TSL June 2018

Representing the Asset-Based Financing, Factoring & Supply Chain Finance Industries Worldwide June 18

THE WOMEN IN COMMERCIAL FINANCE ISSUE: PROFILES P8

Make Your Mark!

IN THIS ISSUE

TSL Q&A

COMMERCIAL FINANCE

WE THINK WHAT WE SEE, WE SEE WHAT WE THINK P74

ATTORNEYS Q&A P86

MAKING THEIR MARK P78

PROFESSIONALS Q&A P94

MARKET UPDATE ROUNDTABLE P82

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Great contributions are made by great individuals.

We celebrate PNC Business Credit’s top performers Meredith Fitz and Sara Traberman, and the contribution they have made not only to PNC but to the commercial finance community. The achievements of these remarkable women continue to pave the way for many others across the industry.

Meredith Fitz

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PNC is a registered mark of The PNC Financial Services Group, Inc. (“PNC”).

PNC Business Credit is the senior secured lending division of PNC Bank, National Association and is part of PNC. ©2018 The PNC Financial Services Group, Inc. All rights reserved.

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Representing the Asset-Based Financing, Factoring & Supply Chain Finance Industries Worldwide

Volume 74, Issue 5

June 18

TABLE OF CONTENTS 8 Women in Commercial Finance Profiles: Make Your Mark Profiles of close to 50 women in our industry who exemplify success and who deserve to be recognized for their hard work and dedication.

78 Making Their Mark

8

Women are making their mark in commercial finance and their numbers are rising. Here female leaders discuss their climb to the top, as well as the challenges facing the industry. By Myra Thomas

74 We Think What We See, We See What We Think: Recognizing, Understanding & Interrupting Implicit Biases

A leading researcher, author and advisor in the fields of leadership and inclusion, Dr. Arin Reeves explains implicit biases and how we can learn to interrupt them. By Dr. Arin N. Reeves

78

82 Market Update Roundtable

As we head into the second half of the year, Eva Chaleff of Crestmark posed questions to a few key industry leaders to provide insight on the state of the commercial finance industry and the market conditions in commercial lending. The general outlook on the economy is strengthening as unemployment remains low and economic activity expands. The job market remains strong and overall inflation maintains below two percent.

This year has already seen one federal funds rate increase and continuing on the current economic path may warrant further rate hikes this year.

By Eva Chaleff

82 86 Commercial Finance Attorneys Q&A

Commercial finance attorneys are one of the many partners enabling lenders to supply borrowers with working capital.

Here, TSL’s editor-in-chief speaks with several of the outstanding female attorneys representing our industry.

By Michele Ocejo

94 Restructuring Professionals Q&A

Restructuring professionals are one of the many partners enabling lenders to bring deals to fruition. Here, TSL’s senior editor speaks with several of the outstanding restructuring experts representing our industry. By Eileen Wubbe

DEPARTMENTS 6

Letter From Katherine Bell, partner, Paul Hastings LLP, and chairperson, CFA Women in Commercial Finance Committee, discusses what it means to “make your mark” in the commercial finance industry.

101

The CFA Brief 101 Among CFA Members 109 CFA Chapter News 111 Calendar

111

113

Advertisers Index

CFA Volunteer Leaders 113 113 113 114 114 115 115 116

CFA Officers Past Past Chairpersons and Presidents CFA Chapter Leaders CFA Education Foundation Board of Directors CFA Education Foundation - Governing Board CFA Education Foundation - Advisory Board CFA Education Foundation - Founders Leadership Council CFA Directors

STAFF & OFFICES Michele Ocejo Editor-in-Chief & CFA Communications Director Eileen Wubbe Senior Editor Aydan Savaser Art Director

Editorial Offices 370 Seventh Avenue Suite 1801 New York, NY 10001 (212) 792 -9390 Fax: (212) 564-6053 Email: tsl@cfa.com Website: www.cfa.com

Advertising Contact: James Kravitz Business Development Director T: 646-839-6080 jkravitz@cfa.com

The Commercial Finance Association is the trade group for the asset-based lending arms of domestic and foreign commercial banks, small and large independent finance companies, floor plan financing organizations, factoring organizations and financing subsidiaries of major industrial corporations.

The objectives of the Association are to provide, through discussion and publication, a forum for the consideration of inter- and intra-industry ideas and opportunities; to make available current information on legislation and court decisions relating to asset-based financial services; to improve legal and operational procedures employed by the industry; to furnish to the general public information on the function and significance of the industry in the credit structure of the country; to encourage the Association’s members, and their personnel, in the performance of their social and community responsibilities; and to promote, through education, the sound development of asset-based financial services.

The opinions and views expressed by The Secured Lender’s contributing editors and authors are their own and do not necessarily express the magazine’s viewpoint or position. Reprinting of any material is prohibited without the express written permission of The Secured Lender.

The Secured Lender, magazine of the assetbased financial services industry (ISSN 0888255X), is published 8 times per year (Jan/Feb, March, April, May, June, September, October and November) $65 per year non-member rate, and $100 for two years non-member rate, CFA members are complimentary, by Commercial Finance Association, 370 Seventh Avenue, New York, NY 10001. Periodicals postage paid at New York, NY, and at additional mailing offices. Postmaster, send address changes to The Secured Lender, c/o Commercial Finance Association, 370 Seventh Avenue, New York, NY 10001.

Make Your Mark!

WOMEN IN COMMERCIAL FINANCE PROFILES

w

w elcome t0 The Secured Lender’s third Women in Commercial Finance issue.

On the following pages, you will meet close to 50 women from the commercial finance industry who exemplify excellence and we are delighted to recognize their contributions and achievements.

The women profiled on the following pages are among the most accomplished people in the industry, not just the most accomplished women.

They represent leaders within CFA’s member organizations and CFA’s Education Foundation contributors. Some are seasoned executives and some are newer to the industry, but each of these women is making her mark on the industry with lasting impact. I’ve met many of these women through my work at Paul Hastings LLP and through my various CFA responsibilities. It has been a distinct pleasure to

work alongside them, whether we are working on a deal together or collaborating to advance CFA initiatives. I am inspired by their energy and vision.

So what does it mean to “make your mark”? I think it varies by individual and organization. The CFA WICF Committee has made its mark over the past few years. The Committee has hosted dynamic speakers such as Venus Williams and Sallie Krawcheck (twice!), successfully advocated to raise the profile of women at CFA events across the board, partnered with CFA chapters to host events and facilitate opportunities for our members around the U.S., and has held its own events at various CFA conferences, including the Annual Convention. The Committee events were in such demand that the Committee also kicked off its very own conference in 2017, the second of which will be held in March 2019 in New York City. Stay tuned for details.

On an individual level, making your mark will mean different things to different people. It could be an intangible, yet indelible, mark, on a few, such as mentoring less-experienced team members or something wide-reaching such as launching a new division or overseeing a new product line or driving growth in a business. Making a significant contribution to a trade association or your favorite charity can also ensure an enduring legacy.

We are pleased to highlight so many in this issue who are, indeed, making their mark.

In addition to profiles of successful women in the industry, this issue features an article on intrinsic bias by an expert in the field. This thought-

provoking topic is sure to cause us all to be more aware of our thoughts and actions.

Finally, don’t miss the two articles containing-in depth interviews of senior women from several lending institutions and senior women from several at law firms that serve our industry.

Many thanks to the CFA and The Secured Lender for providing this platform and the opportunity to acknowledge these leaders for their contributions.

Katherine Bell

Partner, Paul Hastings LLP Chairperson, CFA Women in Commercial Finance

“The women profiled on the following pages are among the most accomplished people in the industry, not just the most accomplished women. They represent leaders within CFA’s member organizations and CFA’s Education Foundation contributors. Some are seasoned executives and some are newer to the industry, but each of these women is making her mark on the industry with lasting impact.”

BIOGRAPHY auren is currently a director, structuring in the International Clients team of ABN AMRO Commercial Finance (London, UK), which sits within the Corporate & Institutional Banking division of the Bank, with responsibility for originating, structuring and negotiating bespoke financing solutions for Sponsors and Corporates primarily across Europe. Recruited in 2017 as a founding member of the UK team, she is tasked with growing the business outside of the Netherlands (where the bank is headquartered) and has been extremely successful in capturing market share (ranked no.2 behind HSBC, according to AlixPartners debt survey) as ABN AMRO increases deal activity across Europe.

Most recently, ABN AMRO was awarded Asset Based Lender of the Year (2018 Private Equity Awards, Real Deals). During her tenure at Standard Chartered Bank, Lauren developed extensive expertise operating in Europe and Africa as a member of the Leveraged Finance and M&A teams. Lauren has dual US/UK nationality, having grown up in the US (Philadelphia area) but with most of her working experience in the UK. Lauren has a BA in Economics and an MBA in Finance and International Business. Lauren resides in East London.

Lauren Cherry

Director, ABL Structuring International Clients, ABN AMRO Commercial Finance (London, UK)

What advice would you offer to women just starting out in the industry?

Establish yourself as an active member of the group. Focus on learning so that you can lend perspective to complex problems and add value to the team. Collaborate, network and foster professional relationships that benefit the organization and your career. Be a good listener and work hard and smart to earn the respect of management and colleagues alike. Take the initiative to meet with and learn from supporting departments. Do not expect special treatment simply because you are a woman.

But do pursue roles in organizations where all employees, men or women, expect to be treated with fairness and respect, the key to feeling engaged, motivated and productive. Be confident that your steady performance and meaningful contributions will be recognised, as today’s professional environment is more open and receptive to diversity leading to strong performance with less hierarchy.

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What do you know now that you wish you knew in the beginning of your career?

Change is inevitable and one needs to be flexible and sensitive to opportunities that can elevate your role and development, so be your own advocate. As discomforting as it may be, the dynamics of the marketplace will determine your future direction. In my case, the move from leveraged finance (cash flow lending) to asset-based lending was a natural one, given recent regulatory changes requiring banks to hold additional capital against loans. As an asset-based lender, we can offer increased flexibility and capital efficiency, including more leverage with fewer covenants and also attach a cash flow line to create that bespoke funding solution. In doing so, it’s imperative to be confident in your recommendations, because your proposals must be explainable and justifiable.

What kind of role has mentoring and/or sponsorship played in your career?

The presence of a willing and able mentor has been of critical importance to me. There is so much to be learned from knowledgeable colleagues on a daily basis, but a true mentor can change the trajectory of your career. My mentor, a strong woman and seasoned negotiator, imparted a keen sense of how to navigate a confusing maze of foreign rules and regulations, no easy task, in order to simplify solutions and effectively transact business. This was especially difficult, given my exposure to the emerging

market of Africa, where funding solutions were needed for a vast array of investments, such as mining, communications networks, and infrastructure. She not only gave me the latitude to construct deals, but the confidence to negotiate with clients whenever necessary, with appropriate safeguards, in some rather distant and exotic regions. Fortunately, the results were quite satisfying. In fact, we led a US$3.25Bn multicurrency project to construct a refinery and fertilizer plant in Nigeria which was cited as 2013 African Debt Deal of the Year. I am truly indebted to her for recognising my ability and taking such valuable time and effort to foster my growth and development.

As a result, I too feel a personal obligation to return it in kind to another junior who demonstrates the necessary desire and commitment to succeed.

What do you think the industry could do to attract and retain the best and the brightest today?

As corporate culture evolves, the industry should afford recognition to the most productive and valuable employees and reward them with well-earned assignments, responsibilities and promotions that facilitate job satisfaction, continued development and most importantly, upward mobility. The gender pay disparity will only lessen if top-performing women receive the recognition they deserve, at every level, and move on and up into the ranks of higher management.

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BIOGRAPHY aura Kemper Glass is senior vice president and senior portfolio manager for Bank of America Business Capital (BABC) covering the Eastern United States and Europe. Laura is the primary point of contact facilitating the close working relationship between BABC’s asset-based lending and the bank’s Global Commercial Banking and Global Corporate & Investment Banking teams.

Laura is passionate about diversity and inclusion in the workplace and served on the Global Commercial Banking Diversity & Inclusion Council for five years, including as council chair in 2016. She is also the Executive Sponsor for recruiting at the University of Georgia and a member of the Atlanta Leadership Team for the bank.

Laura began her career in public accounting and spent nine years with the international accounting firm, KPMG, serving as senior manager. She joined Bank of America in 1995 as a senior underwriter responsible for underwriting new business transactions. In 1998, she joined the portfolio management team of BABC. Laura earned a bachelor degree in accounting from Florida State University. She was a CPA and is a FINRA Registered Principal with Series 7, 24 and 63 securities licenses. She resides in Atlanta, GA, with her husband and two sons.

Laura Kemper Glass Senior Vice President and Senior Portfolio Manager, Bank of America Business Capital

What advice would you offer to women just starting out in the industry?

Be curious and don’t be afraid to ask questions. College will not adequately prepare you for everything you need to know to be a commercial lender, but I often hear that young colleagues are reluctant to ask questions as they feel they should already know the answers. It’s ok not to know everything at first. I would advise women just starting out to view your job as an investment in yourself, and try to learn as much as possible from veteran lenders.

Don’t be afraid to ask why things are done certain ways or what other options could have been considered for a particular situation. Also, pose these same questions to multiple people. It will be helpful to hear different points of view on a topic as there is rarely just one right answer.

What do you know now that you wish you knew in the beginning of your career?

That it’s ok to be bold and to go aggres-

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sively after your career goals. In my early career, I thought that all I needed to do was be good at my job and opportunities would come my way. I see others, young and not so young, do the same thing today.

If a great job opens up, why do so many people hold back in the hopes that the hiring manager will ask them to apply for it? I now wish I had been more bold and courageous and sought out stretch assignments or raised my hand for more promotions along the way.

What kind of role has mentoring and/or sponsorship played in your career?

I have had numerous informal mentors over the years and believe they have been extremely important to my career.

The biggest thing I’ve learned is that they often had more confidence in my abilities than I did. They helped me realize my potential and were instrumental in my success. Whether formal or informal, mentors can play an important role to help you see meaningful movement in your career progression.

Formal mentors can be valuable in helping you navigate your organization or industry and expand your network.

Strong informal mentors form naturally and often rise to the level of sponsor.

What do you think the industry could do to attract and retain the best and the brightest today?

First, we must create an environment that respects diversity and inclusion and prove that commitment to the next generation of commercial lenders. In order to do that, we need women leaders participating in recruiting activities on college campuses and other industry events to show young women that they can grow and prosper in our industry.

Also, in order to retain our top talent, we have to make it easier for women to balance their home and work lives without sacrificing their ability to climb the corporate ladder. When my children were born, Bank of America allowed me to work part-time for eight years. I cherished that extra time with my family, and it made me extremely loyal to my employer. Recently, the bank expanded maternity and paternity leave for new parents to four months. This support for families demonstrates the bank’s commitment to working parents and help to make it a great place to work.

BIOGRAPHY etsy Ratto is the Retail Finance Group executive at Bank of America Merrill Lynch. The Retail Finance Group is an industry-focused team of ABL specialists that meet the financial needs of retailers. Betsy has specialized in providing asset-based solutions for Bank of America for more than 30 years and has specialized on the Retail Sector since 1996. She and her team are industry leaders in retail ABL, serving as agent on many of the largest retail ABLs. Betsy has taken an active involvement in financing a broad range of complex acquisition transactions and has taken an innovative and creative approach to challenging situations. Over the years and through challenging cycles in the economy and sector, Betsy has honed strong turnaround and workout skills. Under her leadership, Bank of America’s Retail Financing team has a zero-loss track record despite significant bankruptcy restructurings and liquidations.

Betsy earned a Master of Science in Accounting from Fairfield University and a Master of Business Administration from Boston College. She lives in Boston with her husband and two daughters. Her interests include cooking, gardening, yoga, skiing and enjoying the great outdoors.

Betsy Ratto

Retail Finance Group Executive, Bank of America Merrill Lynch What advice would you offer to women just starting out in the industry?

My best advice is to be very interested and curious about what’s going on in your business. There is so much to learn and great deals and leaders in our industry to learn from. A good way to learn is notice who is really busy and offer to help in any way you can. The ABL business can be challenging, both on the new deal structuring side and especially in work out. I find with my junior staff, those that willingly contribute earn a seat at the table. Establish strong relationships with the senior leaders you support. Ensure that you do your work in a timely, thoughtful manner, and be confident. Have a good attitude and engage with those around you and have confidence that you will someday become an industry expert if you put your energy and focus to work.

What do you know now that you wish you knew in the beginning of your career?

This industry is a club of professionals that are highly connected. Try to get in the flow, make a positive impression and get to

know people at your level and above. Find a way to contribute. It could be as simple as taking the initiative to set up conference calls or organizing a working group list. Small gestures like these are noticed and appreciated. Speak up if you think you have something creative or helpful to contribute. Take advantage of industry opportunities to meet peers and partners.

Time getting to know people is time wellspent. Relationships within the industry are key to both winning and completing deals. Be very particular in cultivating your brand. It’s important to be known and trusted in this close-knit industry and understand that it will come with time, focus and integrity. In addition, the way you handle yourself in challenging times, forming strong alliances and having a “get it done” attitude are critical to success.

What kind of role has mentoring and/or sponsorship played in your career?

Through the years, I have had many informal mentors, mostly bosses and business leaders that I learned from and worked closely with on transactions. I feel grateful for the opportunities I was afforded to work on challenging transactions with experienced people in my early career.

Mentoring has become an important aspect of my work over the last decade. It’s

fulfilling to see younger colleagues learn and grow. Creating an inclusive, collaborative environment is a cornerstone to the success our team has experienced over the years. I genuinely believe that mentorship is best accomplished through an open door policy; everyone has a role and everyone should participate in projects in order to enhance the learning process.

What do you think the industry could do to attract and retain the best and the brightest today?

At the entry level, I think firms have a strong recruiting and training process and college graduates come to business well-skilled; however, retention can be a challenge. I am celebrating my 35th year at Bank of America and its legacy companies, which is very old school. As an industry, there is a lot of movement across firms with younger talent. Key to retaining staff, beyond competitive compensation, is making their work meaningful and keeping the work fresh and interesting. The retail sector is experiencing challenging times. But as difficult as it has been with workouts and bankruptcies, the work itself is challenging and interesting, which has enhanced a sense of team, another key factor to retention.

THE SECURED LENDER JUNE 2018 11

BIOGRAPHY im has 30 years of commercial lending expertise in structuring, documenting and negotiating asset-based lending, factoring and other commercial lending transactions. Kim is also proficient in developing and implementing protocols for managing identified risks, compliance and litigation matters. In her current position as General Counsel for Bibby Financial Services (BFS), Kim oversees the company’s legal activities and corporate matters, serving as an executive level advisor to BFS leadership and staff. In the two years that Kim has been with BFS, she has proactively helped improve its operational procedures and mitigate risk and compliance issues to ensure adherence to the legal strategy.

In addition to her professional accomplishments, Kim is an active member of several commercial finance industry associations and bar associations. Kim has an undergraduate degree from Emory University’s Goizueta Business School and a Juris Doctor degree from Vanderbilt University.

Kimberly Withrow

EVP, General Counsel, Bibby Financial Services (BFS) North America What advice would you offer to women just starting out in the industry?

My advice to women just starting out in the industry would be to learn as much about the industry as you can as quickly as you can, especially the lender companies that you represent. Understand the financial products both in terms of legal structure and credit/risk structure.

Get involved in your industry’s associations and take advantage of professional networking opportunities. By developing your personal brand and working hard to learn the skills of your industry, you will begin to establish yourself as a professional committed to your career.

Your reputation and willingness to learn will precede you and help you so much with developing your career.

What do you know now that you wish you knew in the beginning of your career?

I wish I knew earlier that getting experience in other areas of the business not only makes you more well-rounded, it helps you to see and understand how

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all the functions work together to meet the common goal of the company so that you provide effective legal advice.

As in-house counsel, your job is to help the company achieve its goals while protecting it as much as possible. To me, that means learning how to identify the legal risks in a transaction or other issue facing the lender and providing as many alternatives or solutions as possible to contain that risk. Business leaders want to understand the risks, but also comprehend both the likelihood of the risk materializing and what options they have when/if that happens. Being asked to “predict” or assess these risks by business leaders is hard for a young lawyer. Pay attention when other senior lawyers, but also credit/risk officers discuss issues or clients because their insights can be invaluable.

What kind of role has mentoring and/or sponsorship played in your career?

Mentoring and sponsorship have been an integral part of my career. I was lucky to have several senior business associates and one senior lawyer who educated me on all types of issues, legal and operational. Their knowledge was invaluable for me as a young lawyer in the finance world trying to understand the legal issues and the related credit/risk and operational issues. The senior lawyer, in particular, was great at coming up with legal solutions and

that approach is one that I have found is highly valued by business leaders.

None of these relationships was formal but rather a more casual and relaxed relationship. Today, I have an informal network of both lawyers and business associates that I can call to bounce ideas off; that helps me tremendously when analyzing a situation.

What do you think the industry could do to attract and retain the best and the brightest today?

First and foremost, to the executives and senior leaders that are tenured in the industry, be approachable and take time to teach rising talent the skills they need to know. Without coaching and training, young talent finding their way within the industry may not see it as a permanent fit and look to other industries to find mentors and sponsors that will take the time to attract and retain them. There is a lot we can learn from the younger generation as well about using technology, changes in the mindset of their peers who are newer business owners and about the potential risks and threats to our industry.

Regularly invite your best and brightest to have open dialogue and bring in fresh perspectives that might challenge the way your commercial finance business has operated.

WE BELIEVE IN OUR PEOPLE CONGRATULATIONS KIM WITHROW Bibby Financial Services is proud to acknowledge Kim Withrow, EVP General Counsel and member of our North American Executive Leadership Board, for her career achievements as a strong leader in the commercial finance industry. Kim exemplifies our passion for doing the right thing for our clients and we are pleased she has been profiled as one of 50 Women In Commercial Finance.

Delivering On Our Promises Through Our Global Capabilities BFS is a leading global independent financial services provider to more than 10,400 businesses worldwide. Our global presence makes us a unique funding partner as we are able to structure deals that cross country borders.

• More than $1.25 billion in funding to our clients annually • A network of over 40 operations in 14 countries spanning Europe, North America and Asia • Asset Based Lending and Factoring solutions to help businesses grow in domestic and international markets To find out more about Bibby Financial Services, call us or visit our website today.

CALL (877) 882-4229

bibbyusa.com

WE BELIEVE IN YOUR BUSINESS AS SE T BAS E D L E N D I N G • FACTO R I N G • T R A N SP O RTAT I O N F I N A N C E

BIOGRAPHY uelay Mese serves as Director, Head of Asset Based Lending at BNP Paribas. She is responsible for developing and executing the business strategy of the ABL platform and the origination, structuring and underwriting of ABL facilities to both corporate and sponsor clients across various industries.

Prior to joining BNPP in 2011, Guelay was with Deutsche Bank’s Structured Debt Products team where she originated and syndicated ABL loans in North America and Europe. Throughout her 25-year career, she has continuously expanded her financial knowledge working in the US and Germany in various business areas and capacities including global and middle-market corporate finance, SME, credit risk management, global relationship management, financial institutions and retail banking.

Guelay acts as career advisor in BNPP’s Career Facilitation Program, supports bank-sponsored corporate social responsibility and philanthropy initiatives, and is a member of BNPP’s Women’s Business Networking Group MixCity and CFA’s Women in Commercial Finance Committee. She has an MBA from Columbia Business School and is fluent in English, German and Turkish. Guelay enjoys travel and currently resides in Westport, CT with her husband and three daughters.

Guelay Mese

Director, Head of Asset Based Lending, BNP Paribas What advice would you offer to women just starting out in the industry?

My advice is three-fold: network, be proactive, and be yourself.

It is important to network early in your career, both within your organization and externally. The value of the time you invest in building and maintaining a good network will become more evident later on as you leverage resources to help achieve success.

Some of my most trusted relationships today were developed in the first years of my career.

Proactively take ownership of your professional development. Expand your knowledge and broaden your horizon.

Career paths are no longer rigid. Flexibility and mobility help increase opportunities to stretch out of your comfort zone and challenge you to continue to grow and reach your goals. Embrace change and have the courage to take advantage of opportunities when they present themselves.

Lastly, be true to yourself. Women offer a unique perspective and approach to how they contribute to an organization’s success. Heidi Voelker’s message to Mikaela Shiffrin, both US Olympics Ski Team

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racers, once was: “Dream big…and always be faster than the boys”. My twist on this great advice, which I hope to pass on to my daughters, is to “…always be better…” and demonstrate it through working hard and smart, showing competency and delivering results. As a woman in a male-dominated industry, you already stand out. Leverage this to your advantage and make a strong impression.

What do you know now that you wish you knew in the beginning of your career?

I wish I knew just how much was possible.

Throughout my career, I have consistently taken risks and pushed the limits of my comfort zone. For example, I moved countries and became the first in my family to obtain an MBA. Do not be afraid to make bold moves and always be your own biggest advocate.

Additionally, I wish I had more confidence in what I had to offer. Sharing your ideas and perspectives openly and with conviction affects how you are perceived. I learned to trust my instincts.

What kind of role has mentoring and/or sponsorship played in your career?

Many of the mentor relationships throughout my career were formed organically, both within the workplace as well as personally. I was fortunate to learn from some incredible people: managers, peers, family and friends. Their perspectives and advice are immensely valuable to me. Trust is

essential in any successful mentor relationship. Open up and ask for honest feedback and advice that will make a difference to you. I now mentor others, which I find very rewarding and is my way of giving back.

What do you think the industry could do to attract and retain the best and the brightest today?

Attracting and retaining top talent is very challenging in our industry today.

Many young professionals are drawn to businesses where they feel they can make a difference, that offer dynamic and exciting roles, a realistic career path, and where diversity and inclusion is a top priority.

We need to offer meaningful professional development and career advancement opportunities to foster a sense of continued growth. I am a strong proponent of rotational training, particularly for professionals who are starting out, providing them with a well-rounded experience. To attract female talent specifically, the industry needs to increase and enhance its support of diversity, provide top leadership opportunities and pay equity. We have to create an environment that is flexible and accepting of women who seek better work-life balance.

Tell us something about yourself that may surprise people.

I enjoy designing and creating specialoccasion cakes.

BIOGRAPHY mmy Lambert joined CapFlow Funding Group, located in Rutherford, NJ, as an account executive in May 2013. In this diverse role, Emmy’s many responsibilities include establishing and growing client relationships, structuring transactions, and funding invoices and purchase orders. Her knowledge and understanding of how the business operates provides her the ability to develop strategies and then execute both thoughtfully and effectively throughout the life cycle of a client relationship. During her tenure at CapFlow, Emmy has been instrumental in the growth of several of the company’s most successful clients. Furthermore, she has been key in developing strong and productive relationships with CapFlow capital partners. Prior to her experience in the commercial finance industry, Emmy worked at Morgan Stanley where she served on the Distressed Debt Analytics Desk. Emmy received her MBA in Corporate Finance in 2006. Prior to that she held various positions in the financial and sales divisions of the Estee Lauder Companies in New York City. Originally from Long Island, she lived in New York City for ten years before recently settling in Morristown, NJ where she currently resides with her husband Tom son Bridger, and dog Rhonda.

Emmy Lambert

Account Executive, CapFlow Funding Group

What advice would you offer to women just starting out in the industry?

Learn all aspects of the business, not just what you were hired to do. Always offer any downtime to indulge in projects rooted in departments outside your own. Do not give off the “that’s not in my job description” attitude. Go so far as to take on some tasks you may feel are below your level of expertise and own them; someone is likely watching you now presenting yourself as a team player and someone who sees the big picture. How you handle these tasks will separate you from the masses and give you an edge; your efforts will not go unnoticed. Always remember that there is a big difference between having some value and having added value.

What do you know now that you wish you knew in the beginning of your career?

That it’s OK to not be all-knowing! When you are young and just starting out, you may put an enormous amount of pressure on yourself. Believe me, your

employer is aware you don’t have the experience of your more senior associates and is not expecting you to be able to competently apply previously learned theories out of the gate. You’re expected to bring your best you and you will soon discover strengths you never knew you had. Furthermore, that asking the right questions is a skill, not a weakness.

People will notice your interest and it will encourage them to share their knowledge. Knowledge is POWER. Keep an open mind and remember every day presents a learning experience.

What kind of role has mentoring and/or sponsorship played in your career?

Huge. I know that, if it weren’t for a select group of people who believed in me early on, I wouldn’t be where I am today. I started out of business school with my tenure at Morgan Stanley where I had the honor of working with a very supportive team. From other analysts to my boss, I knew I had a group of people behind me who wanted to cultivate my growth and success. Not only did I gain a ton of confidence and amass a great deal of knowledge from them, they are people I’m still great friends with today.

Additionally, I’d be remiss not to mention the networking benefits that come out of these relationships, as networking is important in many facets of your

career. You never know when something will come up where the help or expertise of a former colleague/mentor will allow you access to untapped resources, furthering the ability for you to add value in your role; not to mention the value you can add to someone else’s career.

What do you think the industry could do to attract and retain the best and the brightest today?

