ability to manage entire transaction lifecycles in one place. The DocuSign integration will enhance ASPIRE’s workflow by automating document processing from end-to-end.

BB&T Reports Record Earnings of $842MM in Q2/2019

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BB&T reported its earnings for the second quarter of 2019. Its record net income available to common shareholders was $842 million, up 8.6% compared with the second quarter last year. Earnings per diluted common share were $1.09 for the second quarter of 2019, an increase of 10.1% compared with the same period last year.

BB&T, SunTrust to Launch $60B Truist Bank Community Benefits Plan

BB&T and SunTrust Banks plan to launch a Truist Bank community benefits plan under which the combined company will lend or invest $60 billion to low- and moderate-income borrowers and in LMI communities over a three-year period from 2020 to 2022. Truist Financial will be created through BB&T and SunTrust’s proposed merger of equals.

Signature Bank Reports 2019 Second Quarter Results

Signature Bank reported its results for the second quarter of 2019, which included a net income of $147.9 million versus $154.6 million for Q2/2018. The decrease in net income for the quarter, versus the comparable quarter last year, was due to an increase of $19.3 million in non-interest expenses mostly due to the significant hiring of private client banking teams.

Ascentium Sees 26% Growth in Funded Volume in Q2/2019

Ascentium Capital reported $394.6 million in funded volume during the second quarter of 2019, representing a 26% increase quarter-over-quarter and the management of $2.3 billion in assets. The company has experienced four consecutive months of record funding volume.

Wells Fargo Reports $6.2B in Net Income in Q2/2019

Wells Fargo reported its preliminary financial results for the second quarter of 2019, including a net income of $6.2 billion, an 8% increase year over year from Q2/2018.

Ritchie Bros. Sells $93MM+ in Construction Equipment at Columbus Auction

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Ritchie Bros. held a pipeline construction event in Columbus, OH and sold more than 5,000 items for $93+ million over two days, including 138 pipelayers sold for $45+ million in just two hours. The auction attracted 5,000+ bidders from 56 countries, including 4,000+ online bidders. 

Wesleyan Provides $18.9MM Facility to DND Finance 

Wesleyan Bank, a provider of commercial finance solutions, and DND Finance expanded their existing wholesale finance facility to include a £15 million ($18.9 million) asset finance facility. DND Finance is a 19-year-old, Canadian operation and niche funder to professions and small business in the UK.

Berkshire Adopts Finastra Real-Time Payment Platform

Boston-based Berkshire Bank upgraded its payments technology to Finastra’s flagship payments solution, Fusion Global PAYplus. This makes it one of the first regional banks in the Northeast to offer real-time payments capabilities.

ACT Research: All For-Hire Trucking Metrics, Except Capacity, Fall in May

The latest release of ACT Research’s For-Hire Trucking Index showed nearly across-the-board declines, with capacity being the lone exception. The Pricing Index fell considerably, to 38.8, in May on a seasonally adjusted basis, the lowest in survey history, from 45.4 in April.

State of Logistics Report Highlights Tight Supply Chain Capacity

Penske Logistics and the Council of Supply Chain Management Professionals (CSCMP) presented the 30th annual State of Logistics Report at the National Press Club in Washington, D.C. The logistics study was written by A.T. Kearney. Amid a booming economy, United States Business Logistics Costs (USBLC) rose 11.4% to reach $1.64 trillion, or 8% of 2018’s $20.5 trillion gross domestic product (GDP). •