NEW VENTURES 

 

OnDeck Enters Equipment Financing Market; Hires Key EF Vet to Lead
OnDeck will begin offering equipment finance loans to select U.S. small businesses next year, bringing its technology and digital lending expertise to what has traditionally been a slow-moving, opaque, and complicated process. OnDeck also appointed Mark Erickson VP of Equipment Finance. 

JPMorgan Chase Launches Franchise & Restaurant Group; Wells Vet to Lead
JPMorgan Chase‘s Commercial Bank announced the launch of a franchise and restaurant group within its middle market banking and specialized industries business. The bank appointed Michael Pura, a seasoned banker, to lead the effort as managing director and industry manager. 

Fintech Company Abaca Launches Cannabis Industry Lending Platform 
Fintech company Abaca launched a banking platform to serve the cannabis industry, including lending services such as real estate/mortgage loans, equipment financing, inventory credit lines, purchase order financing and receivables factoring. 

Santander Launches Specialized Banking Group Led by Vaughan Alexanderson 
Santander Bank named Emily Vaughan Alexanderson to lead its new specialized banking group, which will serve clients in the non-profit, educational, professional services and technology and life sciences industries. Vaughan Alexanderson will report to Patricia Packard, director of government and specialized banking. 

Sterling to Acquire Woodforest ABL and Equipment Finance Businesses 
Sterling Bancorp, through its principal subsidiary, Sterling National Bank, agreed to acquire the asset-based and equipment finance lending businesses of Woodforest National Bank. 

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