While attracting talent is important, the retainage of it is critical. Your organization’s culture is key to making sure that, once the candidates who transitioned to employees are through the door, they stay. Being able to keep the morale strong is essential to group cohesiveness and allowing employees to feel they are a valued part of the establishment. High morale is often bred via positive reinforcement and consistent communication. Just as important, management must have the ability to recognize those who have creative and competent ideas and foster their growth. I truly feel if you’re able to present your organization as one reflecting a culture as such, you will attract smart and motivated people you’ll be able to retain.

THE SECURED LENDER JUNE 2018 15

BIOGRAPHY anielle Katz has over 18 years of corporate finance experience across a broad base of roles, products, and disciplines including underwriting, structuring, syndicating, and managing a portfolio of senior and subordinated loans to small, middle, and large market sponsor and nonsponsor backed companies. Danielle has significant experience as an industry generalist across multiple industries as well as strong healthcare domain expertise across multiple sectors. Danielle began her career in Investment Banking with focus on Mergers and Acquisitions (primarily sell side advisory services) and made the move to Leveraged Lending in 2003 where she held various roles at Merrill Lynch Capital, GE Antares Capital, GE Capital’s Healthcare Financial Services business, and Capital One. Experience includes agented transactions, participations, and secondary market purchases. Danielle is currently a managing underwriter (senior vice president) on the Middle Market Bank – Diversified Industries team where she leads a team of seven credit professionals tasked with underwriting new first and second lien transactions, participations and ongoing portfolio management for sponsored and direct middle and large market cash flow transactions across a broad range of industries. Danielle currently manages a portfolio of over 45 transactions accounting for $2.5B of assets.

Danielle Katz

Managing Underwriter, Senior Director, Capital One What advice would you offer to women just starting out in the industry?

Build the brand you want to be known for. Every day we are leaving behind an impression. The lending community is small and first impressions last, so make sure you are proud of the reputation you are building. Put your best foot forward every day, work hard but efficient, and always put forth a work product you are proud to put your name on the cover of. You can never beat yourself up if you know that you gave it your all. Also, know that it is ok to say no sometimes!

It is always better to do a couple of things really good than to do many things poorly.

What do you know now that you wish you knew in the beginning of your career?

I wish I knew that everything would work out in the end. Throughout my career I have hit bumps in the road and experienced setbacks. Do not waste too much energy getting worked up over things that don’t go your way or those that you cannot control; instead

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channel that energy into working harder and proving your capabilities. It is easy to get caught up in feeling sorry for yourself when these things happen, but don’t! Each of these experiences has always been a learning opportunity in disguise and caused me to work harder and do better. These roadblocks are a time for reflection and a chance to reset your path.

What kind of role has mentoring and/or sponsorship played in your career?

Mentoring has always played a large role in my professional development; however, I have found that the mentorships that happen naturally, as opposed to being part of a forced program, have been most successful. I have been very fortunate to have many mentors in my career, both men and women, all of whom have offered different perspectives and advice to help me grow my career. A large part of my success has been the result of my champions, those that have been willing to stick their necks out for me, to help me gain access to new opportunities and growth roles.

As mentoring has been critical to my success, I enjoy paying it forward and helping junior team members learn and grow. Nothing makes me happier

than to see those that I have spent time teaching and developing succeed.

What do you think the industry could do to attract and retain the best and the brightest today?

I think it is hard in this day and age to recruit strong female talent into the finance world, especially given the number of new professions where more women are prevalent. With all the new professions, careers with better perceived work life balance, and lack of women at the top, it is easy to see why women would choose a different path.

That is why it is so critical for us to find the women still interested in a career in finance and invest in their learning and development. We need to listen to what women want and be willing to change historic industry norms to attract and keep these women. It is a challenge to retain women, especially those that want a family, as many women “drop out” of the field, given the long work hours and demanding nature of the job while trying to raise a family. We need to better adapt to making it easier for women to have a career and family, by offering paid maternity leave and more flexible/work- from-home hours.

BIOGRAPHY arcella Szalai is the Senior Closing Manager for Capital One’s New York Middle Market team. She has 14 years of commercial loan closing experience serving as both outside counsel for Bank of America and Citibank, and as a loan closing officer. After graduating from Stanford University with a B.A. and M.A., she attended Boston University School of Law. Thereafter, Marcella clerked for a judge at the Massachusetts Land Court before joining Edwards, Angell, Palmer & Dodge LLP (n/k/a Locke Lord LLP) as a Commercial Real Estate Finance Associate where she practiced for seven years in the firm’s Boston and NYC offices. Prior to joining Capital One in early 2016, Marcella was a loan closer at HSBC in their Commercial Real Estate department where she closed complex syndicated and direct term loans and construction loans for their U.S. portfolio.

Marcella was a 2017 Q1 recipient of CONA’s Commercial Banking ACE Award in recognition of her exemplary commitment to Capital One’s Culture, Mission and Values and was further selected by senior leadership to be 2017 Annual ACE Award recipient entitling her to attend CONA’s annual ACE Awards trip.

Marcella Szalai

Senior Closing Manager, Capital One What advice would you offer to women just starting out in the industry?

Challenges are inevitable, but one way to overcome them is to appreciate the significance of a customer-centered service experience. Your internal customer base is just as important as the external. You’ll be surrounded by a sea of intelligent go-getters, so you need to build your own unique brand. My father was a waiter for over 44 years.

He learned the likes and dislikes of his regular clients. To this day, he reminds me to treat people with the utmost kindness and respect. I have followed suit. It’s the customer service experience you provide from beginning to end that matters most.

What do you know now that you wish you knew in the beginning of your career?

Be proactive rather than reactive in your career path. Anticipate that job changes happen. I interviewed for my current position only because my prior job was relocating. I would have missed out on the phenomenal oppor-

tunity to be a people manager. Check out the view from the edge every now and again. Then you’ll be better prepared to know when to jump. You’ll feel more empowered when the impetus for change comes from within, and when you’re ready to leap, don’t forget to take a running start!

What kind of role has mentoring and/ or sponsorship played in your career?

I liken mentoring and sponsorship to the old proverb that it takes a village to raise a child. This has been critical to my success. I’ve taken nuggets of advice from a host of individuals (my parents, colleagues, friends and even that cab driver on the way to the airport) and implemented what I felt worked for me. Remember the goal is not to be exactly like the most successful people around you. You don’t need to change your entire personality. Adopt the best characteristics from those you admire while remaining true to yourself. I find that sponsorship happens best when it’s organic and your workplace champions it.

Although I’ve never actively sought it, I’ve found that the leaders at Capital One actively seek to promote talent.

If you achieve the right combination of the dynamic duo of mentoring and sponsorship in your career, you’ll have

a solid foundation so that you always land on your feet.

What do you think the industry could do to attract and retain the best and the brightest today?

We no longer live in my parents’ era when sticking to the same job for a lifetime was the norm. With today’s modern technology of “swipes and likes,” it is difficult to maintain attention spans and excite minds. People need to feel like they have room to grow both professionally and personally in their work environment. The key is fostering an atmosphere where people can move not only vertically but also horizontally. I am fortunate to have landed in a workplace that not only promotes personal development but is supportive of role changes.

Bright individuals possess a natural thirst for learning. With that in mind, the industry needs to provide opportunities for continuous education and advancement so that people feel just as engaged and motivated at work as when they are swiping and liking.

THE SECURED LENDER JUNE 2018 17

BIOGRAPHY inda Filardi is a senior director and associate general counsel at Capital One Bank responsible for legal oversight of the Commercial and Industrial Business, which includes Sponsor Finance, Core Middle Market and the US Corporate Group. Prior to joining Capital One, she was deputy general counsel and corporate secretary of Antares Capital, which was previously the leveraged finance business of GE Capital sold to the Canadian Pension Plan Investment Board, where she managed all aspects of the Sponsor Finance Group’s NY/CA-originated transactions. Linda is a member of the Loan Syndicated Trading Association’s Primary Market Committee and the Practicing Law Institute faculty on Going Private Transactions. Linda joined GE Capital as senior counsel & compliance officer in Tokyo, Japan, covering legal and compliance of the commercial finance group in Japan, China, Taiwan, Korea and Thailand.

Linda started her legal career at the law firm of Debevoise and Plimpton. Before beginning her legal career, Linda was an assistant treasurer at American Express Bank. She received her J.D. Magna Cum Laude from Seton Hall University School of Law, where she was notes and comments editor of the Seton Hall Law Review. She completed a Master’s Program in International Affairs and Economics from The John Hopkins School of Advanced International Studies (SAIS) and holds a B.A. in Political Science from SUNY.

Linda W. Filardi

Senior Director and Associate General Counsel, Capital One Bank What advice would you offer to women just starting out in the industry?

Find an area that you are truly interested in pursuing by working in a number of different areas when you first start your career. Don’t limit yourself because you have been slotted into a particular position or within a segment. Having a broad exposure to a number of different areas will give you a strong foundation and allow you to truly pursue something you love, rather than accidentally falling into something because you know how to do the work. And, don’t be afraid to put yourself out there; take personal risks and be courageous. Most of all, be positive and take care of yourself.

When you have a great attitude, you emote energy that others can feel and people will want to work with you and give you more opportunities.

What do you know now that you wish you knew in the beginning of your career?

I wish I had known how important and professionally satisfying it is to have strong professional relationships outside of my immediate company. I have always

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enjoyed very strong working relationships with my colleagues and have maintained the professional relationships formed from the very beginning of my career. However, the pace of the legal industry, especially at junior levels, does not always give you the luxury of time to network outside of your immediate company. In the later years of my career, I developed very strong relationships within professional associations that have served me well, both personally and professionally. I also believe very strongly in giving back. Being very active in the nonprofit area is a way that I can improve the lives of others and gives me a healthy perspective in my day-to-day life.

What kind of role has mentoring and/or sponsorship played in your career?

I have been very fortunate to always work in organizations where there have been fantastic role models who have served as mentors and sponsors in my career—both men and women. They have been instrumental in my development as a lawyer and business person and have taught me how to be effective in my position. They have also contributed to my career success and overall happiness, as they have been able to provide support and advice at every stage of my career, not only on long-term goals, but on the day-to-day issues, which

are just as important. Having a sponsor is incredibly important, but that is a relationship that is typically earned. Having a sponsor or mentor is an indication that you have performed well, so your focus should always be on doing the absolute best work—not on obtaining mentors or sponsors.

What do you think the industry could do to attract and retain the best and the brightest today?

The best and the brightest want to work in organizations that are evolving with the rapid pace of the changes in our industry and one way to attract talent is by being inclusive of a diversity of both thoughts and people. I am incredibly proud of the emphasis Capital One places on inclusiveness because it enables our organization to put our best foot forward and be forward-thinking. Diversity and inclusion breeds thought development and opens up the business to new opportunities and ways of doing business. Working overseas in Asia was an incredible experience for me and being able to experience different cultures in the workplace made me more patient and accepting to ideas and work styles that did not necessarily comport with my own.

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BIOGRAPHY ené LeBlanc-Allman is a partner in Chapman and Cutler LLP’s Banking and Financial Services Department and serves as the Office Leader of the firm’s Charlotte office. René had an integral role in the opening of Chapman’s Charlotte office in April 2017 and leads efforts to expand the firm’s commercial lending services throughout the region and network of female leadership.

René’s path into law was slightly circuitous. René joined the United States Air Force after finishing high school in Nova Scotia, Canada. While serving as a dental lab technician and field medic from 1987 through 1994, René availed herself of the military education programs and garnered her bachelor’s degree (magna cum laude) from the University of South Carolina. In tandem with her BA, she also became certified as a paralegal.

Upon leaving the military, René worked as a paralegal for a small South Carolina law firm prior to attending and graduating (magna cum laude) from the University of South Carolina School of Law in 1999.

René’s practice involves the representation of the administrative agent or lender in a wide variety of syndicated and bilateral financings in middle-market and large-cap transactions and distressed credit facilities. René also assists corporate borrowers and financial sponsors in connection with their financing needs.

René LeBlanc-Allman Partner, Chapman and Cutler LLP

What advice would you offer to women just starting out in the industry?

Work hard, pay attention, avoid office drama, and find a mentor that you can relate to and trust. Practicing in finance is not easy, but it is dynamic and interesting. Be willing to work hard, learn everything that you can, but also raise your hand if you need something. Perhaps you are drowning in work or don’t have enough, would like some different work experience or need a break, or are having a problem with a colleague or staff. A mentor who is relatively senior within your organization can be an invaluable asset in these situations – he or she can help you navigate and get to a resolution. By paying attention to the office dynamics as well as learning your craft, you will quickly start building your own toolkit on how to handle different scenarios and issues.

What do you know now that you wish you knew in the beginning of your career?

I wish that I had realized that I could actually say “no” at times and had learned

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a little more about balance earlier in my career. I think many women, myself included, are programmed to want to try and be all things to all people to the point that we often exhaust ourselves. Exhaustion has many negative effects beyond the physical. You may suddenly find yourself not enjoying your job, you may feel as though you are neglecting your family, or any number of things. While it is important to find that certain committee or group that speaks to you, it is important to know that you can and should say “no” at times. Having a solid mentor can help you navigate to implementing a tactful “no” or slightly softer, “not at this time”.

What kind of role has mentoring and/or sponsorship played in your career?

I consider mentoring to be very important. While formal mentoring programs are great, I personally think that informal mentoring is equally, if not, more important. A mentor should be a senior individual that you aspire to emulate. My first mentor was also the leader of my finance group and he was fantastic (Don Lassiter).

Don was a seasoned, well-respected lawyer who viewed me as part of his firm’s future. I could ask him to help me “prioritize” work requests when I was drowning,

and he would provide guidance or intervene on my behalf. He provided teaching and advice both on legal substance as well as the firm politics, internal networking and firm dynamics. He was definitely my champion and I credit him for helping me feel included and truly part of the firm, which in turn motivated me along the path to partnership.

What do you think the industry could do to attract and retain the best and the brightest today?

The legal profession as a whole tends to have a negative cast about it, and students considering law school or a law firm typically know very little about transactional practice. I like to talk about how I really enjoy my profession.

Every deal is different, which keeps my practice interesting. Another important facet is to try and retain work flexibility and set expectations. While “facetime” in the office is beneficial (you cannot just listen in on an unexpected negotiation if you are not in the office,) technology has become such that it is possible to be a very efficient and effective professional while working remotely.

But there needs to be a balance.

Chapman congratulates RenĂŠ LeBlanc-Allman and Nicole Krol for their recognition as leaders in commercial finance, their dedication to clients, and their commitment to the legal profession.

Representing lenders isn’t just another service area at Chapman—it is at the heart of what we do every day. For decades, we have represented lenders in a wide range of debt and capital structures from the basic to the most complex. Visit chapman.com to learn more.

Charlotte Chicago New York Salt Lake City San Francisco Washington, DC Attorney advertising material.

BIOGRAPHY icole Krol is a partner in Chapman and Cutler LLP’s Banking and Financial Services Department and represents banks and other financial institutions in a wide range of domestic and international financing transactions. Her experience includes structuring, negotiating, and documenting secured and unsecured credit facilities, primarily focusing on asset-based lending, merger and acquisition financings, leveraged finance, commercial lending and real estate finance transactions.

Nicole’s representative transactions include single- and multi-bank credit facilities, loan syndications, first lien/second lien structures, and cross-border secured lending transactions. Nicole also has extensive experience in private equity fund lending and subscription facility financing and has represented lenders in various loan restructuring and workout transactions.

As a partner, Nicole has built her practice by focusing on her clients’ needs. She works hard to remain a step ahead of the competition and often deploys the firm’s knowledge management and practice innovation efforts in her practice, resulting in efficiencies that are passed along to her clients.

Nicole Krol

Partner, Chapman and Cutler LLP What advice would you offer to women just starting out in the industry?

Early on in your career is the best time to cast a wide net, gain experience and meet a diverse group of people. Ask questions and seek out new opportunities. Make the effort to establish contacts not only at your firm, but across the industry. If you focus too narrowly on one subject or area of expertise, you miss the opportunity to learn and find your true passion. Take advantage of the fact that your peers expect you to know very little on day one and realize the broader your experience and network of contacts, the better you will be able to service your clients later on.

What do you know now that you wish you knew at the beginning of your career?

Law school focuses so much attention on legal thinking, writing and analysis.

Although these elements are key to a successful legal career, I wish I had known early on the importance of relationship building in our industry. Over the years I have learned that in our industry your reputation precedes you in everything you

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Nicole actively participates in Chapman and Cutler’s associate training and mentoring programs, helping the firm build another generation of high quality professionals.

Outside of the firm, she is active in her community and various charitable organizations.

do – being someone that is professional, patient, thoughtful and pleasant to work with matters just as much as what you know.

What kind of role has mentoring and/or sponsorship played in your career?

Mentoring has played a key role in my career. Although I have had many mentors, both formal and informal, two particular women come to mind as helping pave the path for my career. The first was a senior associate when I started at Chapman. She took me under her wing and helped me get a wide range of experience, while assisting with the most basic of questions and always offering a helping hand. To this day, we remain a team and she is always the first person I go to when I need to bounce ideas off a colleague. The second was a senior partner when I started at Chapman.

She introduced me to her clients early on and made me an integral partner of her team. She also had a unique approach to marketing in our male-driven industry – she focused most on keeping in contact with the women she met along the way and following them from institution to institution. Although she has since retired, I continue to employ her women-focused

marketing strategy and the many other skills she taught me over the years. I call out these two individuals to highlight that you can be a mentor at all stages of your career. Whether you are the most junior or most senior person at your institution, there is always someone learning from you and looking for your advice.

What do you think the industry could do to attract and retain the best and brightest today?

Although our industry has good success with recruiting talent, retaining talent is often a challenge. Much of this stems from the fact that the most talented individuals need a balance of exciting and challenging opportunities, room for advancement, smart and kind-hearted colleagues and a supportive work environment that keeps them invested in our industry. To succeed in retaining talent, we need to give young employees challenging opportunities and client contact early on. We need to make them an integral part of the team from day one and keep them involved in company initiatives, affinity groups and industrywide opportunities.

The True Heroes of Our Community Because of Your Generous Contributions The NextGen and Our Industry Are Stronger.

The Foundation’s 2018 Campaign Welcomes Corporate Contributions and Individual Donations* Thank you for supporting the CFA Education Foundation where your contributions help the entire Commercial Finance community realize its full economic impact by continuing to educate and develop aspiring young individuals working in the field of secured lending.

Individual Supporters: Foundation Benefactor: $5,000-$7,999 Andrea L. Petro Foundation Patron: $2,500-$4,999 William D. Brewer Winston & Strawn LLP

Friend of the Foundation: $1,500-$2,499 David Grende Siena Lending Group D. Michael Monk Amerisource Funding

Stephen P. Johnson J D Factors LLC David J. Kantes Dean I. Landis Entrepreneur Growth Capital, LLC

John M. DePledge Citibank, N.A.

Bobbi Acord Noland Parker, Hudson, Rainer & Dobbs LLP

Jeffrey K. Goldrich North Mill Capital LLC

Foundation Member: $500-$1,499 Gail K. Bernstein PNC Business Credit

David Morse Otterbourg P.C.

Michael Coiley CIT Healthcare

Howard Rein, CPA, CFE Freed Maxick ABL Services

Cindy J.K. Davis Greenberg Traurig, LLP

Robert S. Sandler RSS Robert S. Sandler, LLC

Bruce Denby CIBC

Stacey J. Schacter Vion Investments

Betty Hernandez North Mill Capital LLC

William A. Stapel MB Business Capital

Richard Gumbrecht Commercial Finance Association Charles G. Johnson Commercial Finance Association Wade M. Kennedy McGuireWoods LLP David B. Kurzweil Greenberg Traurig, LLP Robert Meyers Republic Business Credit, LLC

Joseph Lehrer Citibank, N.A.

Corporate Supporters: Gold Level: $12,500 - $19,999 McGuireWoods LLP Wade M. Kennedy

BDO Consulting Baker A. Smith

TCF Capital Funding Joseph P. Gaffigan, President

Winston & Strawn LLP William D. Brewer, Partner

Focus Management Group J. Tim Pruban, President & CEO and Barrey Davis, Sr. Managing Director

Troutman Sanders LLP Hazen H. Dempster, Esq., Partner

Silver Level: $7,500-$12,499 Wells Fargo Capital Finance Stewart W. Hayes, Managing Director

J D Factors LLC Stephen P. Johnson, President

Benefactor Level: $2,500-$4,999 AtlanticRMS LLC Richard Hawkins, CEO BMO Harris Bank Michael Scolaro, Portfolio Manager

MB Business Capital William A. Stapel, Senior Vice President Phoenix Management Services Michael E. Jacoby, Senior Advisor

Patron Level: $1000 - $2,400 MidCap Business Credit, LLC Steven Samson, Vice President Member Level: up to $999 Allied Financial Corporation Steven C. Gold, Business Development Officer Magnolia Financial, Inc. Marc D. Smith * This list is as of 5/22/18. An up-to-date list is available at www.cfafdn.org/supporters

BIOGRAPHY enny Fine is a Managing Director at CIT Asset Management where she leads business development for CIT Northbridge Credit LLC. In this role, Penny is responsible for driving the origination efforts for a broad range of flexible asset-based debt solutions ranging from $15 million to $150 million. Facilities are typically revolving lines of credit and term loan commitments tailored to middle-market companies.

With over 30 years of experience as a finance professional, Penny has excellent leadership, origination, structuring and relationship management skills. Penny is proficient in originating and structuring financing solutions for growth and acquisition, as well as in restructuring transactions. She is well known for her strong network of relationships developed by working with bankers, restructuring professionals, attorneys, senior management teams and private equity groups.

Earlier in her career, Penny worked at FirstMerit Bank, JP Morgan Chase, Capstone Advisory Group and GE Capital. She earned her MBA from the University of Chicago and her bachelor’s degree in Accounting from the University of Illinois at Urbana-Champaign, where she also passed her Certified Public Accountant Examination.

Penny Fine

Managing Director, CIT Northbridge What advice would you offer to women just starting out in the industry?

When speaking with people at the beginning of their careers, I like to stress how they will build a reputation based on their work ethic, integrity, intelligence and business relationships. I stress that, while their employer owns the physical assets they use at work, an individual owns his/her reputation.

They should never compromise their integrity!

I have always offered women a few extra tips. A woman in our industry should be aware that some companies are better for women to work at than others and, when a woman is considering making a job change, she should complete careful and thorough diligence on how that culture is for women and other minorities.

What do you know now that you wish you knew in the beginning of your career?

I wish I knew that it was OK to make mistakes. My career has been very

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rewarding and exciting, but also very humbling. I started my career very naïve about the depth and complexity of the finance industry and, at times, was surprised by which people rose and why. I don’t mind that I was naïve and think learning from experiences is the best way to learn; it’s been instructive for me to eventually learn from my mistakes. However, I don’t think I was prepared to make mistakes. Perhaps if I had been more open to that early on, I would have been better prepared to learn from my mistakes and to handle them better.

What kind of role has mentoring a/or sponsorship played in your career?

My parents were my mentors and really pushed and supported me early in my career. While my career was very different from theirs, their intelligence, belief in me and assessment of me really helped when I needed to make decisions and navigate challenges early in my career. As my career evolved, I developed an amazing group of business friends. We’ve sponsored and mentored each other as our careers have grown in many directions.

From very early on, I’ve also really

enjoyed being a sponsor and mentor to others. I feel very fortunate to have such a wonderful network and lucky that the sponsorship I’ve received and provided has always been very natural and helpful.

What do you think the industry could do to attract and retain the best and the brightest today?

If we had more training and rotation programs, I think we would attract more people to the commercial finance industry. Most companies focus on the short term and, because of the costs and time to train people, I’ve seen a lot of companies only hire experienced people. The industry as a whole could do a better job of identifying high-potential employees earlier in their careers and then fostering their career development. In the long run, it’s much better to develop talent from within rather than have to find it outside the company.

Congratulations on being named to Secured Lender’s “2018 Women in Commercial Finance” list Penny Fine, CIT Northbridge Credit Lori Kielty, Maritime Finance Jennifer Villa Tennity, Aviation Lending CIT is proud of their outstanding achievements and commitment to empowering women in finance.

© 2018 CIT Group Inc. All rights reserved. CIT, CIT Logo, CIT Northbridge Credit, and the CIT Northbridge Credit logos are registered or unregistered trademarks of CIT Group Inc.

BIOGRAPHY ori brings expertise in asset-based financing for the transportation, logistics, and infrastructure industries, with a particular focus on the maritime sector. Her primary role will be sourcing new clients and identifying financing solutions for maritime shipping companies. Kielty also works with the Maritime Finance team to expand CIT’s existing client portfolio.

Lori has exceeded business volume targets in a variety of senior business development roles she has held at banks and financial institutions, including DVB Bank, Babcock & Brown, Royal Bank of Scotland, and Transamerica Finance Corp.

Having started her career in finance at CIT, Lori returns to the Bank with broad experience in transportation finance. She has covered markets throughout North and South America and Europe, as well as Southeast Asia. She has built an extensive global network of relationships, working with a range of business clients, from large corporations to small private operators, to finance their facilities, equipment and fleets.

Over her career, Lori has negotiated and closed over $2.5 billion of financings and capital markets opportunities involving credit, tax and legal considerations.

Lori Kielty

Director, Maritime Finance, CIT Group What advice would you offer to women just starting out in the industry?

There is no substitute for professional expertise, so throughout your career take every opportunity to expand your knowledge. Keep up on industry and general news and read key publications to follow developments in your industry sector. Seek opportunities to enroll in training classes and seminars. Stay in touch with the industry thought-leaders and fellow colleagues by networking and attending industry events. Not only will this enhance your industry knowledge, it will also enable you to create and form key relationships that will strengthen over your entire career. Finally, remember to support other women at all levels, junior and senior to you. You do not need to wait until you are a senior level to give support and encouragement; you can do this throughout your career.

What do you know now that you wish you knew in the beginning of your career?

When I started out in my career, I

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wish I had better understood the importance of believing in yourself and taking yourself seriously. Own responsibility for your role and contributions and actively manage your career growth. This requires confidence and a seriousness of purpose that only you can provide.

Also, remember to appreciate the value of leveraging the wisdom of other people. You may have contribution, but you will also benefit by listening and learning from others. Never forget the importance of teamwork and the value that each member brings to the team as a whole.

What kind of role has mentoring and/ or sponsorship played in your career?

The thoughtful guidance of managers who instructed and directed me enhanced my career and supported my progress. My mentors also encouraged me to develop my own approach to creating strong client relationships.

I have learned many good lessons – both from the constructive advice from my managers and mentors and also from own mistakes. I’m grateful for many helpful introductions that my mentors have provided throughout my career. Whenever I can, I try to help

mentor the next generation of women in commercial finance to support their progress.

What do you think the industry could do to attract and retain the best and the brightest today?

The first and most essential step is for the industry to ensure women have equal opportunity for growth and development. Women are fully capable of competing on a level playing field, and they should join a firm and an environment that provides growth opportunities.

Along with equal opportunity, women must receive pay and benefits equivalent to those in positions with comparable duties and responsibilities. Similarly, expectations must be the same for employees in comparable positions, regardless of their gender.

In short, to attract and retain the best and the brightest, commercial finance must ensure that women are valued, fairly compensated and provided with the right opportunities to thrive now and in the future.

BIOGRAPHY ennifer Villa Tennity serves as president of CIT’s Aviation Lending business, which provides aircraft-backed loans for the commercial aviation industry by lending to hedge funds, private equity participants and lessors, as well as directly to airlines.

Jennifer rejoined CIT to lead Aviation Lending in September 2017 when CIT announced the expansion of its commercial aircraft lending business. In her new role, she is responsible for leading her team, working closely with clients and using her deep industry expertise to tailor lending solutions that successfully meet borrower needs.

During her previous tenure at CIT, Jennifer most recently served as senior vice president and chief risk officer for CIT’s aerospace business, overseeing an $11 billion portfolio of aircraft loans and leases. She handled a myriad of duties both within and outside the Risk organization, including regulatory matters during CIT’s transition to a bank, its first new aircraft orders with Boeing, Airbus and Embraer and various other strategic initiatives.

Having joined the firm in 1998, Jennifer also led the company’s restructuring efforts with multiple airlines in the post-9/11 period.

Jennifer earned a degree in economics and a certificate in political economics from Princeton University.

Jennifer Villa Tennity President Aviation Lending, CIT Group

What advice would you offer to women just starting out in the industry?

This is a topic near and dear to my heart. Traditionally, there has been a meaningful lack of women in the field of aviation and, especially, aviation finance. Indeed, not long ago only a handful of women would attend the annual conference of the International Society of Transport Aircraft Trading (ISTAT), the leading industry trade group. Today, women in attendance number in the hundreds.

Even so, only three female panelists were among the speakers at this year’s week-long event. So the change needs to continue, the progress is far from done and women need to be put in positions where they can be heard as industry leaders. My advice to women just starting out in this industry, in particular, is to network, network, network. Meet as many people as you can, get to know them, let them get to know you and don’t ever waver in that endeavor. I am fortunate that many of the young women I met at

the outset of my career are now also in top positions and, together, we can drive change and mentor the younger women just coming onboard.

CEO of my company, CIT Group, is a woman who has had a very distinguished and impressive career in banking and she remains a major role model to me.

What do you know now that you wish you knew in the beginning of your career?

Like many women, I fear I may have been timid in the early days of my career regarding advancement and compensation. Knowing what I know now, I would certainly have pushed harder for what I deserved and I would have made sure I was being treated fairly and equitably compared to peers. In like manner, I would have pushed harder to be a leading voice externally at industry events and the like.

What do you think the industry could do to attract and retain the best and the brightest today?

Unfortunately, the aviation industry still has the reputation of being quite antiquated when it comes to the advancement of women. However, I have seen a marked effort on the part of various female leaders in aviation and aviation finance to get the message out that women can advance to the highest echelons of our industry.

Organizations like IAWA (International Aviation Womens Association) have done significant work to promote this, to propel women speakers to industry panel discussions, to host women’s networking events, to make sure younger people entering the space know that it is a changed industry. I think aviation in general needs to continue to demonstrate to young people (male and female alike) that the industry is evolving technologically and that it can be a fascinating and fruitful place to spend your career, whether in finance, on the manufacturing side or with an airline. It is truly an amazing industry that none of us can live without.

What kind of role has mentoring and/or sponsorship played in your career?

Because of the lack of women in my industry, I have made it a point to meet and help young women entering aviation and finance. I try to be an example of a woman as a business leader and not just in a support role, that we can run companies and divisions and have important managerial roles. Unfortunately, I was not exposed to that early in my career due to a severe lack of women in leadership positions. I am encouraged to see that being upended in both aviation and finance now. Indeed, the

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BIOGRAPHY ith more than 25 years of managerial experience, 20 of it within the factoring space, Leslye Campos is the vice president of operations with Engs Commercial Capital. Campos has a passion for client service, process development, and employee mentoring. She has spent her career in positions that have allowed her to manage, grow, and develop risk management procedures, client relationships, and associate training.

Prior to joining Engs, Leslye spent 15 years with LSQ Funding Group where she most recently served as the assistant vice president of Operations. Throughout her career, Leslye served in several critical roles such as senior account manager, purchasing manager, and accounts receivable manager. She created efficiency by streamlining the purchasing department’s process and procedures and she increased risk management coverage by developing the Accounts Receivable Specialist roles. Leslye mentored and managed the collections, data entry, document review, and verification teams which allowed for professional growth for those associates. Before LSQ, Leslye worked for 15 years as the office manager of Aircraft Industries, Inc., a FAA repair station. While there, she factored Aircraft Industries’ receivables and gained valuable insight into the needs of a factoring client. Campos brings that unique perspective into the way she interacts with clients and associates alike.

Leslye Campos

Vice President of Operations, Engs Commercial Capital What advice would you offer to women just starting out in the industry?

My advice to women starting out in the industry is to be confident. Although the finance industry has been male-dominated for decades, it is a great time for change.

There are many antiquated ideas and methodologies that have shaped the industry throughout the years that are no longer relevant in today’s world.

Never compromise your integrity, values or morals to climb the corporate ladder. Stay confident in yourself no matter what the outcome may be. Build a great network in both the business world and your personal life; you will appreciate it if you are juggling work, family, school and other activities.

What do you know now that you wish you knew in the beginning of your career?

Reflecting on the beginning of my career, I realize that I compromised family time for work when I didn’t need to. Being committed and passionate about your job or career does not mean that the rest of the world stops being as important. There will always be late nights and lunch hours to

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make up missed work, to meet deadlines on a project or analyze data. There won’t be time to make up for missed soccer games, chorus recitals and spelling bees.

Manage with compassion. Early on in my career, I felt that intellectual intelligence was the ultimate key. I thought that if I could excel in that area I would “have it made”. I quickly learned that having emotional intelligence is the key to being successful. Most of us depend on a team to help us get our job done.

We are only as good as our team and those around us helping us achieve our goals. Accomplishing goals with respect and appreciation from others is more rewarding than knowing how to get there, but getting there all alone. Always encourage, empower and recognize those around you and remember that you didn’t get there by yourself.

What kind of role has mentoring and/or sponsorship played in your career?

I would not be where I am today without my mentors and their guidance, confidence and trust in me. Early on in my life I had the opportunity to work with my father and my two brothers in our family business. These three men played a big role in my life and are responsible for who I am

today.

During my career, I have been able to build relationships with many remarkable people. I have learned something from everyone I come across, sometimes good, sometimes not so good. No matter how we see things, we are constantly learning from one another.

What do you think the industry could do to attract and retain the best and the brightest today?

Being relatable will attract the best and brightest in the industry. The strict dress codes, cold work environment and old ways of doing business are no longer relevant to new generations.

Women in the workplace need to be heard and treated as equal to their male counterparts. The idea that a woman cannot bring the same to the table as a man can is obsolete and absurd. We need to take advantage of a generation full of professional women who are eager to make a change, have innovative ideas and want to leave their mark in the world.

BIOGRAPHY ulia Lukicheva joined ExWorks Capital at its inception in 2013. Since then she has been a member of the Originations Team, responsible for sourcing new business and heading the marketing department for the fund. As the assistant vice president of direct marketing, Julia is responsible for marketing and engaging new clients in need of financing through domestic, import, and export trade financing products. In spring 2017, she transferred from the corporate headquarters in Chicago to the Washington D.C. Metro Area to launch an office for the ExWorks Capital Fund and further expand the company’s East Coast presence. Julia now covers the New England and Mid-Atlantic markets for ExWorks Capital.

Prior to ExWorks Capital, Julia spearheaded the marketing department for RedRidge Finance Group. Julia is in the process of re-launching the Washington D.C. Metro Area CFA Chapter and will sit on its Board of Directors. She also sits on the CFA National Chapter’s Planning Committee for the CFA Annual Convention. She earned a Bachelor of Science degree from DePaul University in Finance and Marketing as well as a Certificate of Graphic Design from The School of the Art Institute of Chicago. Julia speaks three languages and holds a Cambridge University CELTA Certificate for International Studies.

Julia Lukicheva

Assistant Vice President of Direct Marketing, ExWorks Capital What advice would you offer to women just starting out in the industry?

Don’t be afraid to ask as many questions as possible to continue learning every day. It is easy to be intimidated when starting out in any career. I remember being terrified of sounding unintelligent every time I had a question or hesitant of approaching people at networking functions because I felt like I had to prove myself immediately as a young female in a male-dominated industry. I remember hearing comments such as ‘you’re just too young to know.’ Be confident and remember that everyone was once in your shoes.

What do you know now that you wish you knew in the beginning of your career?

It took me a while to find out that connecting with others in the field is just as important as grinding out the day at your desk. Get involved in industry organizations and networking events as much as possible. I have come to realize that many people find mentors and guidance outside of their immediate circles, and the only way to do that is to put

yourself out there and meet influential people in the industry who will inspire you. I was also not as fortunate back then as I am with my present company, where I have amazing mentors including our CEO, Randy Abrahams, and my managing director, Matt Stanley, who both believe in and guide every one of their employees. My earlier jobs out of college did not have a mentorship network. I would have told myself to get involved as early as possible.

ties to engage and guide students at the beginning stages of their career. I find myself having conversations with college students about what kinds of jobs you can get with corresponding majors or what the job descriptions in our industry truly entail. I believe that there is immense mutual benefit for the young professionals and the industry as a whole to have this matching made earlier. Employees will be happier sooner, and firms will be more productive.

What kind of role has mentoring and/or sponsorship played in your career?

I wouldn’t be where I am today if it wasn’t for key mentors in my life both personally and professionally. I have to say it is important to have both female and male mentors with different perspectives to guide you throughout your career. I believe a great mentor pushes you to do things that you think you’re unable to do or are not quite ready for. They see the greatest potential in you and, when you stumble, they know how to motivate you to pick yourself back up and push yourself harder.

This is the greatest support of all.

Tell us something about yourself that may surprise people.

I immigrated to this country as a young child from St. Petersburg, Russia. The immigrant mentality of ‘work hard’ and ‘nothing comes easy’ was instilled in me at an early age. More importantly, having a broader, international perspective and cultural background helped me to network and build relationships in the industry. In business, it is crucial to understand other viewpoints. Sometimes it can be the key factor in reaching a successful outcome with both domestic and international clients. My ability to speak three languages and to think globally has given me a unique advantage. Whereas I used to try to blend in, I now embrace my international background.

What do you think the industry could do to attract and retain the best and the brightest today?

I strongly believe that organizations and companies need to partner with universi-

THE SECURED LENDER JUNE 2018 29

BIOGRAPHY obyn Barrett is the managing member of FSW Funding, an independently owned and operated factoring firm founded in 2001 and headquartered in Phoenix, Arizona. FSW Funding helps small to mid-sized companies by giving them access to the capital needed to grow.

Robyn has a bachelor’s degree from Arizona State University, an MBA from Grand Canyon University and a CPA license. She has worked in accounting and finance-related positions for various Fortune 500 companies such as The Dial Corporation and FINOVA Capital Corporation. It was at FINOVA that Robyn was first exposed to the struggles many small and mid-sized companies experience when trying to secure funding. Robyn is an active member of numerous industry organizations including: American Institute of Certified Public Accountants (AICPA); Arizona Society of Certified Public Accountants (ASCPA); Turnaround Management Association (TMA); Risk Management Association (RMA); International Factoring Association; Commercial Finance Association, and the Association for Corporate Growth.

Robyn is also involved in educating up-and-coming entrepreneurs and can frequently be found as a speaker at organization and association events, including the Small Business Association and ASU’s entrepreneurship programs.

Robyn Barrett

Managing Member, FSW Funding What advice would you offer to women just starting out in the industry?

Women tend to underestimate their ability to perform and lose out on some really great career opportunities. My advice would be to take advantage of opportunities given to you even if you don’t feel ready. Honestly, if an opportunity doesn’t challenge or scare you, then why do it?

Don’t feel qualified for a new opportunity? Most work experience is learned on the job, not the classroom. Women tend to overprepare, overthink and overanalyze every opportunity and then it’s gone. Have the confidence to take more risks early on even if it means you might trip along the way, because ultimately you will learn from those experiences.

Be bold, ask for the big assignment or make that cross-country move if it means more opportunity for growth.

Although I didn’t start taking risks until later in my career, every risk I did take ultimately led to personal and professional development and the realization that ultimately it all works out.

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What do you know now that you wish you knew in the beginning of your career?

Don’t let setbacks define you. Even a river takes a non-circuitous route to get to its destination. Similarly, it is rare that a career path offers a perfectly straight path from A to B to C. Your career trajectory may be filled with twists, turns, falls and moments when you wonder if you are even on the right track. But for many who are on the other side of success, those moments when things might have seemed most off-track are often seen as the very moments that turned out to be pivotal in leading to success. I am a firm believer in when one door closes, another opens.

What kind of role has mentoring and/ or sponsorship played in your career?

Establishing a group of mentors to whom you can turn to bounce an idea around or check in about a possible career move is invaluable. As you move through your career, especially in the early period, pay attention to who helped you get there. In big ways or small, express gratitude to those that have helped you and, even in a busy life, try to maintain bonds. Remember

even a mentor relationship is two-way and you should bring something to it.

Even something as simple as a quick email from time to time can help maintain the connection. Just as importantly, look behind or beneath you to see who is coming up and make time for those who are where you once were when someone may have helped you, or maybe when you wished someone would have.

What do you think the industry could do to attract and retain the best and the brightest today?

Start by recruiting and getting involved on the college campus across the country. This could include CFA members volunteering to speak at college classes or clubs. Most colleges have entrepreneur and venture capital classes and clubs which would be thrilled to hear about the experiences of a finance executive. These students lack real world experience and what they read in a textbook about finance is boring and difficult to relate to.

No matter how we say it, we’re happy to have you CFA 2018 Welcomes Service Providers as Members This is a milestone in our 75-year history, and the next step in becoming the essential community for all organizations and professionals who deliver and enable commercial lending.

To learn more about joining CFA, community.cfa.com/membership or contact James Kravitz, Business Development Director, (646) 839-6080 or jkravitz@cfa.com.

www.cfa.com

BIOGRAPHY aria McGuire is a principal in the firm’s Commercial Finance Group.

She represents banks, finance companies and other lenders in structuring, documenting and negotiating commercial finance transactions, including asset-based and cash-flow loans, restructurings and workouts, and working capital and acquisition finance transactions. She has experience in a variety of business sectors and frequently works on technology finance transactions and international finance transactions, primarily focusing on Europe and North America. She is a recipient of the 2016 Commercial Finance Association’s 40 Under 40 Award and has been recognized as an Emerging Lawyer by Leading Lawyers.

Maria is chair of Goldberg Kohn’s Business Development Committee and is a member of the firm’s Finance Committee. She is admitted to practice in Illinois, is a member of the American Bar Association and has been involved in pro bono projects with the National Immigrant Justice Center and the Center for Disability and Elder Law. Maria received her law degree, cum laude, from Notre Dame Law School in 2003 and her B.A., magna cum laude, in American studies and anthropology from the University of Notre Dame in 2000.

Maria T. McGuire Principal, Goldberg Kohn

What advice would you offer to women just starting out in the industry?

Believe in yourself and your abilities.

Have confidence in your ability to learn and to work hard to achieve your goals. At first, this means establishing a strong foundation by mastering the basics of your field. As you further advance in your career, be willing to adapt as the market and industry change and take advantage of new opportunities. Be willing to accept the challenge that comes with those new opportunities and have confidence in your ability to succeed.

What do you know now that you wish you knew in the beginning of your career?

I wish I had known the great degree of career satisfaction that would come from working with the same clients and colleagues over many years. A traditional law firm offers a relatively straight-forward career path. At the beginning of my career, my first goal was to be an excellent attorney, and I threw myself into my work. My

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second goal was to develop strong relationships with my colleagues and clients. The mental challenges of my work are incredibly satisfying, but that is something I had expected when I chose to focus on commercial finance. What I had not anticipated was that over the years many of my clients and colleagues have come to feel like family.

When I joined Goldberg Kohn twelve years ago, I knew that I had found a special place that would truly be a home for me and my career. I focused on doing my best work and invested in the growth and worked for the success of the firm as a whole and knew that my colleagues were all doing the same. I knew I was where I wanted to be – a place where we were invested in and believed in each other.

As I developed relationships with clients, on an individual basis as well as with their institutions, over the years, the better I knew and understood how each client’s institution worked and what a client’s goals and concerns were, I could provide a better service to them, and there is no better career satisfaction than knowing that you have done outstanding work for those who depend on you.

What kind of role has mentoring and/ or sponsorship played in your career?

Mentoring has played a critical role in the development of my career. I am lucky to have strong relationships with a number of attorneys who have shared their knowledge and time with me over the years. They have been willing to educate, answer questions and discuss issues time and again.

They have also actively assisted in the development and advancement of my career. They have involved me in challenging projects, helped me develop client relationships, and supported me in firm leadership positions.

What do you think the industry could do to attract and retain the best and the brightest today?

Listen to the next generation of leaders. Give real consideration to their priorities and values, even if they are different from our own. My advice for those just starting out includes being willing to adapt and change through your career, and that same advice applies to the industry as a whole in order to attract and retain the talent it needs.

BIOGRAPHY nne Marie Pisano is a principal in the firm’s Commercial Finance Group.

Her practice focuses on representing banks and non-bank financial institutions engaged principally in the middle market. Anne Marie has experience in the documentation, negotiation and closing of asset-based and cash flow loan transactions. Her work includes single-lender and syndicated-loan transactions across a wide range of industries including manufacturing, technology, software, and business services. Anne Marie regularly represents clients in connection with acquisition financings, refinancings, recapitalization financings, workouts and restructurings, and cross-border finance transactions.

Anne Marie is a member of the firm’s Task Force on Women’s Issues and the American Bar Association and Turnaround Management Association. Prior to pursuing her legal career, Anne Marie worked as a coordinator of international relations in Nagai, Japan through the Japan Exchange and Teaching program. She received her law degree, with honors, in 1999 from the University of Chicago and her B.A. in political science, summa cum laude, in 1995 from Villanova University and is admitted to practice in Illinois and Pennsylvania. Anne Marie was featured in the July 2017 Spotlight on Flex issue of the Diversity and Flexibility Alliance.

early on can oftentimes come back to you many years down the line.

Anne Marie Pisano Principal, Goldberg Kohn

What advice would you offer to women just starting out in the industry?

I advise young women to be proactive in their professional development and the direction of their careers. Do not be afraid to ask questions – the beginning of your career is the best time to gather as much information as possible and master the fundamentals. In addition, your senior colleagues will not only expect you to ask questions but view your desire to learn more about your field as a positive trait. Once you feel you have a mastered those items, be sure to move on to more advanced assignments. Ask to work on more challenging matters or tasks; do not stay stagnant or wait for an assignment to come to you.

Also, be mindful of the connections that you are making with colleagues, clients and opposing counsel and the way you present yourself in those interactions. You are building your professional network through each of these points of contact.

Relationships with clients, colleagues and others involved in a transaction are crucial to your success. The relationships created

What do you know now that you wish you knew in the beginning of your career?

I wish I understood the importance of communicating all of my achievements and short and long-term objectives with those senior to me at my firm. Everyone working in this industry is very busy, and your senior colleagues simply may not have the time to notice all of your efforts or may not understand the outcomes you want for your career. Don’t be shy about letting your colleagues know this information.

Whether it is a more specific type of work or more contact with specific clients, if you do not communicate these goals, they will never come to fruition. You have to be your own best advocate.

What kind of role has mentoring and/or sponsorship played in your career?

The mentoring and sponsorship that I have received over the course of my legal career, all of which has been at Goldberg Kohn, has been invaluable. I was given opportunities very early in my career to interact directly with clients and to develop my skills and knowledge base. These early interactions and knowledge laid the groundwork for the rest of my career. I have had a lot of examples at Goldberg Kohn of really smart, hardworking people who produce excel-

lent legal work and provide great client service. I have done my best to emulate these role models. In addition, these individuals have shared advice, provided counsel and shared client relationships with me.

Because I have greatly benefitted from the mentors and sponsors I have had along the way, I am committed to being a mentor and sponsor to younger professionals.

What do you think the industry could do to attract and retain the best and the brightest today?

I think that the younger generation wants to feel that the work they do is important both on a personal level and to their communities and world. Those of us who work in commercial finance understand that the transactions we work on are vital to the success of many companies and the people, families and communities who rely on those companies. I think that the most important thing that our industry can do to attract the best and the brightest is to educate them on the fundamental role that our industry plays. I think some of the initiatives that leaders in the commercial finance community are taking in this regard are a great step in the right direction.

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BIOGRAPHY s Associate General Counsel, Mackenzie serves as the front-line transactional counsel, managing deal documentation and related matters for Gordon Brothers. Prior to joining Gordon Brothers, she had over 10 years of experience in the area of corporate bankruptcy and restructuring where she primarily focused on representing troubled companies and buyers of distressed businesses. She was ranked multiple times in Chambers USA and Best Lawyers in America in the bankruptcy field and was previously selected in 2012 as one of 40 “up-and-coming” bankruptcy lawyers in the country by the National Conference of Bankruptcy Judges. In her current role, she relies on that experience in advising Gordon Brothers on all types of transactions and assisting her business colleagues in meeting their clients’ needs. Prior to joining Gordon Brothers, Mackenzie was a partner at the global law firm K&L Gates LLP where she worked for over eight years and began her career as a law clerk to the Honorable Joel Rosenthal of the U.S. Bankruptcy Court for the District of Massachusetts. She holds a B.A. from Assumption College and a J.D. from Suffolk University Law School and is admitted to practice in the Commonwealth of Massachusetts.

Mackenzie Shea

Associate General Counsel, Gordon Brothers What do you think the industry could do to attract and retain the best and the brightest today?

Recognize that the best and brightest, generally speaking, may not be the same people who have the specific qualities that lend themselves to success in this industry.

In terms of the restructuring niche; it is seeking out those “type A minus” personalities with a passion for deals and team competition who aren’t expecting a 9-5 experience, who will thrive in messiness and chaos, and may not necessarily be Ivy-educated at the top of their class. Then, because the time we have to develop talent is limited, we need to quickly identify those bright young minds who also possess an “X” factor, something that makes them uniquely valuable to an organization and focus attention on retaining them long-term rather than spreading ourselves too thin in an attempt to keep everyone.

What do you know now that you wish you knew in the beginning of your career?

That it is not necessarily a linear path.

Instead, I have come to view my career like

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building blocks. Whatever you’ve built may get knocked down (voluntarily or involuntarily), but even so, you’ll still have the same number of the same-size blocks and can reconfigure them into something new. I’ve had jobs ranging from retail clerk, street vendor, and child nanny, to defense contractor, and bank employee, to bankruptcy lawyer. In my current role, I’m constantly surprised just how much those earlier stages of my career help. Realizing you have the supplies and skill to build a career of your own choosing may just give you the confidence to do it.

What kind of role has mentoring and/or sponsorship played in your career?

I’ve been incredibly lucky in this regard. It began with a federal bankruptcy judge and his court staff when I served as a law clerk my first year after law school. It continued with a senior partner at my law firm who spent the next seven years vigilantly guiding me to become a partner myself.

And over the past two years since joining Gordon Brothers, it has multiplied with our general counsel and key executives taking a vested interest in my long-term success here. There is a material difference, however, between having a mentor and having a sponsor. Mentors teach you something; sponsors give you the platform to use it.

So, while you can have many mentors, you can’t succeed without at least one sponsor.

Recognize the difference and seek out the latter. When I describe myself as fortunate in this area, it’s because all of these individuals offered me both mentorship and sponsorship.

What advice would you offer to women just starting out in the industry?

“Know the law, you’re useful. Know the facts, you’re indispensable.” That advice translates beyond just the legal profession. Being new to any field, there is so much about the subject matter you don’t and can’t be expected to know. That will come with experience. But you can learn the deal specifics cold, whether that be the people, places, projections, or problems of a company, in a way that makes you invaluable to those senior in your own organization. That only requires effort.

Once others start to rely upon your factual knowledge, you’ll be included on calls, in meetings, and with clients. And, as it turns out, those settings are where you actually gain the experience.

Celebrating our people.

Mackenzie Shea

Associate General Counsel

Chris Carmosino

President, Valuations

Welcoming new talent.

Ken Bloore

Managing Director, Valuations

Cal Shusta

Director, Marketing

Proud to support Women in Commercial Finance.

VALUATIONS ⁄ OPERATIONS ⁄ DISPOSITIONS ⁄ INVESTMENTS

WWW.GORDONBROTHERS.COM

BIOGRAPHY al Shusta leads the marketing function across the firm, including strategy, brand management, public relations, advertising and digital marketing.

In 2015 and 2016, Cal led the firm’s global rebrand, uniting five legacy sub-brands into one and executing a coordinated launch across 25 offices, seven business units and four continents. As part of this initiative, she also managed the development of the firm’s rebranded website, consolidating four sites into one and optimizing the user experience.

Cal began her career at Gordon Brothers in the valuation practice as an appraisal writer, prior to transitioning to the marketing function, where she held multiple roles and was promoted to director in 2017. She has supported many of the firm’s largest communications initiatives, including the acquisition of AccuVal, Gordon Brothers’ entrances into Australia and Brazil, and the launch of multiple sector-specific initiatives in energy and technology. She has also contributed to the success of many of Gordon Brothers’ transactions, implementing integrated marketing plans for the sale of assets worldwide.

Cal holds a B.A. from UMass Amherst and an MBA from Boston University with a concentration in marketing. She is a member of the Marketing and Women in Commercial Finance Committees of the Commercial Finance Association. She is also a member of the Turnaround Management Association and INSOL.

Caroline Shusta Director, Marketing, Gordon Brothers

What advice would you offer to women just starting out in the industry?

Early in your career, it can be intimidating to advocate for your positions around more experienced people.

However, you’ve been hired to do that.

In order to make an impact, you have to put yourself out there and take a risk. My advice to those just starting out is to trust yourself. Ask a lot of questions and speak your mind. This will help you learn and build confidence.

What do you know now that you wish you knew in the beginning of your career?

I wish I spent less time worrying about not getting it perfectly right. Engaging in an iterative process and evolving my position over time has been far more important than starting out perfectly. Our rebranding was a great example of this. No single contribution made that what it was. It was the process of refining ideas that was so critical. It can be messy and I had a

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tendency to avoid that early on, but that has actually been where some of the best work of my career has come from.

What kind of role has mentoring and/ or sponsorship played in your career?

I was fortunate to have some exceptional managers and mentors that encouraged me to take on new challenges. I’m incredibly grateful for that support and I try to pay it forward. I wouldn’t be where I am today without it.

Most of my career has been spent at Gordon Brothers and that has been a great benefit. The firm is large enough that there are a lot of opportunities, but also small enough that I’ve had access to those opportunities and to people of influence within the community to guide me. Many professionals of my generation have bounced around a lot, especially early on in their careers. I’ve been fortunate to have been able to grow and evolve in one place. Over that time I’ve developed strong bonds with people I admire and I don’t think that’s as common in other environments or when changing jobs frequently.

At work and in my personal life, I’ve also been fortunate to have been surrounded by strong women that have made their own way. They have been very positive role models for me in terms of how to approach life and career.

What do you think the industry could do to attract and retain the best and the brightest today?

As long as there’s opportunity, I think ambitious and bright people will flock to the industry. Beyond that, staying competitive with other industries as workplace culture evolves is important. Diversity of leadership is a big part of that, especially when it comes to cultivating the next generation of female leaders. Having balance at a senior level sends a signal to junior employees that this is a place where you can make a difference, that this is an industry where you can build a career up to the most senior levels.

BIOGRAPHY ethani is a nationally recognized financial attorney with experience representing banks and large financial institutions in a variety of assetbased lending transactions, including loan syndications and participations, revolving and term loan facilities, secured and unsecured credit facilities, intercreditor arrangements, and acquisition financings. Last year, she represented clients in transactions with total value surpassing $7 billion. Bethani has 10 years of practical business experience prior to her legal career, which enables her to easily recognize client’s needs and goals. In addition to her professional accolades, Bethani is actively involved with the Zaban Paradies Homeless Shelter, a local charity that helps homeless couples transition off the streets by providing financial support, social services, meals, room and board and other vital services.

Bethani was named a member of the inaugural class of the Commercial Finance Association’s 40 Under 40 Award winners in September, 2016.

Bethani received her J.D., cum laude, from Georgia State University College of Law, 2014 and a B.B.A., magna cum laude, from the University of Georgia, 2005

Bethani R. Oppenheimer Associate, Greenberg Traurig LLP

What advice would you offer to women just starting out in the industry?

Foremost, focus on learning your craft and keeping that focus as you advance through your career. There’s so much to learn at the beginning that it’s easy to get lost in it all, so keeping that focus as your guide is key.

The industry changes faster each year to keep pace with evolving technology, so take advantage of the endless continuing education opportunities as a way to learn and grow throughout your career. But always remember at the end of the day, good work product and responsiveness to client needs remain the very best marketing.

Second, find opportunities to add value and take ownership of every assignment— no matter how insignificant you think it might be in the scope of the broader transaction. Your senior colleagues deeply appreciate meaningful effort put into assignments and the diligence with which you complete it. Moreover, look ahead and anticipate the needs of your supervisors and your clients. Eagerness, attentiveness, curiosity, and responsiveness never go unnoticed.

What do you know now that you wish you knew in the beginning of your career?

When I first started out, I had no idea how many different ways there were to get involved in the industry and my community.

This is the best and easiest way to start networking early in your career. Industry groups and community organizations are eager to bring new faces into the fold, and these groups provide great opportunities for younger professionals to expand their network. So don’t be afraid to raise your hand and be willing to contribute your ideas, energy, and time. With that said, with a finite number of hours in each day, it’s easy to over-extend and over-commit.

Volunteering for 10 different boards will not help your career if you cannot give each organization the time and energy it deserves while still doing a bang-up job in your work.

If you’re unsure about which group is best, my advice is get involved in community groups with missions that align with your passions.

What kind of role has mentoring and/or sponsorship played in your career?

I am fortunate to have very strong mentors and sponsors (both men and women) who are vital to my success—both in honing my skillset and achieving my career objectives.

Each mentor provides something different, so I can lean on them for training, career advice, or just being a sounding board for

various issues. Furthermore, my mentors and sponsors have been role models for the kind of leadership, work ethic, and quality service that I seek to emulate each day.

They not only promote me to clients and firm leadership, but have also helped me establish myself in the industry as a respected attorney and community leader. Some of these relationships have been formal while others grew more organically, but, their significance to my career is the same, irrespective of how our relationship started.

In the end, every young professional needs a network of people they can turn to for advice and support while navigating their career.

What do you think the industry could do to attract and retain the best and the brightest today?

The industry changes every day, and many organizations think outside of the box in terms of recruitment and retention. These organizations try new methods to attract and keep the best talent while constantly evaluating and adapting these programs to remain relevant and effective. I’d encourage the industry to remain focused on initiatives that provide training opportunities, education, and formal mentoring for younger professionals because these programs foster and cultivate better trained and productive leaders in all professions.

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BIOGRAPHY shley Trexler is vice president, account manager of InterNex Capital where she leads the company’s portfolio management activities, including client relations. With over ten years of experience in the assetbased lending field, Ashley cut her teeth spending several years as a field examiner at Freed Maxick ABL Services, LLC. She moved up in her field through the years performing pre-loan surveys, take-over exams, royalty audits, assessment of collateral exposure and advance rates, evaluation of accounting procedures and financing reporting capabilities, financial and operational due diligence reviews and quality of earnings reviews for a multitude of lenders which includes investment and commercial banks, asset-based lenders, finance companies, factors and private equity firms. As a manager with CoMetrics Partners, LLC, Ashley worked closely with clients managing numerous relationships within the industry. It made for an easy transition to working directly for a financial lender. Ashley has found her home with InterNex Capital bringing out her passion for exceptional customer service in the FinTech world. Ashley’s diversified experience and understanding of various industries allows her to maintain a good working relationship with clients while InterNex funding provides the working capital needed to grow their business.

Ashley Trexler

Vice President, Account Manager, InterNex Capital What advice would you offer to women just starting out in the industry?

To all the women just starting out in the industry, do not be afraid to ask for what you want and deserve. I am a firm believer in the saying, “ask and you shall receive.” It has helped me to advance my career by asking for a higher salary or a promotion when I felt I deserved it. I also had dreamt of living in NYC so, when an opportunity arose, I asked my company if I could be home based in NYC. I asked, and I received.

You have to take what is rightfully yours; work hard and your confidence will earn you proper recognition.

What do you know now that you wish you knew in the beginning of your career?

I wish I knew how diverse the financial industry was. When first starting my career I thought I would be with my company for two, maybe three, years and would move on to the private sector. I didn’t have long-term goals of working in the industry. I ended up

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falling in love with ABL and engrossed myself in the different aspects of the business, the types of exams and financial reviews. There is no limit to how much you can learn, especially when auditing so many different companies in a wide array of industries. After over nine years of field exam and manager experience, I felt like I had run that course and needed to learn more at a different level. Wanting a shift in my career, I started looking for a job working directly for a lender. It took a couple of years before I was introduced to InterNex, a FinTech company. This was all new to me and I was so excited to be able to dive into this new facet of the financial lending world.

What kind of role has mentoring and/or sponsorship played in your career?

The companies I have worked for made sure I always had people to turn to for guidance and I am grateful for that.

Training wasn’t formal. We had to learn by doing most of the time so working well with my peers was necessary. I was surrounded by so many talented professionals when I first started my career, always available for my questions and willing to help at any time. My managers were very intelligent and I was glad to be learning from people who made sure I understood the concepts

and implemented them correctly. I eventually became a mentor myself and enjoyed being able to shape the minds of the new recruits.

What do you think the industry could do to attract and retain the best and the brightest today?

We must show the possibilities of where this industry could take them. I was attracted to ABL because of the opportunity to travel. I ended up traveling to over 25 U.S. states, three provinces in Canada and overseas to the UK. To retain the best and brightest, we must have growth potential and show professionals that they are welcome in other areas of the industry. When looking for a new job outside of field examiner, I found it difficult to meet a potential employer willing to take my skills and mold them around their needs. Being an ABL field examiner is such a refined position that some employers do not want to take the time to train new employees, but want to hire someone with the pertinent experience. If employers can look at the existing skillset and potential growth, rather than a lack of specific experience, there would be a lot more opportunity for self-starters and movement in the industry.

BIOGRAPHY evin Murkley is the Investor Relations Vice President with LBC Credit Partners, responsible for fundraising, marketing and Limited Partnership relationship management. She has 7 years of experience in financial services, with the bulk of her tenure spent working in wealth management as a portfolio manager.

Nevin has played a significant role in the growth of LBC Credit Partners (“LBC”) over the last two years. Nevin joined the firm from BNY Mellon Wealth Management where she was a Portfolio Manager. While at LBC, she has enthusiastically taken on new challenges, evolving from the client servicing side of the business to investor acquisition, marketing and relationship management.

Nevin is known for her diligence in preparation and brings an analytical approach to fundraising, whether she is participating in investor presentations, managing the processes of investor due diligence, or working with LBC’s compliance professionals to ensure materials are SEC-compliant.

Since Nevin has assumed a leadership role on the fundraising side of the business, the firm has closed on its fourth fund, LBC Credit Partners IV, L.P., and added separately managed accounts to its platform. She has played instrumental roles in the success of these efforts.

Nevin Murkley

Investor Relations Vice President, LBC Credit Partners What advice would you offer to women just starting out in the industry?

I would tell women the same thing in nearly every industry – to be confident in themselves, their abilities and their opinions and to stay true to this while at the same time allowing themselves to be open and receptive to feedback and guidance. So often I’ve seen women hold back from sharing their views that might differ from their colleagues – instead I’d challenge all women to contribute their thoughts in a constructive and positive way. I’d also tell women to seek out opportunities to surround themselves with other women in the industry (or similar industries) in either a formal or informal arrangement to collaborate and be supportive of one another. Some of the best advice and guidance I’ve received has come from my informal female peer group. I feel very fortunate to have been welcomed into this group and would urge other women to seek out these relationships, especially when starting out in the business.

What do you know now that you wish you knew in the beginning of your career?

I wish I had recognized at the beginning of my career that not everyone follows a linear path to get to where they want or ultimately end up. It’s so ingrained in us that we need to have an answer for where we want to be in 5, 10, and 20 years from the time we start interviewing for our first jobs that I thought I needed to have this all figured out and follow a clear path to get there to be successful. Instead, what I’ve found is that that straight line can become a zig-zagged maze and that’s OK – it has only been additive to my career and provided me with the experience and foundation to know what it is I truly enjoy. We can pick up the best parts along the way in order to find or create what we ultimately want to accomplish and that is not something we necessarily will know on day 1.

What kind of role has mentoring and/or sponsorship played in your career?

I have been fortunate enough to have both formal and informal mentors along the way in my career and have found them to be extremely critical in creating the person I am today. My mentors have supported yet challenged me, have provided me with critical feedback even when I haven’t

always wanted to hear it, have introduced me to their network to position me and my career and have helped me to identify character traits that I aspire to ultimately achieve.

What do you think the industry could do to attract and retain the best and the brightest today?

I think that the industry at large struggles to attract potential talent due to the misconception that commercial finance is conservative and boring. The best and brightest of today want something exciting and challenging with the opportunity to make a change and have their voices be heard. We need to do a better job of educating young professionals to highlight the various opportunities that exist within our industry and the impact we are making on businesses. Once onboard, valuable employees want to feel supported by their organization and provided with a level of flexibility and ownership in their work.

This, coupled along with career advancement opportunities, will help the industry as a whole retain key team members.

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BIOGRAPHY n 2005, Paula Caldwell, vice president, operations manager, joined Marquette Business Credit. She set up the entire loan operations and accounting department for the newly formed company. Currently, she manages five employees and oversees the daily cash needs for a portfolio of loans ranging from $2 million to $30 million and she is responsible for the accounting and operational needs for all of Marquette’s regional offices. Paula has extensive involvement in the CFA’s continuing education program where in 2014 she assisted in the development of the CFA’s online courses for assetbased lending operations professionals. She subsequently received the 2014 Harry H. Chen Memorial Award of Excellence in recognition of outstanding service as an instructor to the asset-based financial services industry. To this day, she continues to teach two courses for the Association including Borrowing Base Essentials and Cash Management Essentials. Paula also found time to serve her community with the development and implementation of banking and financial courses which were presented to Dallas homeless teens in an effort to guide them to a better future.

Paula Caldwell

Vice President, Operations Manager, Marquette Business Credit What advice would you offer to women just starting out in the industry?

As you first start out, listen carefully to what you hear from the client and your colleagues. One comment will most likely generate a multitude of other questions. Your more-experienced associates might even suggest other areas of interest that should be explored, so keep them informed as you go. Ask enough questions and provide enough reasonable suggestions so that you can actively deliver excellent customer service yet still be able to collect all of your loan balance.

What do you know now that you wish you knew in the beginning of your career?

To ask more questions and make communication a priority! You will lose more information from items getting “lost in translation”. As a loan operations person, it is essential to know how to execute the planned course of action.

I know now to begin the discussion by

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asking what the client’s expectations are. Sometimes the loan officer is also confused about how to accomplish a transaction, so get enough details to contribute to the discussion, whatever the topic.

What kind of role has mentoring and/or sponsorship played in your career?

I started out young, still in college, and was fortunate enough to have two or three people willing to explain the basic hows and whys of providing, managing, and collecting loans. Understanding not only how to do something, but why it is important can help you to make the tough business decisions regarding the successful execution of a loan. Over my career, I’ve continued to learn as much as I can through my exposure to all kinds and sizes of loans, both to excellent clients and those that have declined significantly in performance, moving them into a workout loan status. I try very hard to mentor my associates and those outreach programs I participate in to pass on all I have learned in a way that is beneficial to my associates, my students, and even my clients. When I answer questions for them, I ask why we do this or why we should not do that, making it a point to hear out and possibly explain further the reasoning behind the decision.

What do you think the industry could do to attract and retain the best and the brightest today?

We need to expose them to the fun side of banking and train them well so they can build upon their knowledge as they get deeper in the field. While monitoring, field examinations, and verifications can seem basic in our world, we need to keep them excited about helping our clients grow and expand, while protecting the bank’s investment in their operation. If we can provide progressive training, mentoring, and fair compensation, they can work through every day learning amongst a myriad of different industries, while advancing their future of asset-based lending.

Tell us something about yourself that may surprise people.

The newest addition to my family is a Corgi/Dachshund mix named Shorty with big ears and short legs causing him to need a cute little “boost” to get on our bed. He is just three years old and weighs only 11 lbs. We adopted him from the Carrollton no-kill shelter on March 10 of this year. I firmly believe adopting from shelters is the most admirable and caring way to get a new pet for a family.

Congratulations Paula Caldwell

Furthering Marquette Business Credit’s commitment to enduring quality, Paula is leading the way toward success. Marquette Business Credit is pleased to congratulate Paula on her feature in the Women in Commercial Finance issue of The Secured Lender magazine. Marquette Business Credit is proud to celebrate your accomplishments.

MarquetteBusinessCredit.com

BIOGRAPHY ith an over-15-year track record in originations and direct lending, Karin is a key figure in the middle market. She is responsible for originating new investments in the East coast region and responsible for due diligence, structuring and execution. Prior to Monroe, Karin was a senior vice president at Alcentra Capital Corporation, focusing on business development and deal origination. Before Alcentra, she led CBIZ MHM LLC’s growth, business development and marketing efforts in the New York Metropolitan area. Prior to CBIZ, Karin spent four years as vice president at Fifth Street Capital, where she was responsible for Northeast region deal origination and marketing and business development efforts.

She is a board member and executive committee member of the Association of Corporate Growth (ACG) Global, a network of leading authorities on corporate growth, as well as chairman of the ACG Connecticut Chapter. Karin’s network expands outside of the industry as well. She volunteers with the Junior League of Greenwich and serves on the board of Children’s Day School in Riverside, CT. Karin earned her Bachelor of Arts in Liberal Arts from State University of New York (SUNY) Purchase.

Karin M. Kovacic

Managing Director, East Coast Region, Monroe Capital What advice would you offer to women just starting out in the industry?

I would encourage them to network early and often. You never know where your next opportunity will come from and building relationships is key to both your current role and potentially finding the right ones in the future.

What do you know now that you wish you knew in the beginning of your career?

Read more. Learn and make sure you know what is being discussed. I wish I spoke up more. As I have grown and gained more confidence, I am no longer afraid to ask questions, clarify information and make sure I completely understand decisions that are made and why.

What kind of role has mentoring and/ or sponsorship played in your career?

Both roles are crucial. I am lucky to have a few mentors that I rely heavily on for advice, guidance and reassurance of decisions I make. I have met them throughout my career and

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worked hard to maintain and grow my relationships with them over the years. Additionally, at every firm I have been at, I have tried to find a sponsor.

I have always valued the importance of having someone as my advocate inside the firm, especially when some decisions about my career are made without me in the room.

What do you think the industry could do to attract and retain the best and the brightest today?

I don’t think it is specific to industry, but more company. The best places that attract and retain talent engage their workforce. They do this by providing a positive working environment (this can include flexibility, work/life balance, creating a sense of unity and team culture); recognizing, rewarding and reinforcing behavior, involving and communicating with their employees; developing skills and potential (through training both hard and soft skillsets); and continuously evaluating their workforce.

Tell us something about yourself that may surprise people.

I volunteer with the Junior League of Greenwich and am co-chair of

a program we have spent the past three years creating. Historically, the League has been an organization of women for women. Our project, BAM! (Boys Achieving More) is the first one directed at boys. BAM! is a coordinated effort with other local non-profits in the area to provide an outdoor day of conversations and activities promoting trust, respect, communication and leadership. We have about 100 local 5th grade boys participate annually and hope to continue to expand the program.

BIOGRAPHY s a member of Morgan, Lewis & Bockius LLP’s finance practice group, Lena focuses her practice on counseling major financial institutions and other commercial lenders in connection with structuring, negotiating and documenting complex commercial finance transactions in retail, manufacturing, business services, and financial services industries. She represents both agents and individual lenders in asset-based and cash-flow loan facilities, international debt financings, leveraged buyout transactions, multi-bank syndicated facilities, debtor-in-possession financings, and other secured lending and strategic transactions. Her practice involves domestic and cross-border financing transactions in the North American and European markets. In this role, she structures, negotiates and documents facilities ranging from $15 million to upwards of $1.9 billion. Prior to joining Morgan, Lewis & Bockius LLP, Lena worked as a finance associate in the Boston office of a prominent law firm. Lena holds a J.D./M.B.A. degree from Boston College Law School and Carroll School of Management and a B.A. degree from Wesleyan University. Lena is a member of the State Bar of Connecticut, Massachusetts and New York. Lena has lived in three countries, speaks three different languages, and runs marathons.

Lena Surilov

Senior Attorney, Morgan, Lewis & Bockius LLP What advice would you offer to women just starting out in the industry?

Find what you are passionate about and learn how you can add value to any team or project. Start building your relationships with everyone you meet from the onset of your career, developing interpersonal skills and finding sponsors and mentors with flourishing careers. Learn to believe in yourself, your knowledge and your place in an organization. Knowing what approach works with every person internally and externally and what motivates them will be invaluable at every point in your career. Do not be afraid to ask questions, do not be timid about your ambitions, do not shy away from getting the credit you deserve and learn to use confidence in a way that promotes you in your organization.

What do you know now that you wish you knew in the beginning of your career?

Learn interpersonal skills and ways to effectively self promote. Know what it takes to get to the next level in your career, and do not be afraid to ask

questions about the necessary skills and development that are required to advance in your career. Connect with any people internally and externally who have achieved the desired career path. Develop relationships with clients of your own from existing clients or those who seek you out from other connections as these relationships will be instrumental in your development and success. Build your skillset and develop experience. You want to become the go-to person for specific skills and knowledge and get your name out there (such as articles, op-eds and bar publications) so when opportunities arise, your name will come to mind. At the same time, do not shy away from learning other areas, as they will be useful down the road.

What kind of role has mentoring and/or sponsorship played in your career?

Finding people to whom you can turn to at any point in your career is one of the most important building blocks for a successful trajectory. Most of the opportunities and support I have been provided have stemmed from amazing mentors and successful colleagues. Your relationships with your mentors will have a direct correlation to your success in any industry. My mentors provided me with

invaluable advice, trust, knowledge, opportunities and support, pushing me early and allowing me to develop confidence in my ability. It is invaluable to have someone that you trust and whose advice you value at every level of your career.

What do you think the industry could do to attract and retain the best and the brightest today?

Developing mentorship programs, finding and retaining talent by ongoing support and development, committing to knowing your talent and what has contributed to the loss of the team members in the past. Create development, leadership and growth opportunity for your talent. Eliminate unnecessary obstacles and political distractions of your organization. Provide options to exceptional talent in order to keep them, such as flexible schedules, work remotely and other creative ways to help your team manage their obligations outside of work. Continually train and support your team to become effective managers, peers and leaders. Provide continuous feedback, management training, time management training, learning opportunities and skillset development.

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BIOGRAPHY atti Kotusky is North Mill Capital LLC’s SVP and operations manager. She was one of the original founders of North Mill Capital LLC. She has over 28 years of experience in commercial finance. Prior to North Mill Capital she worked for ITT Commercial Finance, Deutsche Financial Services, Prinvest, Business Alliance Capital and Santander. Patti’s experience ranges from operations to portfolio management and field examination.

Patti’s career started at ITT Commercial Finance. Her first position was in the accounting department as an Accounting Processor in the Floorplan Division. Her next position was as an ABL collateral analyst and she eventually was promoted to account executive. Patti is active in our industry, serving as a member of the WICF Committee and is a past president of the Philadelphia CFA Chapter. She is honored to have been the first female president of the Chapter and continues to volunteer her time with the Philadelphia CFA Board of Directors.

Patti is a graduate of Monmouth University in West Long Branch, NJ, where she was very active in the Delta Phi Epsilon sorority. Outside of work, she enjoys spending time with her husband, Joe, and her family and friends. She enjoys the music of Jimmy Buffet and cheering for all Philadelphia-based sports teams.

Patti Kotusky

Senior Vice President Operations Manager, North Mill Capital LLC What advice would you offer to women just starting out in the industry?

To learn as much as possible about every aspect of the business. Spending time in operations, field exam, and portfolio management will provide a broad range of experience and will allow you to gain insight to how each discipline contributes to the success of an organization.

Get involved as often as you can – look beyond your job description. Expanding your base of knowledge will provide more opportunity and it makes you more valuable to the organization. Always ask a lot of questions and don’t be afraid to make mistakes. Life is challenging but don’t be afraid to take chances.

Meet as many people as you can because you never know what lies ahead for you in your career. Networking is a great career builder. The person sitting next to you on an airplane might just be a person you will eventually do business with. Always keep an open mind as you go through your career and life.

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What do you know now that you wish you knew in the beginning of your career?

Always challenge yourself. You will not find your potential without pushing yourself. Keep learning because knowledge is powerful. We stop growing when we stop learning. As you grow in your career, life will “get in the way”. But do not forget to live your life. Remember to keep a positive attitude and that will take you far, both personally and professionally.

What kind of role has mentoring and/or sponsorship played in your career?

I have encountered many people throughout my career that have been kind enough to guide and point me in the right direction. I consider myself to have been very fortunate that these individuals took the time to help me grow professionally. I feel it is the responsibility for everyone in a leadership position to take the time to ensure that the individuals who are just starting out in their careers are afforded the opportunity to learn and grow, as someday they will be charged with running and growing our industry. Jeff Goldrich and Dan Tortoriello provided me a fabulous opportunity in 2009. I have learned a lot

from the experience and continue to learn and grow every day, both professionally and personally. Starting a company was incredibly hard and tiring work as we moved forward, but it was rewarding in the end. If it wasn’t for Jeff and Dan believing in me and giving me this opportunity, I wouldn’t be where I am today.

What do you think the industry could do to attract and retain the best and the brightest today?

Nobody grows up dreaming of being an asset-based lender. However, I think most of us, after recognizing a great opportunity, go on to enjoy rewarding careers. When I graduated from college, I found my job at ITT Commercial Finance through an employment agency. There were no recruiters on campus representing the ABL industry to present the wide range of opportunities available in the commercial finance / asset-based lending industry. As an industry, I think we need to do a better job of partnering with colleges and business schools to introduce asset-based lending to the next generation so that they are aware of the opportunities and growth potential available to them in the industry.

Want Your Potential Customers To Find You? Join the CFA Service Provider Directory and Find Industry Partners You Need To Optimize Your Company’s Success

CFA Service Provider Directory BECOME A VISIBLE INDUSTRY RESOURCE

Share information about your business and tell commercial finance professionals how you can help them solve problems and grow their business on CFA’s Online Service Provider Directory. Business leaders will be able to read about the services and products you provide, then reach out to your key contacts for more information.

CFA’s Service Provider Directory will allow you to easily find and contact the industry partners you need to optimize your company’s success.

community. cfa.com/comm uni ti es /s pd We have over 75 service providers at your fingertips with current contact information to ensure you do not waste any time finding what you need when you need it.

Contact James Kravitz Business Development Director Commercial Finance Association Tel:(646)839-6080 | jkravitz@cfa.com

BIOGRAPHY neoma is an attorney in Otterbourg’s nationally recognized banking and finance practice. Nneoma represents financial institutions in all aspects of financing transactions. She has established herself with the firm’s clients as an essential and indispensable member of their legal team and brings to her legal practice the ability to formulate and maintain lasting client relationships.

Within the firm, Nneoma has a particular focus in enhancing Otterbourg’s role as a leader in diversity and, through her efforts, Otterbourg was one of the founding member firms of the New York chapter of the Coalition of Women’s Initiatives in Law, a non-profit focused primarily on advancing the recruitment, retention and promotion of women lawyers.

Nneoma has been recognized in Best Lawyers in America as one of the top 15 Women of Influence in America and is a winner of the 2017 Commercial Finance Association 40 under 40 Awards. Nneoma serves as the president of the Coalition of Women’s Initiatives in Law – New York and is also a member of its Board of Directors. Nneoma is passionate about ensuring access to legal services and, in partnership with various non-profit organizations, has provided pro bono legal services to victims of domestic violence.

Nneoma Maduike

Of Counsel, Otterbourg What advice would you offer to women just starting out in the industry?

First, develop mentoring relationships and network with people who have different backgrounds and ideas because that is a proven way to get access to different opportunities and gain new perspectives. For instance, men traditionally and ultimately have access to more (and often better) opportunities than women; therefore, by developing these networks and studying their paths shall in turn lead you to success.

Second, recognize that you are in the room because you have the qualifications to be in that room and you undoubtedly have all the skills you need to be successful in our industry. Therefore, being confident in yourself, playing to your strengths, and not conforming to what you believe is the mold would guarantee success in whatever career path you take.

Third, set a goal (or goals) for yourself and your career and define what you want your brand to be. This can be a constantly evolving target but focusing on your goal and brand keeps you encouraged even in moments of doubt and allows you to remember why you do what you do and what matters to you. After all, all the expertise in

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the world will be of no use when constantly faced with the occasional impostor syndrome. In creating the foregoing list of goals, it is paramount that you believe in your value and that you trust in that value.

Fourth, avoid comparing your worth and accomplishments to those of others. The accomplishments of others should only serve as examples from which you can pick and learn.

Finally, be a cheerleader and source of support and encouragement to the women around you. Collaborate with those women you admire and hope to emulate.

What do you know now that you wish you knew in the beginning of your career?

In the beginning of my career, I wish I understood the value of networking and how to leverage networks to grow professionally and even personally. The more I networked as a younger professional, the less intimidating the prospect would have been for me. I would have benefited greatly from an earlier start to building business-related connections and learning how to use the resources that come naturally with developing professional and personal networks.

What kind of role has mentoring and/or sponsorship played in your career?

Mentorship and sponsorship have been essential to my career growth. I have had the opportunity to work with incredible

mentors, including my direct supervising partner, Tom Duignan. Mentors and sponsors believed in my skills and capabilities and provided me with opportunities that I may not have had otherwise. They were invested in the growth of my career and provided guidance and encouragement, both in connection with practice development and career development. The faith and encouragement of each of my mentors and sponsors pushed me to take on challenges that I would ordinarily not have considered.

What do you think the industry could do to attract and retain the best and the brightest today?

The bigger challenge our industry faces is retaining the best and brightest. It would not, however, take much for the companies in our industry to prove a commitment to investing in its talent, integrating them and promoting them, and, most importantly, ensuring that its talent knows that the company is invested in their growth and longterm development. Whether it is through the creation of training, development, and mentorship programs, institution of flexible schedules, or a greater commitment to diversity, I firmly believe that the retention of the industry’s best and brightest is not an insurmountable challenge and a good part of the solution lies in the willingness of companies to evolve.

Otterbourg P.C. proudly supports and congratulates

Nneoma A. Maduike for her recognition as a leader in commercial finance by

The Secured Lender

BIOGRAPHY ennifer St. John Yount is the chair of the Paul Hastings Finance and Restructuring practice. Jennifer has practiced in the field of asset-based lending and commercial finance most of her career. She practiced in Los Angeles for over 15 years before moving to our New York office in 2015 to build out the firm’s asset-based lending and commercial finance practice into the east coast and globally.

Through Jennifer’s leadership, our global asset-based lending and private credit practice has grown significantly over the past few years. Jennifer’s leadership is built on understanding clients’ business goals and providing solutions that satisfy those goals. A clear and recent example of this is the $1 billion asset-based lending facility that Jennifer led to finance the merger of Bass Pro and Cabela’s.

Shortly after arriving in New York, Jennifer implemented substantive breakfast briefings, in which a panel of experts discuss and advise client relative to “top of mind” issues. Topics have included Healthcare, Retail, and the convergence of the Large Cap and Middle markets. Most recently, Jennifer assembled a panel of banks, private credit funds, financial advisors, and real estate experts to discuss the rapidly changing retail industry.

Jennifer St. John Yount Partner, Paul Hastings

What advice would you offer to women just starting out in the industry?

I would advise women to focus on a few key ingredients for a successful career.

First, become expert in your field. As a new lawyer, if you are intentional and deliberate in your focus and pursuit of expertise, you will get there much faster.

Don’t just hope that you will absorb the information over time. Rather prepare a plan on how best to acquire the knowledge you need to become expert and discuss that plan with the senior lawyers at your firm. Ask their advice on how they became expert. Research, read, and write frequently. Make sure you understand and can explain to another person the rationale behind the structure of your transaction and key terms and conditions in your loan documentation. Over time you will become the “go-to” person in your organization and your field. Being irreplaceable in your business leads to a solid career trajectory.

Second, identify men and women at your company and in your industry who will champion your career, present you

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with opportunities, and give you honest feedback. Check in with them often and let them know the value that you are providing to your company and to the industry.

Third, form a network of clients and colleagues. The lifeblood of a professional career is the quality of your network. We get opportunities through our networks. We get ideas, advice, and client leads.

Fourth, remember that some of the most important capabilities women need to thrive are resilience, grit, and confidence.

What do you know now that you wish you knew in the beginning of your career?

I wished that I had fully appreciated the value of using a network to create opportunities for myself. I wish that I had volunteered more often to write articles and give presentations on a topic in my field. And that I had utilized these writing and speaking opportunities earlier in my career to find ways to add value for clients and colleagues.

I also wish I knew about organizations such as the CFA that support and promote women. The CFA Women in Commercial Finance Committee has been fabulously successful and a wonderful forum to connect with so many professional women.

What kind of role has mentoring and/or sponsorship played in your career?

Mentoring and sponsorship have played a significant role in my career. My best mentors were men and women who set the bar very high, challenged me to exceed even my own expectations, and gave me frequent constructive criticism and positive feedback. My best sponsors were men and women who told me the truth about what it really takes to succeed and who took the time to understand my goals and open doors to help me achieve those goals.

What do you think the industry could do to attract and retain the best and the brightest today?

I think we could focus on the fact that our industry is one of unlimited opportunities – opportunities for professional growth, opportunities to meet industry leaders who care about the future, and opportunities to learn about developments in the law, the market, structures, and terms.

Tell us something about yourself that may surprise people.

My dad was raised in Indianapolis and was a huge Indy 500 fan. I would spend time at the race track, and I love cars!

Accelerating Progress Congratulations to our partner Jennifer Yount, Chair of the Finance and Restructuring practice, for her recognition as a Leading Woman in Commercial Finance. We are inspired by your success and applaud your role in helping to drive business.

BIOGRAPHY eredith Fitz is Executive Vice President and Northeast Portfolio Manager for PNC Business Credit. The depth of her commercial lending experience enables Fitz to mentor and lead a team that excels in client relationships and portfolio management while contributing significantly to the revenue stream.

Meredith has been with The PNC Financial Services Group for more than two decades, in a variety of positions in underwriting, field examination and relationship management.

Excelling as an underwriting manager for PNC Business Credit, Meredith leveraged that experience to become Head of Underwriting for PNC’s Corporate Bank. More recently as Chief Operating Officer for PNC Business Credit, Meredith was responsible for executive reporting, regulatory interface, and representing the business in enterprise-wide initiatives. Her broad range of experience fuels Fitz’s measured approach to portfolio management for PNC Business Credit’s most active region, the northeast.

Meredith is a two-time recipient of PNC’s Chairman’s Circle Award. She is a member of the Commercial Finance Association (CFA) and the CFA Women’s Committee. Fitz is a graduate of Lehigh University and resides with her family in Asbury, NJ, where she volunteers with food and clothing drives, supports the local United Way, and sponsors environmental clean-up programs in Warren County.

Meredith Fitz

EVP and Northeast Portfolio Manager, PNC Business Credit What advice would you offer to women just starting out in the industry?

Recognize the value in being the person who solves problems – even if the solution might not be part of your specific role. The words ‘that’s not my job’ should not be part of your vocabulary as you want to be the person who gets things done. Every time you help an individual or a team reach a successful outcome, you become part of the infrastructure they look to for support, and it is more than likely you will learn something along the way. Being that ‘go-to person’ can only lead to great opportunities down the line.

What do you know now that you wish you knew in the beginning of your career?

Embrace the fact that sometimes you will be wrong, and you won’t always know all of the answers. I have come to recognize that a collaborative process where I rely on partners and peers with diverse knowledge, experiences, and ideas can often lead to the best outcomes. The

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quest to know and control everything can get in the way; alternatively, when you surround yourself with smart people, you can let go of your desire to oversee and influence everything and instead go for a more team-oriented approach. Throughout my career listening to and relying on colleagues has continued to open me up to opportunities to learn and grow, and I have become a better partner, teammate, and leader for it.

What kind of role has mentoring and/or sponsorship played in your career?

Mentoring, along with networking and developing a broad spectrum of professional relationships, has been very important to my career development. I have had the opportunity over 20 years to work across several lines of business within one institution; this has given me access to managers and peers across a broad spectrum of roles in lending and due diligence, and also in operations and internal processes. I consistently rely on this network of individuals to discuss anything and everything, including specific transactions, line-of-business initiatives, and also personal opportunities.

I have been so fortunate to be connected to such a broad knowledge base within

one bank. This trusted group continues to provide counsel on complex business interactions, and more personally has played an invaluable role in guiding me towards challenging opportunities that most definitely ended up being the right move.

What do you think the industry could do to attract and retain the best and the brightest today?

We need to have focused and visible programs for talented individuals in college and/or coming right out of college. Our industry also needs to keep people connected with mentoring, social media, and networking opportunities that highlight the ever-growing and changing aspects of commercial finance. Our industry provides so many opportunities for complex interactions with interesting clients – it is not all that different from investment banking. If we elevate the dialogue in describing our industry, and plant that seed early in career discussions, we should be able to attract the best and the brightest right out of college. One of the stronger characteristics of this industry is once someone is in, they are in for the long haul so the key is getting the talent in the door early.

BIOGRAPHY

ara V. Traberman is a senior financial professional with more than 30 years of experience in various operating and lending positions. For the past 14 years, Sara has been a Senior Business Development Officer for PNC Business Credit in NY, responsible for originating, structuring and closing senior credit facilities for acquisitions, recapitalizations, restructurings and refinancings. In the past 10 years Sara originated close to 50 transactions valued at $1.5 billion in commitments. Sara was recently an honoree at PNC’s annual Summit Meeting which recognizes PNC’s top performers, and is a recipient of PNC’s 2018 Corporate and Institutional Bank’s Sales Excellence award. She has also been recognized by PNC Capital Markets for her significant revenue contributions. Prior to PNC, Sara held senior positions as Credit Team Leader at Transamerica Business Credit, Chief Credit Officer of Transamerica Premium Finance, and CFO of Emerging Vision, Inc. Sara has an MBA in Finance from Pace University, and a BS Foreign Service from Georgetown University. Sara lives in Manhattan with her husband Elliot and their two Cavalier King Charles Spaniels. She has two grown children, Stephanie and Garrett.

Sara V. Traberman

Senior Business Development Officer, PNC Business Credit What advice would you offer to women just starting out in the industry?

Start out on the right foot by adopting good work habits in order to quickly establish yourself as a high performer — someone who delivers a stellar work product. Form relationships with the people you work with and throughout your organization: having an inside network is just as important as making connections outside your firm. Take every opportunity to gain knowledge and experience. Above all, believe in yourself and always conduct yourself with integrity. Jobs and companies come and go but, if you operate with integrity, people will remember that about you!

From a personal standpoint, if you’re serious about having a career, make sure that, early on, whatever personal relationships you’re involved in are supportive of your plans. I am fortunate to have a very understanding husband without whose encouragement I may not have taken risks or pursued certain opportunities that

came along in my 35-plus year career. In many cases, these opportunities meant extra burden on him in terms of our home life. Having a general understanding will enable you to avoid dealing with a domestic dispute at the time an exciting career opportunity is presented to you! Having a career and a family is possible, but it takes effort, sacrifice, continued commitment, and definitely a sense of humor to hold it together.

There will be times when you’ll feel that maybe you can’t have both. That’s when it’s critical for whoever is by your side to be as equally committed to your career as you are, so that person can provide support when you most need it.

What do you know now that you wish you knew in the beginning of your career?

While you don’t need to be “one of the guys” to try and fit in, one place that I think is still male-dominated is the golf course. You won’t necessarily be shut out of deals and opportunities if you don’t play golf, but it really is an amazing way to forge and deepen business relationships. I wish I had started playing earlier in my career.

who have helped me tremendously over the years at different points in my career. More recently, I’ve come to rely on a handful of close friends within the industry with whom I discuss the challenges we all face every day in our jobs. It helps to have a sounding board when you’re frustrated, and to learn how others at different institutions deal with similar situations.

What do you think the industry could do to attract and retain the best and the brightest today?

Perhaps more outreach by industry associations could expand the pool of professionals willing to consider the commercial finance industry for their career. Also, those in hiring positions should be open to bringing in talent from other industries – candidates that maybe haven’t followed the traditional commercial finance career path.

What kind of role has mentoring and/ or sponsorship played in your career?

There have been several individuals THE SECURED LENDER JUNE 2018 51

BIOGRAPHY

achel Hersh is the northeast region sales director for Prestige Capital Corporation. She has over 20 years of experience as a financial executive in the areas of commercial finance, factoring and business development. Rachel has a successful track record of working with hundreds of companies, from start-ups to high-growth companies to turnarounds, with their working capital and growth capital financing needs. She helps clients to understand available financing options and how to best leverage their assets to gain liquidity for their businesses. In addition to financing receivables on a direct basis, Rachel has an extensive network of capital providers to draw upon, from private equity firms to equipment finance providers to inventory lenders, to help clients realize their optimal capital structure and grow their businesses. She is an active member of the Commercial Finance Association, International Factoring Association and Turnaround Management Association, in addition to several other associations. Rachel is a regular speaker and panelist discussing financing topics for small businesses and middle-market companies. She holds a BA in Psychology from Brooklyn College.

Rachel Hersh

Northeast Region Sales Director, Prestige Capital Corporation What advice would you offer to women just starting out in the industry?

Be confident in your strengths and do not hesitate to reach out to colleagues and industry partners to gain knowledge in subjects that are not your area of expertise. When attending networking events, be a connector; not everyone you meet will be someone who is a referral partner or prospect for you, but in helping the other person you will gain people’s trust and in doing so will develop a reputation for being helpful; ultimately, that will come back to you in multitudes over time. Be a voracious reader, listen to podcasts, and go to educational conferences.

What do you know now that you wish you knew in the beginning of your career?

I wish I knew that there was an industry called the asset-based lending industry and that my background in sales and marketing would be of value in this industry. I fell into this industry literally by accident. I did not have a financial background; however, my skills in sales and marketing are integral to the success that I have enjoyed

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in this industry. Without strong business development people, it is difficult for a business to grow. I have learned so much in my 20 years in this industry and can speak fluently in the language of finance, but first and foremost, sales drives revenue; therefore, no matter what your title is at your firm, always keep in mind that you need to develop business for your firm.

that there should be outreach on college campuses, not just for finance positions, but for strong sales and marketing positions. Many of my children’s friends in college who are obtaining degrees in finance, accounting, sales and marketing are unfamiliar with this industry and the career path and financial success one can obtain working in this industry.

What kind of role has mentoring and/or sponsorship played in your career?

Overall, I think it’s very important at the early stages of one’s career to find someone willing to share their successes and failures and what they have learned as a result of their experiences.

In my current role at Prestige, I have been extremely fortunate to be mentored by both our president and CEO, Harvey Kaminski, who advocates for new business and is always willing to try a creative approach in order to finance a deal and by our executive vice president, Stuart Rosenthal, who has specifically given me guidance in the art of negotiation.

Tell us something about yourself that may surprise people.

Early in my sales career, I worked in the custom suit industry. We sold high-end suits to executives in their offices by appointment. During the Eastern Airlines bankruptcy, the attorney featured on the cover of The New York Times was the legendary Harvey Miller of Weil Gotshal.

Fearlessly, I called the switchboard after hours and asked to speak with Mr. Miller. He answered the call and, when I suggested that he may need some beautiful new custom suits for his daily cover photos on The New York Times site, he laughed and invited me to his office. I then became his custom clothier.

Many years later, he was honored at a TMA awards ceremony and I introduced myself by saying, “What a beautiful suit!

You seem to have found a new clothier who is keeping you looking dapper!” He is sorely missed in our community.

What do you think the industry could do to attract and retain the best and the brightest today?

Many people in our industry, based on conversation, seem to have come to this career almost by accident, as I did. I think

FAST

SIMPLE

STRAIGHTFORWARD

FLEXIBLE

OUR PRODUCTS

FACTORING

CREDIT PROTECTION SERVICES

We proudly support

Rachel Hersh, and celebrate her inclusion in the Women in Commercial Finance issue of The Secured Lender.

Rachel’s unique ability to develop loyal, mutually beneficial relationships and her congenial tenacity have been integral to our continued success.

Rachel Hersh /

Sales Director

P. 917.902.3496 E. rhersh@prestigecapital.com Visit Rachel’s blog at prestigecapital.com

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BACK OFFICE SERVICES

BIOGRAPHY

ulia is a senior consultant working from the Connecticut office of Rosenberg and Fecci Consulting, LLC, a New Jersey-based firm specializing in due diligence and financial business services with a focus on field examinations. In her capacity as an engagement leader, she has been involved in evaluating collateral for transactions ranging from $1MM to $400MM in various industries including technology, services, logistics, apparel, finance and manufacturing.

In 8 years with the firm, Julia has taken on increasing responsibilities as an analyst, senior analyst and in her current position as a consultant. Julia has been involved in a wide scope of engagements ranging from “plain vanilla” ABL collateral exams to emerging lending facility structures, based on monthly recurring revenue.

Julia was born and raised in Ukraine where she received her Master’s degree in Marketing. After moving to the United States, she decided to diversify her expertise and pursued a degree in Finance from Rutgers University. Julia’s dual degree and international work experience adds to her value in the firm and makes her a wellrounded industry professional.

Julia Voytovych

Senior Consultant, Rosenberg & Fecci Consulting, LLC What advice would you offer to women just starting out in the industry?

Be eager to learn and explore every opportunity to gain experience within the industry you are in. Do not treat your job as “routine”; rather, use every opportunity as a valuable experience to expand or refine your skillset. Homework did not stop at school, and will not stop in your professional career. You need to be well prepared for each day, and the extra time spent developing and improving your skills will benefit you greatly in the future. Do not be afraid to make mistakes; however, you must learn from your mistakes.

Embrace challenges. Strive to add value to your organization. Plan your career early; however, do not be afraid to deviate from your plan, as you may miss great opportunities. Good work ethic is crucial and will be recognized.

What do you know now that you wish you knew in the beginning of your career?

In the beginning of my career, perfectionism was my priority. What I have learned during my time in the industry is that per-

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fectionism is not a realistic goal; however, thoroughness and attention to detail need to go hand-in-hand with time management and the ability to prioritize. Ability to couple scrupulous character and effective time management will play a pivotal role in a career development.

It is important to be humble, however you should not be afraid to voice your ideas and be ready to stand behind your position. It is very important to realize there will be instances where you may be proven incorrect, however, it should not stop you from expressing your thoughts and ideas. It is important to acknowledge and work on your weaknesses; however, your weaknesses should not be a hurdle to your success.

What kind of role has mentoring and/or sponsorship played in your career?

I have been extremely fortunate to be part of an incredible team at Rosenberg and Fecci and consider every instance of working with my colleagues as a mentoring opportunity. The firm’s environment and culture is built on mentorship as senior management is greatly involved and contributes to the growth of each employee.

Knowing that every question or concern will be addressed gave me comfort and confidence, especially in early stages of my career. As my career progresses, I’ve

had the opportunity to mentor junior colleagues and have found this to be a very rewarding experience. Not a single textbook can give you a holistic view on how to perform certain work, given specific circumstances, while a good mentor can.

What do you think the industry could do to attract and retain the best and the brightest today?

It is important for any industry to have leaders that trust and believe in employees and it should be done on a macro level. I am grateful to the Rosenberg and Fecci partners as they believed in me, gave me opportunity and provided great encouragement on every step of my career. Having been born outside the United States, language skills were and still are one of my weaknesses, however, management did not see this as an obstacle and helped me to improve in this area and build confidence. In response to how the industry could attract and retain talent, my advice is to continue to break down barriers to entry and continue to remove “labels” from people and offer non-exclusive opportunities to young professionals, for women etc. It should not matter what sex, race, nationality, religion, age you are.

Insight beyond the numbers

Rosenberg + Fecci Would Like To Congratulate

Julia Voytovych on her Incredible Years Of Service

Every move counts. Make your next move to us.

Our management team includes the firm’s five partners which have a great depth of experience and knowledge in lender services. In addition,

Rosenberg + Fecci is a full-service financial consulting firm delivering the industry’s highest quality field

each partner comes from a variety of backgrounds and industries, including Asset-Based Lending, Financial Control, Banking, Operations Management, Finance, Auditing, Underwriting and Public Accounting.

examinations for more than 20 years.

R&F maintains an information security policy to safeguard against

R&F provides lending institutions and investors a broad

unauthorized data access. Additionally, we have developed Security

range of due diligence and financial business services,

Incident Management Policies in the event of a data breach. R&F has

with a particular focus on field examinations.

received a satisfactory rating or better from six major banks regarding “Information Technology Security Assessments”. In addition, each examiner is equipped with the latest, high performing technology to complete their assignments.

We'll help you navigate your business landscape.

Headquarters: 623 River Road, Suite 9 Fair Haven, NJ 07704 (732) 933-4815

www.rosenbergandfecci.com

Connecticut & New England: 1 Padanaram Road, Suite 147 Danbury, CT 06811 (203) 744-8040

TM

BIOGRAPHY

irmala Sookiram has been with Rosenthal & Rosenthal, Inc. for 31 years. Known to many as “Nera”, she began her career at Rosenthal in the credit department as a collector, and then went on to the position of credit analyst. For the last 21 years however, Nera has been a Senior Account Executive as part of Rosenthal’s New York front office team. In this role, she has been committed to managing relationships with her clients. She is also responsible for monitoring and providing their everyday credit and borrowing needs.

Born and raised in Trinidad and the youngest of seven children, Nera has always had a desire to give back to others. She champions various charitable organizations, namely St. Jude’s, March of Dimes, The American Veteran’s Foundation as well as the American Cancer Society. Nera loves to travel and cycle and has a great passion for interior design and DIY home projects.

Nera has an Associate Degree from LaGuardia and a Bachelor’s Degree from Baruch College.

Nirmala Sookiram

Senior Account Executive, Rosenthal & Rosenthal, Inc What advice would you offer to women just starting out in the industry?

Listen, learn, communicate, build relationships, be confident, flexible and most of all, enjoy your new adventure. This is all new to you and it will take some time to learn. Take the time to listen and absorb as much positive information as you can from everyone around you.

Never hesitate to ask questions; you are not expected to know everything and it will be beneficial for you to ask for assistance and at the same time build relationships. Be flexible, come in early or stay late if necessary. Give yourself extra time to learn the basics and increase your comfort level with your new responsibilities. Practice good work ethics; your talent may be recognized before you even know it. I was very fortunate that, when I started, the president of our company believed in and supported the success of women. Stay positive, motivated, optimistic, open-minded and always be respectful. These efforts will be appreciated and will ultimately lead to a successful career.

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What do you know now that you wish you knew in the beginning of your career?

As we all know, there is no greater teacher than experience. I wish I had been more assertive in defining my goals and taking the necessary steps to implement a plan to achieve those goals. I also wished I had realized the importance of networking; it is a great way to meet people in various industries that will help you to grow, develop and build visibility early on. This will give you the opportunity to expand and secure contacts in the field, which will eventually strengthen your career long-term.

What kind of role has mentoring and/or sponsorship played in your career?

Mentoring has played a very important part in my career. I was very grateful to have the guidance and advice of several seasoned credit analysts and account executives They were very influential in my career and exposed me to various opportunities to develop my skills and move to the next level. Our company is made up of some amazing talent and I have been lucky to be coached by them and continue to be coached. I have learned so many ways to resolve situations, overcome objections and challenges. Since our industry has new developments continuously, I have learned to always be a student and learn something new every day.

What do you think the industry could do to attract and retain the best and the brightest today?

Factoring in general is not very well known in colleges or universities, if at all.

The industry needs to reach out to these facilities to offer internship programs to attract new talent. Our company is unique in the sense that it offers opportunities for advancement and looks to promote from within. If someone shows the initiative, works efficiently and has a positive attitude, the best way to acknowledge their abilities and efforts is to encourage them to advance to the next level. In some cases their skills may be suitable for a different department, which is still an advantage to both the company and the individual.

Our company offers a mentoring program with our junior account executives. This is an excellent program that offers hands-on training. It allows this group to utilize; their skills and recognize their strengths, it also gives them the ability to train in various department and learn all aspects of factoring.

Rosenthal proudly congratulates our colleague

Nirmala Sookiram For her recognition as a leader in the commercial finance industry byThe Secured Lender

VISIT THE DIFFERENCE AT ROSENTHALINC.COM ASSET BASED LENDING NEW YORK

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NORTH CAROLINA

BIOGRAPHY ngrid has spent 27 years in the factoring and asset-based lending industry, starting with a family-owned factor in Southern California in 1991. When Bibby acquired her employer in 2007, Ingrid went with her portfolio and remained there for 10 years. Early in 2017, an opportunity to head up a Southern California office for Houston-based Sallyport Commercial Finance, LLC arose and the former management team at Bibby, and Ingrid, were reunited.

Ingrid now leads a team of four people in the operations team in CA, and manages a portfolio of West Coast factoring and asset-based lending clients. Always with accounts receivable, she is experienced in other assets and manages purchase order, equipment and inventory lines among her portfolio of clients with facilities ranging from $1MM to $10MM. Ingrid grew up in Indonesia and came to the US in 1983 to pursue a better education. She graduated from University of Southern California with a BSc in Industrial and Systems Engineering, after deciding she wasn’t prepared to study for eight years to fulfill her childhood ambition of becoming a dentist. Ingrid went on to earn an MBA from Oregon State University in 1991.

Ingrid Chen

Senior Account Executive, Sallyport Commercial Finance, LLC What advice would you offer to women just starting out in the industry?

Ask a lot of questions and don’t be afraid of making mistakes. It’s inevitable. Embrace mistakes and learn from them. It is the best teacher you can have.

Today, we rely on the Internet for answers and often lose the personal touch.

While the technology is invaluable and saves us a lot of time, we must remember the importance of interpersonal communication. This is the only way to build a personal connection with others.

Our industry is not glamorous, but there are plenty of opportunities for growth, challenges and excitement. Be open to new projects and opportunities. It’s easy to get stuck in your comfort zone and resist putting yourself out there, but you’ll never know what you can achieve until you’ve confronted uncomfortable situations.

What do you know now that you wish you knew in the beginning of your career?

I wish I recognized the importance of networking when I was in college. Thirty years ago, networking wasn’t as widely talked

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about. Presently, colleges hold numerous networking sessions for students to help prepare them for the future. Building relationships early on would have been extremely beneficial.

Being of Chinese descent, I also wish I had continued with my Chinese language classes and became fluent. Having the ability to speak different languages would give me a competitive advantage and being able to converse with my clients and customers in their native tongue could strengthen the relationship at a deeper level.

Women have a very challenging and complex role balancing career and personal life. I am a driven individual but, as I look back on the past 20-30 years, my main focus was on my career and family. I wish I started taking the time to enjoy other things in life a long time ago. I enjoy going to the gym, hiking, and being outside. In the past, I used to always say, “I don’t have time”. But life is short, and now I make time.

What kind of role has mentoring and or sponsorship played in your career?

I’ve been fortunate to work with great managers throughout my career whom I consider to be my mentors. They’ve shared their wisdom, experiences and skillset with me, but most importantly, they have empowered and given me a strong boost in self-confidence.

As a senior account executive, I am responsible for developing my credit controllers and other account executives. Being a mentor to me means that you’re there to help your mentees along in their professional career, and offer guidance in personal growth.

Building a relationship with your mentees is crucial so that they have confidence in coming to you for advice, and you can help them find the right track when they may seem lost.

What do you think the industry could do to attract and retain the best and the brightest?

I believe the industry suffers from a lack of awareness! Most of the people I work with stumbled into this industry when they were looking for work in general. Many people still give me a puzzled look when I tell them I’m in factoring and asset-based lending.

Offering internships, sponsoring college events or job fair and taking advantage of social media would be a great start to creating awareness with the younger generation.

In addition to competitive pay and benefits, other factors like a comfortable and safe work environment, strong team atmosphere, social programs, training programs, and technological advancements are all factors to retaining existing talent. The bottom line is that the company has to invest in people...its work family.

BIOGRAPHY amie Simmons is a senior account executive with Sallyport Commercial Finance, LLC. After her family was displaced in 2005 by Hurricane Katrina, Jamie left Louisiana and drove to Houston, which she has since made her home. In 2006, Jamie’s first introduction to factoring was with a factoring company that had also been displaced from Louisiana to Houston. When they moved back to Louisiana, Jamie remained in Houston.

Jamie joined Sallyport Commercial Finance as an account executive towards the end of 2015. In 2017, she was promoted to senior account executive and is responsible for overseeing the Houston Operations team of account executives and credit controllers, as well as managing a portfolio of factoring and asset-based lending clients, with facilities ranging from $1MM to $10MM. Jamie looks after the more complex clients, generally ABL clients with accounts receivable and other asset loans, and re-discounting lines.

Jamie graduated from the University of Louisiana Lafayette with a BA in finance.

She then went on to earn an MBA from Keller School of Management.

Jamie Simmons

still learning daily. I also wish I had known how important it is to be able to work alongside other people with confidence and build professional relationships within the industry.

What advice would you offer to women just starting out in the industry?

Talking from personal experience, I would say to start at entry level and learn all the ins and outs of the industry. I started with processing payments, became an account executive and now I manage a portfolio of diverse accounts as a senior account executive. I would also say to any woman to not be afraid to start at the bottom, thinking there is no career path for you. It may be challenging, but learn as much as you can, work hard, and it will all pay off in the end.

Make sure this industry is what you enjoy doing. I had no clue what factoring meant when I first started. Now, I can say I really love what I do!

What kind of role has mentoring and/or sponsorship played in your career?

My mentors have played a strong role in my career. Many of my mentors have more than 10 years of experience in the industry. Each person has provided information that has helped to get me through some very challenging situations. I have been challenged to step outside of my comfort zone and learn new platforms and ways to do certain things. I have also had the opportunity to mentor others. It has helped me to retain more information about the processes and I have been able to share different experiences with these individuals that help them when/if those situations arise. If I did not take heed to the information mentors have provided to me, I would not have been afforded the opportunity to mentor others.

Senior Account Executive Sallyport Commercial Finance, LLC

What do you know now that you wish you knew in the beginning of your career?

I wish I had known that opportunities would open up as my career progressed.

When I first started in the industry, I thought that I would be posting cash forever (because no one leaves this industry).

After working hard and retaining critical information, I was able to advance and I am

recruit. Also, be a guest speaker at these colleges to explain what we do. Providing college students summer internships to learn about the different aspects of the industry so that they are aware that this can be a career path.

To retain employees, provide an openminded concept; do away with micromanaging. This would allow employees to be more open with bringing new ideas to the table to help advance the company. This would help to build a strong team and a great work environment. We all want to feel as if we are a part of a dynamic company and there is no better way than to provide a “judge-free” work space. Creating non-traditional incentives that employees can use in their everyday life would also help to retain the best of the best.

Tell us something about yourself that may surprise people.

I am an introvert…until I get to know you.

What do you think the industry could do to attract and retain the best and the brightest today?

I think we need to raise awareness of the industry being a legal and valid source of working capital, making it more reputable.

Maybe have someone visit certain college campuses during career day/week to THE SECURED LENDER JUNE 2018 59

BIOGRAPHY ara Kemper joined SPECTRUM Commercial Services as a credit analyst in February 2000, shortly after graduating from the University of North Dakota with a Bachelor of Accountancy. As a credit analyst, Sara’s key responsibilities were processing the ABL clients’ monthly reporting and monitoring/maintaining all the UCC filings for the company.

After stepping away from SPECTRUM for 2007 to pursue other opportunities, Sara rejoined the team as its director of operations in February 2008 and, in 2015, was promoted to vice president. In her new position, she has helped to streamline processes and procedures while taking on more of a leadership role within the company, including managing the credit analysts and lockbox specialist, being involved in the hiring process, and handling various operations-related tasks. Being able to help keep SPECTRUM a “well-oiled machine” is a point of pride for Sara.

For six years during the holiday season, Sara had headed up a building-wide food drive benefiting Second Hand Heartland where, to date, over 3,000 lb. of foods and $2,000 in donation have been gathered.

Sara Kemper

Vice President Director of Operations, SPECTRUM Commercial Services Company What advice would you offer to women just starting out in the industry?

First is to believe in yourself and what you have to offer. Being confident in your skills and knowledge helps give others confidence in you and your work. Don’t allow someone to have you second-guessing what you have accomplished. Second is to listen to what others have to say. Managers and co-workers can be a wealth of information, especially if they have been in the industry for a while. Not all knowledge can be found in books or on the internet. Lastly, do not be afraid to ask for help. It is better to recognize you need help than do a mediocre job. No one is an expert in everything and asking for help is not a sign of weakness, but rather a sign of strength.

What do you know now that you wish you knew in the beginning of your career?

Networking is important and everyone you meet is a networking opportunity. You never know who you will end up working with or for in the future...especially in this day and age where it is rare that someone

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stays with one company for their entire career. In our area of finance, our relationships with banks, law and accounting firms, and other industry professionals allow us to help our clients in many different ways, and these relationships are developed through networking. A good first impression is always important…this is how your new contacts will recall you when you meet again whether it is in a social setting at a networking event or at an interview for your next career opportunity.

What kind of role has mentoring and/or sponsorship played in your career?

I’ve been very lucky to have several people, both women and men, throughout my career who have been mentors to me.

Working in a smaller office, mentorship has been more of an informal process than some bigger corporations, where everyone from the top to the bottom of our organization helps to mentor young staff members.

Having graduated with an accounting degree and being unfamiliar with asset-based lending or the roll of a credit analyst for my first job, I was fortunate to have a great manager take me under his wing and teach me everything I needed to know of the business and lay a good foundation for which I’ve been building on ever since. He took the time to share his knowledge with me, which I am eternally grateful for. I’ve also been privileged to have several co-workers with

varied backgrounds and experiences which have helped me expand my knowledge base of the asset-based lending world.

What do you think the industry could do to attract and retain the best and the brightest today?

For every person, what attracts them to a profession/career is different, and knowing what drives them is the key to enticing and retaining the best and brightest. Most people want to work someplace they feel they can make a difference and be valued for what they bring to the table. They want to feel like they are a part of the organization and not just another number. When an employee is able to contribute to a project or a deal (even if it is only a small part), they have a sense of purpose and importance… they feel like they belong. This goes a long way towards the employee’s happiness and willingness to continue to produce for the company. Making sure to utilize an employee’s skills and knowledge is an important step to keeping them around. If you don’t, someone else will.

BIOGRAPHY my Barrentine is a managing director in the Assed Based Lending Group for SunTrust Robinson Humphrey, Inc. Amy leads the ABL Originations team for SunTrust’s Commercial Banking Markets. She joined SunTrust Robinson Humphrey in March 2005 at the formation of SunTrust’s ABL group and has been instrumental in the platform’s growth. Amy has 27 years of banking experience primarily in asset-based lending, with the majority of her career focused on originations and underwriting. Prior to joining SunTrust, she was an SVP and senior underwriter for both CIT Business Credit in Atlanta and Bank of America and its predecessor organizations including NationsBank, Fleet Bank and Bank of New England.

Amy has experience financing both publicly and privately-held companies in a diverse range of industries and transaction types. Amy received a Bachelor of Arts from Mercer University in 1990. She also holds security licenses series 79, 63 and 24.

Amy resides in Atlanta, Georgia. When not working, Amy is active volunteering at her children’s schools and attending their various extracurricular events.

Amy Barrentine

Managing Director in the Assed Based Lending Group, SunTrust Robinson Humphrey, Inc. What advice would you offer to women just starting out in the industry?

Don’t be afraid to ask questions! Starting out in my career, I was afraid to ask questions, but as I progressed, I quickly realized that it was perfectly understandable that I did not know what dilution, cash-flow burn or liquidation thesis meant. I have been fortunate throughout my career to have great leaders and mentors and, when there have been knowledge gaps, I have leveraged their experience. It is also important to take personal responsibility to learn and grow in your career. Utilize your firm’s information such as field exams, inventory appraisals, financial statements and loan agreements. Develop relationships with the vendors who support the ABL industry as they have vast knowledge and experience and can be a great resource too. Finally, accept personal accountability…produce the best work content and own your recommendation and decisions. This won’t go unnoticed by your managers and peers.

What do you know now that you wish you knew in the beginning of your career?

Work…Life…Balance.

This has been a very difficult concept for me to “attempt” to master. I am learning to turn off the computer at a certain time and be present with family.

My advice, is when something needs to be addressed after disconnecting, then reconnect after the kids are in bed and don’t be afraid to ask your manager for flexibility. In the technological world in which we live, I juggle work and family responsibilities, whether taking a conference call from the car or replying to emails while waiting for my son’s baseball practice to end. Occasionally, I work from home, and support my teammates doing so as well, as I believe balanced teammates are happy teammates.

What kind of role has mentoring and/or sponsorship played in your career?

Mentorship has been critical throughout the progression of my career. I believe it is best to find mentors outside of your directreporting channel to rely upon for candid advice. Get to know them, tell them about your goals and aspirations, both personally and professionally, so they can give you the best advice. In my late 20s, my mentor at NationsBank recommended that I explore asset-based lending and introduced me to the then-Head of NationsBank Asset Based Lending Group; that was 21 years

ago this month and I am still enjoying a fascinating career in ABL. What do you think the industry could do to attract and retain the best and the brightest today?

One of my favorite aspects of my job is interviewing upcoming college graduates. I am amazed by their intellect and maturity, often demonstrated by stellar grades and numerous extracurricular activities. Every summer, we hire several new analysts that have been selected after a long and competitive interview process. We invest a lot of time in the recruiting process and we are passionate about their success. In addition to competitive compensation, defining career opportunities and advancements, along with commitment to their personal growth, is a differentiator when competing for these graduates. Once we select and hire the right candidates, we invest in training and on-going development. This year we introduced a monthly lunch-and-learn session for our analysts on a variety of topics, ranging from understanding a field exam to capital structures. We leveraged leaders on our platform and vendors to be part of the training. It was a huge success! Each new hire also selects a mentor within the firm and finally we, as leaders in our group, engage routinely with them and provide feedback. Being approachable and consultative is critically important to successfully retaining top talent.

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BIOGRAPHY oira Kowal is head of sales strategy & customer development for TD Bank Asset Based Lending. She has over 30 years of experience in driving commercial growth for corporate finance organizations. In her current leadership role, Moira is responsible for developing and executing key strategies to maximize shareholder value in alignment with business growth and risk objectives; managing business strategy, sales effectiveness, market analytics and reporting, communications, employee experience and business improvements.

Throughout her career, Moira has held several roles in marketing, salesforce effectiveness, administration and strategy. In these roles, she managed customer service programs and events, was a team lead in building and deploying CRM systems and integral in design and execution of business strategies as well as championing an employee advisory committee. Moira started her career with GE Capital, where she spent 23 years, and has also worked at RBS Commercial Finance and CIT Group, Commercial & Industrial. She has been with TD Bank for seven years. Moira is currently co-lead of the TD Bank Corporate & Specialty Women in Leadership Council. She also serves on the development committee for Notre Dame School of Manhattan. Moira is a graduate of Fordham University with a BS and is Six Sigma Green Belt certified.

Moira Kowal

Head of Sales Strategy & Customer Development, TD Bank Asset Based Lending What advice would you offer to women just starting out in the industry?

Be flexible and adaptive in managing your career. Hierarchical promotions are not the only way to climb the proverbial corporate ladder. Broadening your knowledge base beyond one discipline of skills expands your capabilities and value.

The finance industry is not a “one-trick” pony. There are many functions across a business beyond originations, credit, risk and operations. Contributions from strategy, marketing, technology, regulatory and organizational development are critical roles in building and maintaining a best-in-class organization. Companies strive to continuously innovate and create efficiencies, which often result in stretch opportunities for employees where they can learn different skills and participate in other aspects of the business. When these projects or initiatives arise, raise your hand to the challenge. These opportunities not only allow you to develop new skills and expand your network of contacts, but also typically give you exposure to senior management.

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What do you know now that you wish you knew in the beginning of your career?

How invaluable a strong professional network is to career development. I was fortunate to develop a solid base of valuable contacts both professionally and personally. An extensive network within all levels and areas of an organization provides reliable resources for the many needs and situations that come in and out of your life. They can be both the biggest supporters of your achievements as well as first responders when you need assistance.

What kind of role has mentoring and/or sponsorship played in your career?

I am fortunate to have had the support from both mentors and sponsors throughout my career, and I am grateful for how these different relationships have helped to shape my career. My mentors are people I trust to provide the right guidance because they demonstrate the characteristics I admire. They are not formal relationships, but were cultivated over time; may not know I consider them mentors or even the way they have influenced me.

My sponsors, on the other hand, were true champions of challenging my potential and unlocking opportunities.

In looking back, many of these relationships were cultivated during my partici-

pation in new initiatives; I was able to demonstrate value and be recognized outside of my day-to-day role.

The confidence and guidance of my mentors in teaching and answering questions and the influence of my many sponsors contributed to my achievements.

What do you think the industry could do to attract and retain the best and the brightest today?

I think the finance industry attracts great talent, and is then challenged with retaining them. Young professionals are the innovative future leaders and are looking for more than a job or career; they want to be impactful and be recognized for the value they bring. You’ll find that companies with a high level of retention keep employees engaged, provide continuous training, encourage development opportunities and invest in innovation products and services.

At TD, we place emphasis on the employee experience – transparent communication ensures everyone is informed; individualized development planning creates opportunities for people based on their interests and goals; and active community involvement results in positive change and influence in the places we live and work.

Congratulations Moira Kowal and Cyntra Trani on taking our Asset Based Lending relationships to the next level.

Connect with our team at tdbank.com/commercialbanking Member FDIC, TD Bank, N.A. | Loans and lines subject to credit approval

BIOGRAPHY yntra Trani is director of credit management for the Asset Based Lending group at TD Bank, responsible for portfolio, underwriting and operations.

She has over 25 years of ABL experience including positions at GE Capital and CIT Group.

At GE, Cyntra held various positions, beginning her career as a field examiner. Positions included chief investment officer, co-head of restructuring sales, and chief marketing officer. At CIT, she served as underwriting manager, where she led underwriting teams in ABL, restructuring and sponsor finance, and also served as the head of loan and risk review during CIT’s transition into a Bank Holding Company.

During her career, Cyntra stepped out of the ABL business line several times, including her opportunity to become head of loan and risk review at CIT Group, which prepared her for the shift in regulatory oversight following the financial crisis in 2008-2010. Her versatility in credit, marketing, and sales has been critical to the success and growth of the TD ABL business. Cyntra is a Six Sigma Black Belt. She lives in Brooklyn, NY with her husband Marcus and 12 year-old son, Bryce.

Cyntra Trani

Director of Credit Management, Asset Based Lending, TD Bank What advice would you offer to women just starting out in the industry?

My advice to women starting out in the industry today is to absorb and learn everything you can about the business. Take advantage of special projects or opportunities that can expose you to different areas of your institution, introduce you to new colleagues and develop additional skills. Be confident to voice your opinions and share your ideas and thoughts, and know that you bring a valuable perspective to every situation. By exposing yourself to a variety of colleagues and contributing to projects, you will find that your future choices and opportunities will be more prevalent.

What do you know now that you wish you knew in the beginning of your career?

You are your own best advocate. Often, women don’t apply for a new opportunity because they “don’t feel they are ready” or don’t believe that they don’t possess every skill needed for the next career step. It’s important not “to pigeon-hole” yourself into your current role or think you can’t or

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shouldn’t apply for a different position or opportunity. I spent many years in my first job out of college because I didn’t think I was ready for the next step. As I grew and matured in my career and as a person, I realized that taking on a new challenge or stretch role was important to my development, giving me the opportunity to be recognized as a key contributor and eventually a leader. It’s important to take initiative and advocate for yourself.

What kind of role has mentoring and/or sponsorship played in your career?

While mentors and sponsors serve different purposes, they both support career development. I have been fortunate to have had both play very important roles in my career, but I would not be where I am today without a few key sponsors who have constantly advocated for me. My sponsors have been both male and female, and they have recommended me for special projects or roles that I would not have necessarily been thought of by the project lead or sought out for myself. They have been my sounding board throughout my career, providing me not only with feedback and constructive criticism, but giving me the opportunity to confidentially discuss career opportunities and challenges. Most importantly, my sponsors have pushed me to be my best self because I knew that I was not only representing me, but them and their reputations as well.

What do you think the industry could do to attract and retain the best and the brightest today?

In today’s world, attracting and retaining employees is challenging because of the variety of employment opportunities, both traditional and non-traditional, and the competitive offerings of companies. It’s imperative to stay relevant – to grow and adapt with the times, be nimble and openminded about what is important to younger generations as they enter the workplace.

Having a diverse recruitment strategy allows companies to recruit individuals with different backgrounds and experience who can bring fresh insights and perspectives. Today, companies need to provide a contemporary office experience (everything from dress code, to flexible working options, to an inclusive atmosphere); develop a sense of community and culture through volunteer initiatives and employee feedback; and provide thoughtful career opportunities. At TD, we value growth and development and spend significant time on career planning. It’s important for our employees to be exposed to various career paths within the industry, and we often do this through special projects or stretch assignments. I believe that a key factor in retention is constantly providing employees with opportunities for learning, growth and development.

BIOGRAPHY indy Jones currently serves the role of chief financial officer for Veritas Financial Partners and is responsible for leading the finance and accounting functions.

Over the last 25 years, Cindy has served in financial executive positions as well as senior portfolio management and loan operations roles for financial institutions. As senior vice president of Ares Management, L.P., she led the loan system migration and integration of operational functions following Ares’ acquisition of First Capital’s ABL portfolio. Prior to Ares, Cindy had a 20-plus year career at First Capital, most recently serving as the chief accounting and administration officer. She managed the accounting and loan operation functions, as well as the board and capital provider relationships, through First Capital’s hypergrowth and was instrumental in the successful sale of the company. Early in her career, Cindy held audit manager, account executive, and field examiner positions. She also worked in public accounting as a senior staff accountant.

A Certified Public Accountant, Cindy also runs her own consulting firm working primarily with companies in the financial services sector. She specializes in accounting, loan operations, and loan system integration.

Cindy Jones

Chief Financial Officer, Veritas Financial Partners What advice would you offer to women just starting out in the industry?

Do not limit yourself to a specific position or function within the industry. As you progress in the industry, be open to following a career path that you never imagined for yourself. When you are offered a project or a promotion, do not second-guess your abilities; take this time to understand that those around you see something in you that sets you apart from your peers. When you build your network, make sure you cast your net wide and incorporate mentors and peers that are outside your team. In today’s world the landscape is ever-changing with constant advancements in technology and the pace at which we see change. We must stay one step ahead by understanding the latest trends locally and globally for our clients and business.

What do you know now that you wish you knew in the beginning of your career?

Never stop learning! The way in which business has changed over the last 20 years amazes me. It is so important that you attend conferences and workshops and keep

a fresh perspective on the industry. We can’t always depend on being at the same company for our entire career, so we really need to take steps that sets us apart from our peers. Not only will you benefit from the continued education by attending conferences and workshops, but you will also have a great opportunity to build a network of professionals. In our industry it is so important to network and create long-term business partners.

What kind of role has mentoring and/or sponsorship played in your career?

My mentors have grown organically through my business interactions. As my career has progressed and evolved over the years, I continually look to the same group of mentors for guidance on various business and personal decisions. Looking back, these individuals have played a pivotal role in helping me with my career goals and leadership style. My mentors taught me to speak up and share my knowledge in an environment that cultivated trust and respect.

When I decided to move into consulting, I contacted one of my mentors to get his thoughts on my career change. Shortly thereafter, that same mentor put me in touch with a prospective client, and that kicked off my consulting career. As I have progressed through my career, I have been

rewarded with the opportunity to become a mentor for others. I hope that I have played as much of a positive influential role for them, as my mentors have for me.

What do you think the industry could do to attract and retain the best and the brightest today?

In order to attract more professionals to our industry, it is important to get involved while the students are in college. I don’t think many college students majoring in accounting, business, or finance are necessarily thinking about the commercial finance industry for their career. Getting on campuses for career days, and working with university faculties to plan on-campus seminars or guest speaker visits, would be a good start to attracting candidates to this industry. In order to retain these candidates, I think a solid training program with opportunities to rotate through difference positions is key. Not only will the candidates have a chance to find the position that fits their individual interests and talents, but the company will benefit from the broader knowledge base that the candidates will obtain. It really comes down to being able to understand and learn different positions and the role they play in the commercial finance industry.

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BIOGRAPHY ngie DeGore is a senior vice president of Webster Business Credit Corporation (WBCC). Angie leads a nationwide team of 10 new business development officers and direct market research analysts. Webster Business Credit Corporation provides asset-based loans to mid-sized companies across the United States looking for financing from $5-$100MM. Angie is a player/coach and as such is responsible for both new deal origination and managing her team. She has worked in the banking industry over 20 years, 15 of those years in a leadership position where she has consistently ensured the long-term viability and profitability of her team. Angie facilitated the growth of WBCC into a $1.8 billion LOC ABL player. Angie has been working at WBCC (formerly IBJ Whitehall) since 2001. Prior to her tenure at WBCC, Angie has held various positions with National Bank of Canada, Bank of America, Key Bank and Chemical Bank. Angie has been an active member of the Association for Corporate Growth, the Commercial Finance Association, The Women in Commercial Finance and Children’s Storefront. She has lectured at the Harvard Business Club and at Fordham University. She attended George Washington University and Hofstra University, where she holds a BBA in Accounting.

Angie DeGore

Senior Vice President, Webster Business Credit Corporation (WBCC) What advice would you offer to women just starting out in the industry?

My advice to women beginning in the industry is to be prepared to learn every day. I find that I am constantly still learning. As a woman with a new career path ahead of you, it’s important to work hard and recognize your strengths and not to be afraid to speak up and ask questions.

Focus on listening and be prepared to respond with solutions. Confidence in yourself and your abilities will send the message that you are ready and willing to learn and grow in your new organization.

Be patient and yet persistent; success will come. Always be enthusiastic and set goals, hold yourself accountable and make yourself essential to the organization. Create a foundation for your career but be open to different paths.

What do you know now that you wish you knew in the beginning of your career?

I wish I understood the importance of networking, both internally and externally. There cannot be enough said about meeting new people and the opportuni-

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ties it presents for fostering new relationships. Bonding with colleagues gave me a sense of camaraderie in the workplace.

I also found that, by collaborating with competitors, much can be learned and new ideas can be generated with regard to new products, deal structure and market intelligence. Be prepared for the ups and downs in the workplace; they are a necessary part of your career experience.

You will learn from your struggles, but don’t fear making mistakes. Looking back, I should have celebrated my successes more. I would also advise to keep an open mind as the path you started on may not be where you find your career success.

What kind of role has mentoring and/or sponsorship played in your career?

I have had a number of mentors throughout my career who became long-lasting friends. The roles they played were important in my professional development by introducing me to connections, taking me to events and meetings and were a general sounding board for my concerns and questions. It was a mutually beneficial relationship based on trust. These relationships helped to improve the work environment. My mentors helped provide me with insight into the organization.

They invested in me as a person and encouraged me to take chances. My achievements and successes were ap-

plauded and areas that needed improvement were honestly pointed out and corrected. One of my greatest pleasures is to act as a mentor to younger associates. I am proud to see them progress, grow and ultimately pay it forward.

What do you think the industry could do to attract the best and the brightest today?

In order to entice the best and the brightest, younger people need something to attract them to the industry. Unlike previous generations, this group of young professionals is fairly mobile and not tied to a company or specific geographic region. In order to woo top graduates, you need to start while they are still in school.

Asset-based financing is not usually covered in the classroom so recruiting and internships become vital to attract new talent. Training programs provide a great way to gain on-the-job experience and career path options will keep new talent engaged and happy in the workplace. Having exposure to clients and witnessing the challenges and successes involved in our business will give them a more complete picture of both the career path and the organization. Here at Webster Business Credit Corporation, we continually invest in our people, acknowledge success and offer them flexibility with varied day-to-day tasks.

She’s making amazing new things possible for our clients.

And for women.

Congratulations to Angie DeGore on her recognition as a leader in Commercial Finance.

We’re proud to have Angie on our team, where she’s helping our clients grow... while inspiring new generations of women.

ANGIE DEGORE

Senior Vice President, Webster Business Credit Corporation

One of the top 25 Asset Based Lenders in the United States* *Source: Commercial Finance Association.

Webster Business Credit Corporation is a wholly owned subsidiary of Webster Bank, N.A. Member FDIC. Equal Housing Lender

©2018 Webster Financial Corporation. All rights reserved.

BIOGRAPHY ndrea Bernard, managing director for Wells Fargo Capital Finance’s Technology Finance group, is responsible for a team that provides senior secured financing solutions to software and technology companies to help support growth initiatives and promote long-term success. Andrea brings 18 years of banking experience with previous roles at other leading financial institutions including Bank of America and Fleet Boston. Recently, Andrea was selected to be a member of the Wells Fargo Capital Finance Management Committee, a group of leaders within Wells Fargo who are responsible for developing and executing strategic priorities. In addition, she is a voting member of the Wells Fargo Capital Finance Credit Committee, where she is tasked with approving new capital commitments for software and technology borrowers. Andrea is head of the New England Volunteer Board for Wells Fargo, a group that leads initiatives promoting financial literacy, and also supports youth and women in the greater Boston/New England community. Outside of work, Andrea enjoys spending time with her husband and two young children. She is very active in her son’s elementary school, where she serves as co-treasurer of the Lincoln School Parents’ Association.

Andrea Bernard

Managing Director, Wells Fargo Capital Finance’s Technology Finance Group What advice would you offer to women just starting out in the industry?

Enjoy the work that you do. This will create motivation and the drive to continually challenge yourself. Try not to focus on a specific career plan.

Instead, take advantage of the opportunities around you to improve your business knowledge and take the time to develop your own personal career skills. Become a relied upon member of the team – the “go-to” person. Be a true team player with a great attitude and have a willingness to pitch in on any task, whether it is your responsibility or not. Communicate clearly, confidently, and always be your authentic self. Build strong and genuine relationships with people that you admire, and who are well respected within your organization. All of these things will help you build your brand: knowledge, skills, becoming a trusted member of the team, a strong communicator, and maintaining good relationships will almost certainly lead to long-term success.

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What do you know now that you wish you knew in the beginning of your career?

First, if you are interested in a new role, focus on what you are bringing to the table instead of comparing yourself to the person who already has the job. It’s crucial that you focus on your strengths instead of what you may be lacking.

Bringing new skills and perspective to a role can be very valuable. Second, if you are in a room full of people and you are the only one who is different, don’t be intimidated. It’s important to remember that, if you are in the room, you deserve to be there and your thoughts and opinions matter.

What kind of role has mentoring and/or sponsorship played in your career?

I have been fortunate to have had good mentors in my life. I’m also very lucky that I have had the opportunity to work with great leaders who have supported me and my career, and have taught me that leading by example and forming good relationships are the foundation for success. I believe that the support and guidance I’ve received has made me a better leader and mentor. I take mentorship very seriously in my role, and I work hard to support and mentor my own team as well as others within Wells Fargo.

Good mentorship requires honesty and

candor, even though that sometimes means having difficult conversations.

What do you think the industry could do to attract and retain the best and the brightest today?

As we think about a generational shift in the workforce, priorities are changing and the finance industry needs to react accordingly. We need to continue embracing diversity in all that we do. Our organizations will be more successful, and more attractive to prospective employees if we have a diverse workforce. I believe the attraction to a particular job/ company/industry goes beyond what a particular job has to offer, and many companies are recognizing this. As a working mother and active member in my community, I value the work-life balance shift we are starting to see in corporate America because it helps me to be better at everything I do, and that is very fulfilling.

Supporting work-life balance is incredibly important in fueling success and creating an attractive employment opportunity.

By implementing these culture shifts, it helps us to think about work as being part of the personal puzzle, not just the only piece. Supporting individuals as people, not just as employees, is key.

That means we need to think about the full picture and not just the person who sits in our building from 9-5.

Recognizing the women of Wells Fargo Capital Finance

Andrea Bernard

Managing Director Wells Fargo Capital Finance

Lynn Gosselin

Director Wells Fargo Capital Finance

Lynn Whitmore

Managing Director Wells Fargo Capital Finance

Advancing and promoting diversity and inclusion in all aspects of business is one of our highest values at Wells Fargo. We congratulate the women of Wells Fargo Capital Finance who are featured in this issue, and all of those in the industry, for their passion and dedication to helping customers move their business forward.

Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries. © 2018 Wells Fargo Capital Finance. IHA-5735605

BIOGRAPHY ynn Gosselin, director of underwriting for Wells Fargo Capital Finance (WFCF), is responsible for underwriting and closing middle-market and large corporate asset-based transactions that range from $10 million to $2 billion. Recently, Lynn was selected to be a part of an elite underwriting team that focuses on fast-moving transactions within Wells Fargo Wholesale Banking that delivers comprehensive financial solutions to meet the needs of customers. Prior to joining Wells Fargo, Lynn spent 15 years at GE Capital in field exam, portfolio and underwriting, and as a Quality Black Belt followed by five years at U.S. Bank leading portfolio and underwriting teams. Lynn’s 25 years of industry experience is vital as she leads and executes complex transactions under tight timelines to meet customer needs.

Lynn holds a bachelor’s degree in accounting from Boston College and an M.B.A. from Kellstadt Graduate School of Business at DePaul University, in Chicago, Illinois. She is a member of the Wells Fargo Diversity & Inclusion Council and the Wells Fargo Chicago Charitable Contributions Committee.

Lynn Gosselin

Director of Underwriting, Wells Fargo Capital Finance

What advice would you offer to women just starting out in the industry?

I encourage everyone starting out in the industry to excel at the intangibles, including accountability, thoroughness, inquisitiveness and communication skills. When faced with a question or problem, try to brainstorm possible solutions so you can be engaged and collaborate to solve the problem with your team.

Collect subject matter experts in your network. You don’t have to know everything, but knowing who does know the answer is an asset.

What do you know now that you wish you knew in the beginning of your career?

I don’t know that I would have followed my own advice if I heard it in my 20s, but I would say that it is important to recognize that there is a limit to how much you can do at the same time and still deliver high quality results on each item. The most valuable

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tool to make sure that you are able to consistently deliver is to seek guidance on prioritization. It opens the dialogue and makes sure that all key stakeholders are vested in charting a course that can be successful.

What kind of role has mentoring and/ or sponsorship played in your career?

Early in my career, most of my mentors were men, as they held most of the positions in the organization ahead of me. However, over time I developed a cohort of women who are my best resources and have played an influential role, for over 20 years in some cases.

The last two opportunities I received came via women in my network who reached out to me when they heard of an opportunity that they thought would be a good fit for me (in both cases, the opportunities were outside of their respective firms). I believe that it is important for mid and seniorlevel women to actively help younger women with navigating their institutions and careers and I have enjoyed strategizing with younger women on how to accelerate theirs as well as opening my network to them to facilitate their goals, including jumping to consulting or origination. Mentoring and coaching are my favorite dimensions of my career.

What do you think the industry could do to attract and retain the best and the brightest today?

The industry does a good job attracting a diverse group of the best and brightest. Where the industry needs improvement is on the retention of diverse employees, as there tends to be a drop off in representation after entry-level positions. I think the industry has made strides in recognizing this need and it is a focus of WFCF’s Diversity & Inclusion Council (D&I). I serve as D&I co-chair of a development program which aims to increase retention of diverse talent by providing training, development, and job shadowing of key leadership feeder positions.

BIOGRAPHY ynn Whitmore, Managing Director of Retail Finance for Wells Fargo Capital Finance, leads the business development and underwriting efforts for the Retail Finance Division that provides customized product capabilities for retailers across North America. Lynn, a 17-year industry veteran, has held various leadership positions across Wells Fargo Capital Finance that focused on solving the complex financing needs of retailers.

Lynn has exhibited true leadership for the team members in the group as well as others at Wells Fargo. Her relationship management, underwriting, and marketing skills make her an exceptionally unique and well-rounded senior executive leader in the industry. She is also a mentor to many of the young experienced team members.

Prior to joining Wells Fargo, Lynn worked at Paragon Capital, which Wells Fargo acquired in 2001. Lynn also held positions at Filene’s, a division of May Department Stores, in the buying and finance departments.

Lynn has a Bachelor in Science degree from Cornell University, and is a member of both the Commercial Finance Association and the Turnaround Management Association.

She is also active with the West End House Boys & Girls Club.

Lynn Whitmore

Managing Director of Retail Finance Wells Fargo Capital Finance What advice would you offer to women just starting out in the industry?

Most importantly, hard work and effort will guarantee success. There might be other ways to succeed (such as good luck!), but hard work and effort will always lead to success.

Consider yourself a professional who commands respect, and you will be seen that way and treated as such by your colleagues. Don’t think of yourself only as a woman in the industry; think of yourself as a professional in the industry. Own your gender, but don’t let it be a limiter on making connections or your personal success.

Finally, one of the best pieces of advice I received was very early in my career: don’t be afraid to raise your hand and ask when you don’t know something. It can save a lot of time, eliminate confusion and help achieve consensus.

What do you know now that you wish you knew in the beginning of your career?

Forging relationships and building a network outside of your immediate team is important. For me, this has meant develop-

ing relationships across the bank, as well as outside of it with peers and counterparts across many facets of the industry.

I think this can expand your perspective, both personally and professionally.

You have to be on the lookout for new challenges, new paths, and new opportunities. Don’t be afraid of change; embrace it and see it for the possibilities that it can afford. A career is not a straight line, so open yourself up for new positions as circumstances change. Being able to recalibrate your role and how you can contribute to the business will make you invaluable and afford opportunities you otherwise might have missed.

For me, such a chance occurred at a point in my career when I was preparing to go on maternity leave. I was offered the opportunity to move from a portfolio manager role into more of a hybrid position, whereby I would retain a smaller portfolio team but also take on the larger challenge of managing our group’s underwriting efforts. Although it occurred at a point of change in my life, I jumped at the opportunity, and it has since afforded other additional new paths for my career.

and advancement is to partner up with others within your organization, within the industry, and elsewhere. No one can do it all alone. To succeed, help is essential, and people who have greater experience than you do at the early stages of your career are critical to getting ahead. They can also assist in opening doors for you and introducing you to others.

What kind of role has mentoring and/or sponsorship played in your career?

Mentoring has been important in my career. One way to accelerate your progress

Tell us something about yourself that may surprise people.

I am a huge fan of sports cars and sports, two passions I inherited from my parents.

What do you think the industry could do to attract and retain the best and the brightest today?

We must continue to demonstrate to the younger professionals in our industry that they can actually effect change and have real input and involvement. When anyone sees that their effort moves the ball and contributes to success as part of a team, their sense of commitment and participation will be enhanced.

Engaging and retaining top talent requires investing in them. Today’s young professionals actively manage their careers and, if they feel this is echoed in the industry’s support of them as they progress in their careers, it will foster a deeper sense of commitment.

THE SECURED LENDER JUNE 2018 71

BIOGRAPHY arbara McKee has served as co portfolio manager and Investment Committee member of White Oak since 2007. Previously Barbara was a member of the team that founded KKR Financial LLC, where she served as Senior Vice President and concurrently as General Counsel of KKR Financial Corp. (NYSE: KFN), and played a key role in structuring and implementing debt investments. Prior to KFN, Barbara served as Senior Counsel and a senior member of the Securities and Investment Group at Wells Fargo Bank, N.A., which structured and implemented the debt investment platform for the Bank’s proprietary capital and investment accounts. She was previously with Deutsche Bank AG in both New York and Frankfurt as Acting Deputy General Counsel for the finance and derivatives departments; Skadden, Arps, Slate, Meagher & Flom in New York and Tokyo as a structured finance and bankruptcy attorney; and Sidley Austin as a finance, bankruptcy and distressed asset attorney. Barbara holds a J.D. from the University of Chicago, an M.A. in Comparative Literature from the University of California at Berkeley and a B.A. with a double major in Economics and Comparative Literature from Yale University. Barbara is a member of both the California Bar and the New York State Bar.

Barbara McKee

Co-Portfolio Manager/Investment Committee Member, White Oak What advice would you offer to women just starting out in the industry?

Whether in finance, law or any other profession, I always tell my mentees to “know your stuff.” It sounds simple, yet at the same time it’s an important part of launching your career. You won’t get ahead unless you master the nuts and bolts of your field. In finance, that includes knowing credit underwriting, legal structures, regulations, tax structures and marketability of the products you’re designing. You need to be able to maneuver through all the different aspects of creating a financial product or service and bringing it to market in order to be successful.

Along the same lines, you also need to “know your audience.” Knowing your client’s needs is essential to connecting with them and successfully delivering your value proposition. In finance, that means understanding your client’s return targets, risk tolerance, regulatory environment and tax jurisdiction. It also means taking the time to learn and appreciate your client’s investment approach and thought process.

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What do you know now that you wish you knew in the beginning of your career?

I wouldn’t have done anything differently, but I do wish that I had known more about the whole array of opportunities ahead of me. I started out as a finance lawyer and, when I began my career as an associate in a law firm, the only end-goal I saw was to be a partner at that law firm. It was only years later that I had a better sense of all the different fields that a law degree could open up. I also didn’t know I would be starting my own firm later in my career.

Through the experience you gain over the years and by partnering with the right people, you might soon realize you can start your own venture.

What kind of role has mentoring and/or sponsorship played in your career?

Both have played a huge role in my career but usually on an “informal” basis – meaning that I rarely had an explicit mentor.

What I discovered soon after I started working was that I would encounter various individuals who had traits that I truly admired and wished to emulate. Those traits range from technical skills, management style, professional demeanor, social skills – among others. My goal has been to observe and identify those characteristics and learn from the best of them. Find people with traits you admire; it doesn’t have

to be just one person that has everything you admire professionally and personally.

In fact, that’s almost impossible to find – so have multiple mentors.

What do you think the industry could do to attract and retain the best and brightest today?

Hiring college students for summer internships allows companies to assess candidates even before they go to business school. Obviously, you can tell when someone is intelligent, and their graduate education will give them specific necessary skills, but a company can start to develop loyal, engaged candidates even earlier than one might think.

Also, joining professional organizations in which a group of people can share best practices and learn from each other can be very helpful in attracting top talent.

Tell us something about yourself that may surprise people.

I’m a bassoonist, and I’ve played since I was in junior high school. It’s so much fun, and every piece is rewarding in a different way.

We Are Capital That Works White Oak is a leading global alternative asset manager focused on originating and executing bespoke credit financing solutions. Our facilities support the growth, acquisitions, refinancings and recapitalizations of small and medium size enterprises. We provide businesses with cash flow, asset-based, and enterprise value term loans; as well as working capital solutions including factoring, invoice discounting, trade finance and equipment leasing. $ 5 0 m i l l i o n - $1.5 b i l l i o n in EV of carefully evaluated companies

$ 4 . 8 b i l l i o n + in assets under management1

400+

12

team members, including affiliates

offices globally, including affiliates

C o n t a c t Darius Mozaffarian Co-President 415.644.4140 dmozaffarian@whiteoaksf.com

W h i t e

$4 billion+ current actionable pipeline of investment opportunities2

O a k

John Felix Co-Head, Originations 415.644.4185 jfelix@whiteoaksf.com

White Oak Global Advisors, LLC (“White Oak”) is an SEC-registered investment adviser and a licensed finance lender with the State of California. Nothing in this material is a solicitation or an offer to buy or sell any security. All securities are offered through White Oak Merchant Partners, LLC, a registered broker dealer (member FINRA, SIPC), a third-party broker dealer, or pursuant to a relevant exemption.

1The AUM of approximately $4.8 billion as of March 31, 2018 is unaudited and estimated based on most recently available Net Asset Values of funds and managed accounts, uncalled capital commitments and new capital commitments and subscriptions through April 2018. The regulatory AUM number in White Oak’s Form ADV filed as of March 2018 may be materially different than White Oak’s regulatory AUM as of the date hereof.

2Pipeline as at Q2 2018. The identified pipeline opportunities, as well as any future opportunities, are subject to the completion of a due diligence and approval process as well as the negotiation of definitive agreements, and, as a result, certain opportunities may not be consummated.

We Think What We See, We See What We Think

Recognizing, Understanding and Interrupting Implicit

Biases DR. ARIN N. REEVES

A leading researcher, author and advisor in the fields of leadership and inclusion, Dr. Arin Reeves explains implicit biases and how we can learn to interrupt them.

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A senior partner rushes out of a firm’s Executive Committee meeting and hurries down the hall to a conference room where a client is waiting. Although the receptionist has checked in on the client frequently and explained why the partner is running late, the client is not happy to have to wait for the partner. The receptionist has emailed the partner about the client’s irritation. When the partner nears the conference room, the receptionist intercepts the partner to warn the partner about how the client’s disposition has worsened from irritation to anger.

The partner listens with frustration, takes a deep breath, and silently considers the best way to calm the client down in order to ensure a productive meeting.

As you read the above vignette, the probability is extremely high (about 94%) that you imagined the partner to be a man, and the probability is equally high (about 90%) that you imagined the partner to be a Caucasian man. You are also very likely (about 88%) to have imagined the client to be a man, and probability is almost 100% that you imagined the receptionist to be a woman. Although the vignette does not specifically state the gender or race of any of the people, less than 3% of people read the words without populating the characters with imagined gender and/or race.

We have surveyed hundreds of people using this vignette to gauge how people imagine characters that are not specifically assigned a gender and/or race, and we have studied what experiences and information people utilize to create these assignments of gender and/or race. This and other research effectively disproves that any of us are “genderblind” and/or “colorblind.”

We “see” gender and/or race even when those characteristics are unidentified. Our brains “see” these characteristics without our conscious effort or even our conscious recognition, and our brains “see” these characteristics using the most readily available social images that make sense to us thereby making a “senior partner” a white male and a “receptionist” a female.

We see these things because of implicit biases.

Implicit biases, also referred to as unconscious bias, implicit social cognition, or cognitive heuristics, are the unconscious cognitive shortcuts that we take to more

rapidly process the world around us. Many of these cognitive shortcuts are beneficial to us and assist us with living efficient and productive lives, but the shortcuts we take in quickly sizing up people rely on assumptions and stereotypes — developed over the course of our lifetimes via direct and indirect messages from our social and media interactions — are misaligned with or contrary to inclusion.

Images that have collected in our minds over the course of our lives, but especially in the most cognitively influential years of our lives (ages 0-10), create shortcuts that influence how we see things in the future.

So, we think based on what we’ve seen, and we see based on what we think.

“As a managing director, I am often the lead in many of the meetings my team has with clients. I have men and women on my team, but when we meet with clients, many of them – they are almost always men – shake hands with the men on my team first.

They would never do that if the MD was a man. I’ve even had people pose questions to the junior men on my team that they should have directed to me. But, it’s better now…at least they don’t ask me to get them coffee anymore,” Female Managing Director At A Financial Services Firm.

Implicit biases help our brains sort the information that we need to process, and these unconscious sorting processes are often far more predictive of how we will view or interact with people than our explicit commitment to diversity and inclusion.

When men in an industry have primarily dealt with other men in leadership positions, their brains have formed associations or schemas over time that link being male with being the leader in the room. Although their brains acknowledge exceptions when they meet female leaders, the implicit associations are still going to be the initial unconscious reactions when they encounter men and women in their professional interactions.

These implicit associations allow us to rapidly categorize and process visual, audial, and other cues in our environment but, since the associations are rooted in what we have seen and experienced in the past, the associations don’t help us take actions that run counter to the status quo.

“My company is very committed to hiring women. I do believe that the leaders

want to get more women into the firm and see them succeed. We are good at hiring women but, once the women are here, we don’t give them access to the same opportunities that we give the men so they eventually leave or wither on the vine, as they say, because they aren’t given what they need to really develop and advance,” Female Chief Investment Officer In A Private Corporation.

Explicit commitments to the advancement of underrepresented groups does not translate into results unless the implicit associations in the organization are examined and interrupted. For example, if the majority of leaders have been men, there is a stronger association in that organization between being male and being a leader.

This association results in men being given a higher presumption of having leadership potential, whereas the women have to consistently outperform the men in order to counter the existing association.

“I have two young children, and I’ve been asked several times who takes care of the children when I travel. I’ve never heard anyone ask my male colleagues who are fathers about who is taking care of their children.

It’s as if I have to constantly prove that I don’t have conflicts because I have children.

I get asked if it’s okay that I travel and I do think that I’ve been excluded from some assignments because they have assumptions of what I would or would not want to do as a working mother,” Female Director Of Asset Based Lending In A Financial Institution.

Where implicit associations in historically and currently male-dominated organizations work in favor of men, implicit associations linked to women in these organizations create challenges for women to advance in spite of individual talents, ambitions and commitments. One common implicit association in workplaces that have historically not had adequate representation of women is that women inherently acquire work-life conflicts when they become mothers. This implicit association leads to assumptions about working mothers – such as reluctance to travel, vulnerability to attrition due to lack of work-life balance, etc. — that may not at all be reflective of many working mothers. However, if male leaders are unconsciously relying on their implicit associations to decide allocation of opportunities, the implicit associations

THE SECURED LENDER JUNE 2018 75

can deprive women of the experiences they need in order to fully compete and have access to advancement pathways.

Studies done by our firm and others have highlighted how implicit associations impact people’s perceptions of talent based on names on resumes, perceptions of intelligence and capabilities based on racial/ ethnic identity, perceptions of trustworthiness based on religion, perceptions of work ethic based on age, and scores of other such unconscious links. People have their individual associations, and organizations also have these associations at an organizational level (attachments to particular colleges/universities for talent and aversion to other colleges/universities, valuation of one function in the organization as more important or smarter or stronger than another function, etc.).

Implicit biases are pervasive in all of our workplaces, and they cannot be understood or interrupted by only focusing on the conscious intent to be more diverse and inclusive of people who have historically been underrepresented in industries like financial services; however, implicit biases can be deliberately interrupted even if they aren’t fully understood. It is important to remember that, due to their unconscious nature, implicit biases can never really be eliminated, but they can be interrupted, and the following strategies offer some practical ways to interrupt your own implicit biases.

1. Implicit biases are most likely to influence-decision making processes that are highly subjective. Research demonstrates that, when objective structures are integrated into previously subjective arenas of opportunity allocation, perceptions of leadership, etc., leaders are more likely to advance people who may not represent the status quo. For example, when firms create clear criteria for who gets opportunities and leadership positions and they hold themselves accountable for sticking to the criteria instead of relying on the “gut instincts” or “perceptions of fit” of leaders, they are more likely to advance women into leadership positions.

2. The more leaders become aware that their decision-making processes are

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influenced by implicit biases (they don’t have to know exactly what the biases are or how the influence works), the more likely they are to critically question their own decisions. The more we recognize that everyone has biases, the better we get at the introspection necessary to interrupt the biases.

3. We are most vulnerable to relying on our implicit biases when our cognitive resources are stressed or depleted.

Engaging in “evaluating people” types of activities such as interviewing, providing informal feedback, writing performance reviews, selecting people for new opportunities, etc. when our cognitive resources are not stressed allows us to make more conscious choices. For example, engaging in these types of activities first thing in the morning instead of later in the afternoon and before an important call/meeting/presentation, instead of after, can significantly shift our reliance on our cognitive shortcuts, thus allowing us to make more conscious decisions.

4. The more we know someone as an individual, the less our brains rely on implicit associations in interaction with that person. It’s easier said than done, but getting to know people as individuals is one of the best ways to interrupt your biases in dealing with that person and also interrupting their biases in dealing with you. When we interact with people who are different from us, it is human nature to be more reserved and distant but, when we make the extra effort to get to know people who are different from us, our implicit biases are naturally muted. TSL A leading researcher, author and advisor in the fields of leadership and inclusion, Dr. Arin Reeves studied business at DePaul University’s College of Commerce, attended law school at University of Southern California and received her Ph.D. in Sociology from Northwestern University.

Dr. Reeves is a best-selling author of two books – The Next IQ and One Size Never Fits All – and she is the president of the research and advisory firm, Nextions (pronounced “connections” without the “co”),

a new way of seeing and doing leadership and inclusion. She has designed and led several comprehensive research projects on leadership and inclusion in topics ranging from gender equity, cultural integration and implicit bias to transformational leadership and working through generational differences.

Before Nextions (formerly The Athens Group), Dr. Reeves practiced law for several years and also served as an Adjunct Professor at Northwestern University where she taught classes on law and society.

Her book, The Next IQ: The Next Generation of Intelligence for 21st Century Leaders, was a publisher best-seller upon its release in January, 2012, and her latest book One Size Never Fits All: Business Development Strategies Tailored for Women (And Most Men), was released in August 2014. She has also authored a chapter on creativity, innovation and inclusion entitled “Creating Creativity” for the Global Innovation Science Handbook, the premier resource for innovation practitioners. Dr. Reeves has been featured on NPR for her work on inclusion, is cited often in online and traditional media as an expert in leadership and inclusion in workplaces. She is a Fellow of Leadership Greater Chicago, and she was recognized as a Rising Star by the Anti-Defamation League. Her column “Diversity in Practice” was recognized by the Herman Kogan Media Awards for excellence in journalism. She can be reached at www. nextions.com.

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MAKING THEIR

MARK

BY MYRA THOMAS

Women are making their mark in commercial finance and their numbers are rising. Here female leaders discuss their climb to the top, as well as the challenges facing the industry.

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TSL PARTICIPANTS

Cyndi Giles

Janet Jarrett

Wells Fargo Capital Finance

SunTrust Robinson Humphrey

Jennifer Palmer

Karen Sessions

Gerber Finance

Bank of America Business Capital

A

s women make strides in the financial services industry, the secured lending community continues to be one place where they appear to be making a significant mark. Whether it’s the large banks, independent shops, or middle-market firms, the number of female faces in the office are certainly much more visible than they once were. Despite the obvious changes, there are challenges that women in ABL and across the finance world still encounter. Simply put, it takes time to get away from the old boys’ club mentality that once domi-

nated banking and finance. According to Catalyst, women made up 56.7% of all U.S. commercial banking employees in 2015, while only 30.8% of executive/ senior level officials and managers in the same year. Similar to the rest of the commercial banking world, women in the top executive roles in ABL continue to lag that of the men.

Yet, women in asset-based lending do remain decidedly optimistic about the role they have to play in propelling the industry forward. Karen Sessions, head of Bank of America Business Capital and asset-based financing for Bank of America Merrill Lynch, is one of those women.

After earning her MBA from Indiana University’s Kelley School of Business in 1998, she began her banking career at Fleet Bank, the predecessor to BofAML, and then Union Bank, Wells Fargo Bank, and then back to Bank of America Merrill Lynch in 2013, where today she leads

THE SECURED LENDER JUNE 2018 79

an international team of asset-based lenders. Sessions credits the women trailblazers that came before her, such as PNC Business Credit executive vice president and CFA Executive Committee member Gail Bernstein, as well as Joyce White, executive vice president at Bank of America Business Capital, for helping to pave a path for change from the stereotypical notion of a secured lender.

She notes, “I think ABL happens to be a very welcoming industry.” For Sessions, she doesn’t believe her gender has adversely impacted her advancement.

The Value of Mentors & Sponsors In fact, mentors, male and female, have played an instrumental role in Sessions’ rise to the executive level. At a time when the learning curve was steep, mentors and sponsors were particularly helpful in the early years of her career, helping her to better understand the nuances of secured lending. “You have to make sure you are building a network of mentors and advocates,” says Sessions.

“Someone took a risk on me early on in my career to give me my first banking job. They said it was my persistence and willingness to work hard, but all of my roles after the first were from personal references through my network. People used their personal capital to recommend me for future positions.” Mentors and sponsors can come in formal ways, such as Bank of America’s Leadership, Education, Advocacy, and Development for Women (LEAD) employee networking group, or in more informal situations.

Sessions serves as a mentor for LEAD. Contacts also made through industry organizations, including the CFA, play a critical role in education and networking, especially for those new to secured lending.

According to Jennifer Palmer, president of Gerber Finance, networking and building relationships with a wide variety of people are key to success in this industry. “But building meaningful relationships doesn’t happen overnight, so it requires patience,” she says. Palmer also serves on the CFA’s Executive Committee and was a recipient of CFA’s

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2016 40 Under 40 Awards. She notes, “I remember having an employee new to the industry who only wanted to network with the more senior people in the industry—not something totally unique, as it turns out. It’s important to ‘grow up together’ and share similar challenges and have ups and downs. It’s only then do you have real trust.” Palmer made the employee understand the value of building relationships with industry peers— peers who will be the decision makers ten or fifteen years down the road.

Palmer took a bit more unconventional route to secured lending. After earning a law degree from Fordham University in 2005, she started as a business development and marketing associate at Gerber Finance in 2006. She notes that she was looking for a more entrepreneurial role than that of a law career. After working her way up the ladder at Gerber Finance, Palmer became the youngest and first female president in the firm’s history in 2013. “When I first started in this industry, networking events consisted of maybe one or two women,” she says.

“I think this industry has become much more receptive to women over the years, and the proof is in the sheer number of women in the room at events, on panels, and within companies.” For instance, the CFA’s Women in Finance Committee has played an important role in these positive changes, acting as a forum for women to share ideas online and build relationships in the industry. It’s often necessary to get the word out about secured lending and how it can be a rewarding career path within the finance industry. Palmer says it’s the mystery of what’s behind that potential client’s door that keeps her engaged.

The Benefits of Giving Back Cyndi Giles began her banking career in 1998 with First American Bank, shortly after receiving her BBA in finance from Texas A&M University. Giles also held leadership positions with Texas Capital Bank, the Amegy Bank National Association, and Regions Bank, before joining Wells Fargo as senior relationship manager and loan team lead for the

Dallas office and then went on to lead the Oklahoma and Arkansas offices for the Middle Market Banking group. Today, as head of lender finance at Wells Fargo Capital Finance, she credits the great mentors she’s had in the industry for part of her professional success.

Giles is returning the favor, serving as a mentor to eight industry professionals—five female and three male. Of her mentees, six are within the Wells Fargo organization in various roles and two are financing professionals in other organizations. Giles’ passion for mentoring helped earn her the co-lead position for Wells Fargo’s Women in Leadership mentor program, which consists of 90 professionals across the bank. “Mentoring and sponsorship resonate with me,” she says.

“I’ve learned as much from mentees as they have from me. They challenge me by asking hard questions. You can’t just give standard answers.” When you’re working with mentees, it’s essential to communicate the ever-changing nature of the industry. “For example, the middle market has moved from very transactional to full relationship management,” says Giles. “The skill sets required are different than they used to be. It’s a balance between analytical skills and knowing how to build relationships of trust.”

It’s also an industry serving all types of clients, including women business owners and leaders, says Giles. The industry is coming to understand the value to the bottom line of having a diverse team offering their perspective on business dealings. Giles adds that it helps to have a team of women and men that clients now expect to see.

Striking a Balance But as times change, some things never do—the relatively long hours required to get ahead in banking and finance.

Sessions says it’s an age-old dilemma in the industry. “People often ask me about balance,” she says. “Balance is a fallacy.

It’s what you make of it and how you interpret it.” The desire to be available for parenting is an issue that men, as well as women, seem to be talking about more and more. Millennials are advancing the

conversation about work-life balance, even before they have a family. The discussion is making it easier for working mothers to advance because of the changing mindset, says Sessions. “It’s not perfect, but it’s getting better,” she adds.

Gerber admits that the banking and finance world can be a taxing place for working parents. “I do believe this is a difficult industry for women professionals, and men for that matter, who want to balance having a family and doing their job,” she says. “It can often feel that it’s right when I’m walking out the door that a client calls to tell me they’ve received a big order from a large retailer and they need help to finance it. Plus, there is so much networking involved outside of the office and travel, making it hard to find time in the day to get your work done, let alone balance that with a family.” But she notes that some banks and firms are better at offering that work-life balance than others.

According to Janet Jarrett, managing director, group head asset-based lending and supply chain finance for SunTrust Robinson Humphrey, lifestyle choices often come up early in one’s career. That’s right at the point when the job becomes quite demanding. “Interestingly enough, the people who have opted to take on different roles to better balance their priorities haven’t always fallen on gender lines,” she says. “The next generation is thinking more holistically, whether it’s maternity or paternity leave, work from home or flexible hours.” And while a “reasonable work environment” requires certain parameters, says Jarrett, it’s important to create an environment where people feel they can thrive and be successful in all aspects of their lives.

Jarrett is chairing the CFA Women in Commercial Finance Conference to be held in the spring in New York City. “This Conference, which is created by a subcommittee of the Women in Commercial Finance Committee, was an overwhelming success last year, demonstrating the interest of women in networking, leveraging our collective experiences and ‘Making Our Mark’—the theme of this year’s conference.”

A Shift in the Industry Jarrett made her way up the finance ranks, starting with an MBA from Wake Forest University’s Babcock Graduate School of Management in 1996 and then a post at Bank of America Securities, a brief stint in private equity, and finally shifting from corporate and investment banking to asset-based lending at STRH in 2013. “I haven’t had a traditional ABL path—field exam, portfolio/underwriting, BDO,” she says. “I started out in the capital markets side of the business.” As her role in banking shifted, so too did the perception of asset-based lending, moving from the market of last resort into a more broadly integrated capital market.

The expansion and growing profile of asset-based lending remains essential in recruiting efforts. Jarrett notes that large corporates embracing ABL and greater market transparency, whether it was league tables or pricing and structural data, were key in evolving the industry. More sophisticated technology and systems removed additional impediments to the business, taking the burden off of the treasury staff. Financial sponsors started embracing the market. “The adoption by the PE world accelerated the growth of the ABL business,” she adds. It’s all translated into a more welcoming environment for people who can deliver results. Jarrett notes, “The people I’ve worked for over the years have been very supportive of talent, whether they were in ABL or other parts of finance.

They’ve created opportunities for strong performers, fostered creativity and balanced risk taking and rewarded differentiated contribution.”

more online lenders are cropping up.

As difficult as the environment might be, secured lenders remain, as always, cautiously optimistic. Palmer adds, “We find that a combination of boots on the ground and traditional networking efforts continue to drive the most success.

And in this digital age, forums like LinkedIn are essential and have proven an affordable and relatively easy way to effectively reach out to people and remind them that we do exist and are looking for new deals.” But no matter the times, secured lenders have to maximize their touch points, using a blended approach of social media and good old-fashioned referrals.

Giles agrees with Palmer’s contention about the growing competition and pressure on structures, but the pickup in M&A activity is providing some hope.

For now, there’s more capital available than many would like, and more lenders willing to invest in specialty finance companies. “There is a ton of industry knowledge that exists in a subset of people in secured lending,” says Giles.

This knowledge is critical to fending off the challenges of competition and market change. But maybe the real challenge will be in passing that knowledge on to the next group of ABL professionals, female and male. TSL Myra Thomas is an award-winning editor and journalist with 19 years’ experience covering the banking and finance sector.

Focused on the Industry Results are more essential than ever, as industry competition continues to grow.

Palmer notes, “While we are seeing more deal flow than ever, thanks to building out our sales team and revamping our marketing strategy, competition has been fierce. Rates continue to come down, aggression on structure continues to increase, and smaller community banks play in our space.” More and

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MARKET UPDATE ROUNDTABLE

BY EVA CHALEFF

As we head into the second half of the year, Eva Chaleff of Crestmark posed questions to a few key industry leaders to provide insight on the state of the commercial finance industry and the market conditions in commercial lending.

The general outlook on the economy is strengthening as unemployment remains low and economic activity expands. The job market remains strong and overall inflation maintains below two percent.1 This year has already seen one federal funds rate increase and continuing on the current economic path may warrant further rate hikes this year.2 So what does that mean for the debt market and commercial lenders?

Chaleff spoke with Dorothy Killeen of Wells Fargo, Kara Goodwin of BMO Harris, and Cyntra Trani of TD Bank to gain perspective on market conditions and the effect on players in the commercial finance industry.

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What kind of deal flow is the industry experiencing right now, and what do you foresee for the rest of the year?

KILLEEN: Syndicated volume for 2017 was $92 billion, a 21% increase over the $76 billion in 2016. The growth was largely attributable to a sharp increase in jumbo deals ($1B+), with 18 closing during 2017 for $29 billion in volume. This compares to 11 jumbos in 2016 representing $19 billion in volume3 The overall market was much stronger than 2016 but, as in the past several years, much of the volume was driven by refinancings of existing ABL transactions. Growth targets for most commercial lenders are leading to a continued imbalance between supply and demand, resulting in aggressive terms and structures.

First quarter activity showed we’re off to a pretty underwhelming start with 63 deals closing for $17.5 billion in volume. A few large M&A deals helped prop up volume, but it was still one of the lightest quarters since 2014.

Second quarter has seen a bit more activity, but it’s pretty lumpy with large deal closings including the $3.4 billion revolver for PBF Energy. Although technicals remain strongly skewed towards issuers, we don’t expect to see a material increase in volume through second quarter.

GOODWIN: New ABL activity for BMO was generated from upsizings, some M&A activity and winning business from competitors. We expect to see more M&A activity in the second half of 2018, based on the strong business climate.

TRANI: Right now, deal flow is on the slower side. According to Thomson Reuters, ABL syndicated volume in Q1 2018 was the lowest it’s been since Q1 2010 and was down 11% from Q1 2017.

In addition, the transaction count is down year over year and the size of transactions averaged $280MM, flat with Q1 2017. Most of the activity has been in refinancing (nearly 70%). This is actually slightly lower than Q1 2017;

Kara Goodwin

Dorothy Kileen

Cyntra Trani

BMO Harris Bank

Well Fargo Capital Finance

TD Bank

however, it remains the number one reason for most activity. Due to the number of refinancings over the last few years, I would expect deal flow to remain pretty low with limited maturities for the remainder of 2018 ($19B) and in the first two quarters of 2019 ($17B).”

What are the biggest challenges facing lenders in 2018?

KILLEEN: Profitable asset growth is a challenge for asset-based lenders.

The prevalence of unfunded or lightly funded revolvers, coupled with average pricing in the high 100s over the past several years, makes it challenging to meet return hurdles on a loanonly basis. The better-priced deals have unique challenges: they’re heavy on fixed assets or highly leveraged, they’re in sectors facing headwinds, or are very tight on liquidity. Because the ABL market is so heavily oriented around refinancing, new money assets attract heavy competition and often remain in the hands of lenders who previously provided a cash-flow revolver or who provide other financing or advisory support. The golden ticket in ABL is winning a left lead on a new-to-ABL deal where there are no or few incumbent lenders driving down pricing or pressuring structure, and where there are opportunities to win additional operating or capital markets business. Those deals are the unicorns of the ABL market.

GOODWIN: Primary challenges for ABL lenders are maintaining discipline on structural issues, lower returning deal opportunities, and how to continue to grow loans.

Pricing has somewhat bottomed out, but within these refinancings if there is room to move pricing down, it will. There are fewer ABL underwriting opportunities today vs. when I started my ABL career six years ago. When arrangement opportunities exist, the related fees are down. Thus, the banks have more pressure to have a fuller relationship outside of just ABL economics, such as capital market opportunities or commercial banking product sales.

ABL growth for the industry has been difficult in the past couple years.

The larger ABL lenders have such large market share base that showing a meaningful percentage growth can be challenging. BMO is somewhat

Because the ABL market is so heavily oriented around refinancing, new money assets attract heavy competition and often remain in the hands of lenders who previously provided a cash-flow revolver or who provide other financing or advisory support.

— Dorothy Kileen

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The big risk and technology conversation starter between us and our borrowers is cybersecurity and how it is being addressed. We have also seen numerous system conversions, particularly for our inquisitive clients that are rolling up an industry.

— Kara Goodwin

fortunate in that our ABL business was more of a start-up 10 years ago at $1B in commitments. We have been successful in growing our ABL book to over $12B in commitments today, but we know each percentage of growth is harder the larger we become. ABL lenders have lost significant portions of their loan outstandings through retail bankruptcies, disruption in ABL markets like oil and gas, and loan refinancings. A primary growth strategy has been for banks to increase their hold size to existing borrowers. This has led to fewer banks even in very large transactions and less retail loan syndications. Banks and finance companies that rely solely on ABL syndicated deal volume have to be hurting for business.

Lastly, a big challenge for the banks is retaining ABL clients once they become non-pass credits. Since I cover retail industry, I see this frequently.

Retail ABL are the strongest ABL deals in the market from a collateral perspective and have very minimal risk of loss, but unfortunately that is not enough for banks to overcome a non-pass rating.

TRANI: One of the biggest challenges that I see is determining where we go from here – how will deal flow increase and when will the “ball drop”?

Because many borrowers refinanced over the last few years while interest rates were low, pending maturities are low, causing more reliability on M&A activity. Terms and pricing typical for large corporate borrowers have crept into the middle-market deals. In the event that the economy takes a down-

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ward turn, it will be interesting to see how borrowers, especially middlemarket companies, fare and whether the looser terms provided by lenders during boom times create challenges on full repayment of loans.

What should lenders consider when responding to borrowers’ growing utilization of technology?

GOODWIN: The big risk and technology conversation starter between us and our borrowers is cybersecurity and how it is being addressed. We have also seen numerous system conversions, particularly for our inquisitive clients that are rolling up an industry. A primary issue has been that the cost of conversion exceeds a company’s budget by a very material amount. We have also seen botched conversions with companies experiencing invoicing issues, missed shipments, and even selling products at negative margins. Thus, administering a field exam or testing is a good idea during these updates. The positive is that, once these new systems function properly, companies have become much better at efficiently managing working capital to free up liquidity.

TRANI: Technology is fundamentally transforming the way business is conducted, across all industries. It’s important to understand how borrowers are using technology to reach their end consumer. Like with all industries, ABL lenders need to be creative in lending strategies and really understand the needs of the customer, and those of their end user. The industry will need to be flexible and innovative to find ways to get comfortable with liquidations through less traditional channels.

It seems as though lenders are getting more creative in structuring asset-based loans and other products.

How will this creativity affect competition in the industry?

KILLEEN: Aggressive terms and creative structures are nothing new to

the syndicated ABL space. We’ve seen deterioration around the margin of structures for the last several years, which isn’t surprising in a business where pricing is relatively stagnant, refinancing represents the vast majority of volume, left leads are very sticky, and economics from the entire capital stack help drive return models. Sponsor precedent continues to push new boundaries, which is typical at this point in the economic cycle. While we don’t necessarily see substantial pressure on drawn spreads, we continue to feel competitive pressure around fees and stretch pieces, like FILOs and seasonal advances.

GOODWIN: More creativity on ABL deals in an already aggressive ABL market can make it more challenging in syndicating a loan (i.e., bringing in other lenders under a creative structure). This creativity in ABL deals usually means looser structures, which drives more competition from your closest competitors. Creativity provides ideas to other lenders who adjust and accept these structural changes for future deals, and they, at times, can become the market norm.

TRANI: We are seeing a shift within the industry, where it is becoming harder and harder to out-seat an incumbent lender. Borrowers looking to refinance receive multiple proposals, providing them leverage in negotiating favorable deal terms. We see incumbent lenders being flexible to maintain their relationship, like offering aggressive advance rates/eligibility and lowering price, to ensure customer retention. Borrowers have an advantage and are benefitting from lenders with capital to lend. Borrowers have become more sophisticated and, in turn, lenders have become more aggressive and willing to take risks that they wouldn’t have a few years ago.

How do you see international trade sanctions affecting the lender-bor-

rower relationship?

GOODWIN: International trade sanctions have made lenders step back and revisit their impacted deals to understand both the short- and long-term risks to the loan and company’s credit profile. Lenders are more likely to be proactive in discussing the sanction impacts with their borrowers. I expect that sanctions will make some lenders more conservatively adjust their structures to mitigate the impact of trade sanctions. Sanctions may affect lenders views of the space, their frequency of account analysis, and drive an overall examination into exposure amounts to businesses impacted by sanctions. The impacts of the sanctions are still at an infancy stage.

TRANI: I do not believe trade sanctions will have a negative effect on lenderborrower relationships; however, they may have an impact on borrowing levels.

This is a macro-economic issue that could negatively affect borrowers with global operations and customers; however, I think it is too early to determine possible effects, if any at all. TSL Eva Chaleff is an ABL underwriter at Crestmark Bank, where she previously held positions in field exam and began her professional career. She graduated from Florida Atlantic University with a BBA in Accounting, and resides in Delray Beach, FL. Since joining Crestmark in 2015, she has grown a passion for the commercial lending industry and has involved herself in the networks associated. She is a member of CFA YoPro!, a board member of the South Florida chapter of the CFA, on the CFA Women In Commercial Finance (WICF) Committee and a part of the social media sub-committee, a part of the Association for Corporate Growth (ACG) as a Young Professional member, and a member of the Association of Certified Fraud Examiners (ACFE).

Dorothy M. Killeen is a managing director and head of syndicate and sales for Wells Fargo Capital Finance’s Loan Syndications team. In this role, she leads a team

of professionals and has primary responsibility for the execution and distribution of syndicated asset-based loans. Killeen has been with Wells Fargo and predecessor firms since 1999. Prior to joining Wells Fargo Capital Finance in 2009, Killeen spent ten years in Leveraged Finance with Wachovia Securities, where she served in origination, underwriting, syndicate and sales roles. She currently serves as co-chair of the Management Committee for Wells Fargo Capital Finance and as executive sponsor for Wells Fargo Capital Finance’s Diversity & Inclusion Council.

She holds a B.A. cum laude in communications from Tulane University and an M.B.A. from the A.B. Freeman School of Business at Tulane University with a concentration in finance. Killeen and her two children reside in Charlotte, NC, where she serves as vice chair of the board of directors for the Children’s Scholarship Fund of Charlotte.

Kara Goodwin joined BMO Harris Bank as a managing director and head of ABL’s Retail and Asset Purchase Group (APG) during March 2012. APG is focused on committing to and managing a portfolio of $50-$200MM participations in larger asset-based transactions. Goodwin and her team also cover the retail industry nationally for BMO ABL. Prior to BMO Harris, Goodwin spent three years with PNC’s Corporate Bank as an SVP-Credit Approver. Previously, she spent over 10 years working as a director in Capital Markets focused on cash flow leveraged loan structuring and sales at Merrill Lynch Capital, GE Capital and Heller Financial.

Goodwin also spent the early part of her career in leveraged loan workouts at Heller Financial, and started her career in public accounting at Deloitte. She graduated from the University of Notre Dame in 1991 with a BBA - Accounting and received her Master in Finance and Economics at the University of Chicago in 1997. She also is a CPA and is Series 7 and 63 certified, and resides in Chicago with her husband and daughter.

I do not believe trade sanctions will have a negative effect on lender-borrower relationships; however, they may have an impact on borrowing levels.

This is a macro-economic issue that could negatively affect borrowers with global operations and customers; however, I think it is too early to determine possible effects, if any at all.

— Cyntra Trani

at TD Bank, responsible for portfolio, underwriting and operations. She has over 25 years of ABL experience including positions at GE Capital and CIT Group.

At GE, Trani held various positions, beginning her career as a field examiner.

Positions included chief investment officer, co-head of restructuring sales, and chief marketing officer. At CIT, she served as underwriting manager, where she led underwriting teams in ABL, restructuring and sponsor finance, and also served as the head of Loan and Risk Review during CIT’s transition into a Bank Holding Company. During her career, Trani stepped out of the ABL business line several times, including her opportunity to become Head of Loan and Risk Review at CIT Group, which prepared her for the shift in regulatory oversight following the financial crisis in 2008-2010. Her versatility in credit, marketing, and sales has been critical to the success and growth of the TD ABL business. Trani is a Six Sigma Black Belt.

She lives in Brooklyn, NY with her husband Marcus and son Bryce.

Reuters Staff. (2018, March 21) Fomc Statement from March 20-21 Meeting. https://www.reuters.com/article/ususa-fed-fomc-text/fomc-statementfrom-march-20-21-meeting-idUSKBN1GX2OJ 2 Federal Reserve. (2018, March 21) Federal Reserve issues FOMC statement. https://www.federalreserve. gov/newsevents/pressreleases/monetary20180321a.htm 3 Thomson Reuters LPC. 1

Cyntra Trani is director of Credit Management for the Asset Based Lending group THE SECURED LENDER JUNE 2018 85

Commercial Finance Attorneys

Q&A Commercial finance attorneys are one of the many partners enabling lenders to supply borrowers with working capital. Here, TSL’s editor-in-chief speaks with several of the outstanding female attorneys representing our industry: Katherine Bell, partner, Paul Hastings LLP; Cindy J.K. Davis, shareholder, chair, Banking & Finance Practice, Greenberg Traurig, LLP; Jessica DeBruin, partner, Goldberg Kohn Ltd.; Bobbi Accord Noland, partner, Parker, Hudson, Rainer & Dobbs LLP; Valerie Mason, partner, Otterbourg P.C.

By Michele Ocejo

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What is it about commercial finance law that initially attracted you to the field and what has kept you in this field?

BELL: I ended up practicing in the finance space less intentionally than you might imagine. Although I knew as a law student that I wanted to have a transactional practice at a top international firm, I was more focused on finding a team that was the right fit for me, personally and professionally, than I was on which specific practice group within the transactional space I would end up in. I wanted to be a part of a team that was less hierarchical than what I’d seen in some more-traditional large-firm practices — a place that valued substance and merit above all and where I could be myself. Fortunately, I found that at my firm in the finance group. Happily, in addition to being the right cultural fit for me, I also found that I really enjoy my finance practice.

The transactions are sophisticated, fast paced, and present complex intellectual and academic considerations. I enjoy the intellectual rigor that the practice demands. I suppose the combination of the incredible team I work with and the fact that the practice always presents new and interesting challenges to keep me on my toes, are the reasons why I am still at Paul Hastings, in the same practice, after 18 years.

MASON: I also was sure I wanted to do transactional work and commercial finance law fit the description. In addition, I really liked the clients and the finance team at the firm. For me, if you are going to be working long hours, I think it is really important to like the people you are working with. I was attracted to all aspects of deal work -working with your clients to structure transactions, learning about all of the different industries out there, the challenges of negotiating the documentation, and the great feeling of satisfaction when a transaction closes on the timetable your clients need. There is great professional and personal satisfaction in assisting your client when it

Katherine Bell

Cindy J.K. Davis

Jessica DeBruin

Paul Hastings LLP

Greenberg Traurig, LLP

Goldberg Kohn Ltd.

Bobbi Accord Noland

Valerie Mason

Parker, Hudson, Rainer & Dobbs LLP

Otterbourg PC

enters a new and hopefully long-term relationship. And, if you have been as lucky as I have been, you continue to work on the transaction as businesses grow, and needs change. What has kept it fresh and new is every transaction is different, be it the business of the ultimate customer or the sponsors, and there is always some legal or business twist that keeps it interesting.

DAVIS: I went to law school with the goal of becoming a corporate lawyer and had majored in accounting in college to have a good business background. Unfortunately, I graduated from law school at the time of an economic recession. There was not much corporate work available, but there was plenty of work representing creditors in bankruptcy, so I wound up doing that. When the economy improved, I eventually transitioned to representing banks in new lending transactions on the front end and really enjoyed it. The

excitement of a new deal really drew me to this field -- I love getting calls from a client on a new transaction. It’s satisfying to cross the finish line on a particularly complicated deal and then move on to the next one. I also found my accounting training to be very helpful to this practice area. Now I spend my time representing banks and large corporations in complex financing transactions. I love helping clients reach their goals, and that is primarily what has kept me in this field. But I also love the fast pace of the deals and constant changes in the financial industry.

ACCORD NOLAND: I started my practice at King & Spalding in the commercial finance area and just like Kathy, Valerie and Cindy, I was initially attracted to the transactional nature of the practice, the banking focus and the sophistication of the clients. During my 26 years at Parker Hudson, I have continued to enjoy each new deal and

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the challenge of analyzing legal issues and bringing a deal to closure. Every transaction and industry is different, which makes each day an opportunity to develop my legal knowledge. I also enjoy negotiating and trying to reach an acceptable and constructive solution for all parties. This practice also has allowed me to develop knowledge of other complimentary areas such as bankruptcy, corporate law and real estate.

Relationships are so important in the commercial lending area, and I

sociate for my first law firm, and I spent about four or five years practicing back when travel for negotiations and closings was a far more frequent occurrence. I was fortunate that the practice was very busy in my early years, and I was quickly able to be tasked with meaningful work and have extensive client contact. I’ve stayed in the field, however, because I love my job even more today than when I started. Moving mid-career to a lender-focused practice has been rewarding because I have the opportunity to interact with the

“Several dynamics are influencing an increased use of technology for specialty finance companies to gain greater efficiency.

Rate pressure from the increasingly competitive environment, the unfortunate rise in fraudulent activity and marketing to a tech-savvy generation is causing lenders to embrace technology for both customer acquisition and portfolio management. The technology push appears to be greater for the lenders focused on high-volume, smallerticket transactions, such as factors.”

— Katherine Bell continue to enjoy my practice because of the rewarding and longstanding relationships with clients and other colleagues. We strive to create a collaborative and team-oriented approach to each transaction, and this helps foster relationships and promote the best end product for all parties.

DEBRUIN: I was initially drawn to the practice by the people I was interacting with, both clients and colleagues. I started my career representing borrowers, and I enjoyed getting to use my accounting background in my legal work and working with clients who also had a similar finance background. I also loved the travel — my first trip out of the country was when I was a summer as-

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same people across many deals, and we get to know our clients with much greater depth. As I’ve become more senior, I also find the teaching aspect of the attorney’s role, both internally and with clients, to be very rewarding.

What are the key legal issues lenders need to be aware of in 2018 and moving forward?

MASON: The issues are a combination of legal and business-related -- replacement of LIBOR, a continued focus on regulatory requirements, e.g., flood insurance s, and in terms of financial covenants, continued negotiation of flexibility in EBITDA definitions, i.e., broadening of EBITDA addbacks. With respect to intercreditor arrangements,

we are seeing real-world testing of the allocation provisions in split collateral intercreditor agreements as the markets become challenging for certain industries and, in addition, as a result of those same challenging markets, the pressure to agree to and the consequences of agreeing to DIP financings with few, if any, milestones.

BELL: The past few years have been good years to be borrowers. Not only have rates been low, but ample liquidity in the markets has given borrowers the ability to incur greater amounts of debt with looser covenant packages and more flexible loan documents.

The markets will turn and these looser documents will be tested and borrowers will push the limits on their flexibility. With companies burdened with higher leverage, stakes will be high. I expect that we will see an increase in litigation in the lending space across the board, including challenges to the permissibility of actions under indentures and loan documents, fraudulent conveyance claims, and enforceability of certain compensation and fee arrangements.

DAVIS: It is still a very competitive landscape for lenders. Refinancing activity dominates the market, so lenders are being more aggressive to keep deals or persuade a borrower to change lenders/agents. Borrowers continue to push for increased flexibility in loan covenants, and as a result, part of our job is to make sure the lender is aware of possible unintended consequences of some of this flexibility. Additionally, lenders need to be aware of how recent regulatory changes (tax law changes, tariffs/trade) will impact their borrowers. And then there are the regulatory changes that will impact the lenders directly, such as the replacement of the LIBOR reference rate and increased customer due diligence requirements.

ACCORD NOLAND: Because of the global nature of the economy, finance professionals should continue to

develop their knowledge and expertise of secured lending in various jurisdictions outside of the U.S. Borrowers are requesting more financing options as they expand their businesses into nonU.S. jurisdictions, and the commercial financial professional will need to understand a wider range of international legal issues that may face their clients.

The legal industry also is trying to keep pace with the electronic changes that are a day-to-day reality of the commercial area. The challenge for the secured lending attorney is to adapt to the electronic nature of a borrower’s business while still preserving the lender’s liens and ability to realize on the collateral. Areas such as electronic bills of lading and electronic chattel paper continue to develop and, while in theory the law has developed more to address this reality, the implementation of these laws is still underway.

Intercreditor agreements are another area that continue to evolve through case law and the development of new multiple creditor structures such as unitranches. Lenders must be cognizant of the many issues in an intercreditor agreement, especially if a transaction becomes troubled. The allocation of proceeds from a sale of substantially all assets or equity interests, for example, in a split-collateral transaction continues to be an area that has different treatment in various intercreditor agreements.

In addition, I think the challenges that the retail industry has experienced will continue in 2018 and going forward, and the ripple effect on the vendors and the leasing industry that have historically supported this sector will continue.

DEBRUIN: The banks are very focused on regulatory and compliance issues, and I’ve seen those issues taking up far more of our clients’ time, both before a deal closes and over the course of the matter. It’s everything from know your customer compliance, to expanding beneficial ownership rules, to a heightened focus on anti-money laundering rules. I also see clients focusing on the

expected LIBOR phase-out, both from a documentation standpoint and from an operational standpoint.

What challenges/changes do you see on the horizon for the legal industry?

MASON: The more things change, the more they remain the same. I think we will continue to see mergers and consolidation in our profession and a continued keen competition for clients.

DAVIS: In our practice area, deals are

law firm model contemplates. Finding ways to bridge between the traditional and the nontraditional will be critical to successfully attracting, developing, and retaining top talent.

Innovation is necessary to staying relevant in any industry. The legal industry is no exception. With competition among law firms continuing to heighten, to be successful law firms will have to innovate across all aspects of their business, including in how legal services are delivered, how legal

“The legal industry must continue to find ways outside of the historical law firm model to provide extra value and expertise to clients. Many legal services are becoming commoditized; however, the need for expertise in sophisticated matters will continue.

Also, with the increasing reliance on technology, the legal industry should be proactive in developing ways to streamline how it provides services to its clients in the most efficient and electronically advantageous way while protecting the confidentiality of data.”

— Bobbi Accord Noland always being impacted by new regulations, economic conditions, and market trends and we always have to stay on top of those changes and market trends. In the legal industry generally, there will continue to be consolidation and competition for clients. The challenge is to always, every day, be a better law firm and continually invest in our technology and talent while also continually improving the excellence and value of services offered to clients.

BELL: A growing challenge for the legal industry, as well as many other more traditional professions, is attracting and retaining top talent. Many recent graduates arrive with professional priorities and expectations that are different from what the traditional

services are compensated, how talent is compensated, and how law firms are managed.

ACCORD NOLAND: I completely agree.

The legal industry must continue to find ways outside of the historical law firm model to provide extra value and expertise to clients. Many legal services are becoming commoditized; however, the need for expertise in sophisticated matters will continue.

Also, with the increasing reliance on technology, the legal industry should be proactive in developing ways to streamline how it provides services to its clients in the most efficient and electronically advantageous way while protecting the confidentiality of data.

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DEBRUIN: I would add to Kathy’s and Bobbi’s points that law firms are having to adapt much more quickly to personnel trends. We all know the millennial generation is looking to make an impact through their careers. I think the most important thing our industry can do to attract and retain them is to listen to them. Our firm has done so to a greater degree than in past years, and I think we’re starting to see benefits from doing so. Whether it’s greater flexibility in work locations, more frequent and specific feedback, increased

my gender. I will say I’m much more aware, at this stage in my career, of the importance of mentoring others and of listening to the issues that women are facing, whether they are related to gender or not. I’m also very hopeful that recent media attention placed on gender-related challenges in the workplace will make all of us more aware of the big and small issues that employees face and be mindful of taking active steps to counter even the unintended biases we witness.

“Let’s just say practicing law in the banking and finance space has been fairly lonely as a woman up until the last seven or so years. I have been the only woman on the phone and/ or in the room for more years than I care to say and, after a while, I really just stopped thinking about it. And, for the most part, at least that is what I tell myself; so did my colleagues, both lawyers and business people alike, and ultimately that is how you want it to be.”

— Valerie Mason transparency in decision-making, less hierarchy and more of a team-based work process or other issues raised by more junior ranks, I think institutions can benefit from those ideas. I also think technology is going to meaningfully change our practice in the coming years. Blockchain applications are starting to pop up in the loan trading space, and smart contracts will continue to become more sophisticated.

It’s an exciting time to be a lawyer.

What challenges have you faced being a woman in a male-dominated field and how have you overcome them?

DEBRUIN: This is a tough question to answer, as I haven’t attributed the challenges I’ve faced in my career to

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MASON: Let’s just say practicing law in the banking and finance space has been fairly lonely as a woman up until the last seven or so years. I have been the only woman on the phone and/ or in the room for more years than I care to say, and after a while, I really just stopped thinking about it. And, for the most part, at least that is what I tell myself, so did my colleagues both lawyers and business people alike, and ultimately that is how you want it to be. The funniest moments have been telephone calls when there were just two women on the phone and the rest men, and somehow, it was difficult for those on the phone to tell the women apart, even though they sounded nothing alike. There is a real sea change

underway and you see it at every CFA event in the last several years. You’re no longer the only woman in the room, and there are not just a few; there are many. In addition, women lawyers and bankers are participating on panels, and not just as moderators, but as panelists. There are women at almost every level of banking and law, and our numbers are growing. It’s very exciting!

BELL: Generally speaking, men are more assertive in broadcasting their achievements and communicating their expectations around opportunities for advancement and compensation to leadership than women. I have made the same mistake that I think many women make in expecting that high performance will automatically be recognized and awarded appropriately rather than taking an active role in directing that outcome myself. It took me longer than I would like to admit to recognize the need to adjust my approach on this front in order to achieve my professional goals. I’ve finally learned that it is critical to communicate regularly with leadership about what you are doing and why and to be direct about your expectations related to your advancement. Some of the best advice I received was from one of my partners a few years ago. She told me, “If you don’t ask, you don’t get.” Often making the “ask” requires me to step out of my comfort zone but, when I initiate the dialogue, I am always happier with the results.

DAVIS: There are definitely challenges for women in the workplace, and that applies equally to law and finance.

Unfortunately, some old stereotypes still exist — men who are assertive or aggressive are viewed positively. But, when women behave similarly, it’s seen as a negative. I had to overcome that, as assertiveness is essential to success in this industry. Plus, there is a way of adapting your style so you can make it work. But we have seen some major changes on that front -- strong, career-

minded women who speak up for what they want are making their voices heard and earning the respect they deserve. Women have come a long way just in the last few years and I expect that forward progression to continue.

ACCORD NOLAND: I have had supportive mentors throughout my career and was given the opportunity to work on interesting deals and interact with clients from the beginning. The main challenge I faced was that there were fewer women in the practice so there was less opportunity to network and cross-support than there is now. I was fortunate, however, to always have great male colleagues who supported me in my endeavors. The recent women’s initiatives of the CFA, the Atlanta Women’s Foundation and other diversity-focused organizations are positive developments for the young women who are entering the commercial lending area now. The energy and creativity of these groups are contagious, and I am excited to be part of many of these initiatives.

What do you know now that you wish you knew at the beginning of your career?

ACCORD NOLAND: I see now that everyone’s career is unique. We can learn from our colleagues and watch others in the practice but, ultimately, we take all of those examples and our experiences and define our own careers. I think for women that is difficult at times because they strive to adapt to a historical model, and they may experience frustrations if they do not emulate that model. The focus should be to strive to be an excellent attorney and determine how you can make a difference in the legal community and the commercial lending area in your own unique way. Also, business development is not just for partners. Each interaction with clients and other practitioners is an opportunity for business development, and the development of strong personal and professional relationships within and outside the firm will enrich your legal career.

DEBRUIN: I wish I’d known how much value a junior team member can bring to an institution and to a transaction.

I recently read an article analyzing the benefits to patients from doctor teams with varied levels of experience, and I think the same thing is true for lawyers. Those coming out of law school today often have had a number of years of prior work experience, often in a different industry, and they bring a fresh perspective from those experiences. Law school is different today than it was 17 years ago, and current students have many more opportunities to have practicum and clinic experience which puts them ahead of where I was when I started. And they are much closer to the ever-changing technology landscape than those of us who are more seasoned. I now have the perspective to see tremendous potential in those most recent graduates, but I didn’t appreciate that in myself and my peers when we were just starting out.

BELL: There are two key lessons I wish I figured out earlier. Building a powerful professional network is critical to success in any industry, not just within your practice or firm, but outside the office as well. Finding time to build those relationships is impossible unless you are deliberate about it. However, that time is well spent and will lead to opportunities, allies, resources, and friendships that will enrich you personally and professionally.

The other lesson is that it is okay to say no. This is an important lesson and one that I still struggle at times to implement. While I think it is important to consider many of the opportunities that you will encounter along your professional path, sometimes the best course of action is to decline an opportunity. Be thoughtful, consider what is at stake, and explain your rationale when appropriate. Sometimes you have to walk away from an opportunity in order to make room for new ones.

MASON: I agree with Kathy, building strong long-term relationships is key and that is why I always say, just halfjokingly, that I wish I knew early on how advantageous it would have been to know how to play golf, especially as a woman, even if not well; the structure of the game affords you time to get to know people outside of the confines of conducting business. One thing is for sure, it is always challenging to balance work with establishing, maintaining and growing relationships and the learning process is never-ending. And sometimes you will learn more from those missed opportunities, although the goal is always to try to keep those few and far between.

DAVIS: Just like Kathy, I wish when I was first starting out that someone had told me the importance of networking and staying in touch with people. Some of the most important and strongest business relationships may be those that you started at the beginning of your career, so find ways to stay in touch with people even when things get extremely busy at the office.

Finding time for networking is always a challenge at any stage of your career, but it has to be done and is a very rewarding and enjoyable part of the practice.

What role have mentors played in your life, not only in your career, but during childhood and your college/law school years?

BELL: Mentoring has been critical to my personal and professional development. I’ve been blessed with a number of incredible relationships in that vein over the course of my career, and many continue to play important roles in my success today.

In my experience, no one achieves success alone. I think the most important role that mentors and sponsors have played for me has been to push me to perform outside of my comfort zone in order to bring new challenges and opportunities within my reach.

My mentors have also acted as soundTHE SECURED LENDER JUNE 2018 91

ing boards as I’ve considered how to approach challenges and opportunities. Having access to their experience and perspective has been invaluable.

MASON: Having role models/mentors is extremely important. I believe your parents are the most influential mentors in your life; it is your parents who provide the framework; you will soak all that in and carry it with you, the good and what might have worked better, as you grow up. I think the professional mentors you will gravi-

always told me to not expect someone to know what I wanted or needed and just give it to me, but that I had to make my goals known and work to achieve them. My mother taught me to have self-confidence. I have always followed their advice. In my legal career, several of the partners for whom I worked acted as mentors, providing training, support and guidance. I have also been fortunate to have had senior leaders within my firm who have acted as “sponsors,” taking a vested interest in my success and being instrumental

“If we are looking back to my childhood, my parents would be my first official ‘mentors.’

My father always told me to not expect someone to know what I wanted or needed and just give it to me, but that I had to make my goals known and work to achieve them. My mother taught me to have self-confidence. I have always followed their advice. In my legal career, several of the partners for whom I worked acted as mentors, providing training, support and guidance.”

— Cindy Davis tate towards will be a consequence of your parental mentoring relationships; it will affect whether you gravitate towards someone who is similar or different from your parents. From a professional development standpoint, I think it is important to have at least two mentors: one within your organization who can offer regular support and encouragement and help you navigate the corporate structure and politics of your organization, and one outside your organization who can be an objective sounding board and offer guidance and support of your career in a more general way and with a wider world view.

DAVIS: If we are looking back to my childhood, my parents would be my first official “mentors.” My father

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in helping me to achieve certain goals, such as launching GT’s Banking & Finance practice group.

ACCORD NOLAND: I remember so many wonderful mentors throughout my life.

I agree with Cindy and Valerie about the role our parents play. My dad and mom were my first great mentors. They taught me the value of a strong work ethic and the importance of integrity in every aspect of my life. I also had excellent teachers from grade school through law school who challenged me, but also personally cared about my development. Several of my favorite law school professors just retired, and I recall the role that each and every one of them played in my law school years. Not only did they develop my legal knowledge in their area, but they

also emphasized what it meant to be a professional and ethical attorney. In my legal career, I also have been fortunate to have bright and professional mentors who helped me develop at every stage of my career. Strong bonds were formed with my mentors and colleagues through late-night closings, challenging negotiations, the market disruption and personal milestones in my life.

DEBRUIN: Mentors have been instrumental to my career as an attorney. As a young child, probably five or six years old, I remember my uncle visiting from law school. As I got older, I got to hear about his career, and it always sounded fascinating. He had a passion for his work that I didn’t see in others around me. I knew law was likely my future career path. I studied accounting in college, but a quarter of the CPA exam is essentially business law, and it was, by far, my favorite part. I then spent time working with lawyers — at an immigration law firm, interning at the Federal Trade Commission, at a law firm that specialized in intellectual property and technology issues, and finally as a summer associate at my first firm. All of those experiences taught me what I enjoyed, what I didn’t, and what was important to me in a career. My first professional mentor at a law firm was a senior partner, and we traveled frequently to New York for in-person negotiations. As I look back on my career, I am so grateful for those trips, because they provided tremendous opportunities for unstructured mentoring time, whether waiting around in airport lounges or sharing taxis and meals. And I didn’t fully appreciate the importance of her gender at the time, but I now know that the confidence I had that I could work full time in a demanding profession, have a family, and be happy doing so is directly attributable to having watched her do the same. TSL Michele Ocejo is editor-in-chief of The Secured Lender and director of communications for CFA.

Katherine Bell is a partner in the Finance and Restructuring practice of Paul Hastings and is based in the firm’s Orange County office.

Her practice focuses on commercial and corporate finance transactions. Bell regularly represents commercial banks, investment banks, finance companies, other lenders, and borrowers in working capital facilities (cash flow and assetbased), acquisition financings, structured financings, and other leveraged finance transactions including leveraged buyouts, restructurings, and recapitalizations. Bell has significant experience negotiating intercreditor relationships, including 1st lien/2nd lien transactions, split collateral arrangements, and unitranche transactions. She has industry experience in a variety of business sectors and has considerable experience in cross-border transactions. Bell recently co-authored Asset-Based Lending: A Practical Guide to Secured Financing (Practising Law Institute, 8th ed. 2015), which is generally considered to be the definitive treatise on asset-based lending.

Cindy Davis chairs the Banking and Finance Practice and focuses her practice on representing domestic and international banks, finance companies, hedge funds, private equity sponsors and corporate borrowers in complex financing transactions. She frequently represents lead arrangers and agents in structuring and underwriting syndicated loan transactions. Her typical transactions include U.S. and international asset-based and cash-flow secured and unsecured credit facilities, acquisition financings and other leveraged buyouts, and first and second lien credit facilities. Davis also has experience in structuring complex credit transactions, including those involving multicurrency facilities and cross-border lending arrangements. Davis’ finance practice ranges from middle-market club deals to multibillion-dollar investmentgrade widely syndicated credit facilities.

She has represented clients on financings in virtually every type of industry, including food and agribusiness, retail, health care, media/telecom, and gaming.

Jessica DeBruin is a principal in the firm’s Commercial Finance Group. She represents banks and other commercial lenders in documenting, negotiating and performing due diligence for asset based and cash flow loans. Additionally, DeBruin has worked on a wide range of credit facilities, private placement note offerings, securitizations, and leveraged leases on behalf of borrowers, issuers, lenders, equity investors, lessees and lessors.

DeBruin was a presenter at Strafford Publication’s CLE teleconference “Deposit and Security Account Control Agreements Under the UCC” in March 2009. She is admitted to practice in Illinois and is a certified public accountant. DeBruin received her law degree from New York University School of Law in 2000 and her B.S. in accounting, with honors, from the University of Illinois at Urbana-Champaign in 1997. At New York University, she was the Senior Articles Editor for the Annual Survey of American Law.

transactions, and Chapter 11 debtor-inpossession and “exit” financing facilities.

Mason has represented financial institutions in a variety of capacities, including as administrative and collateral agents, arrangers, letter of credit issuers, and members of bank syndicates in complex financing transactions for companies that are major national and international retailers, national grocery chains, steel companies, telecommunications companies, transportation companies, and manufacturers of a variety of products. Such financings often involve multiple layers of corporate debt and equity.

For more than 29 years, Bobbi Acord Noland has been engaged in structuring, documenting, negotiating and closing secured loan transactions for financial institutions, including complex syndicated credit facilities. She also has experience in structuring and closing international financial transactions involving both secured facilities and receivables purchase facilities. In connection with the representation of the firm’s lending clients, she also has been involved in various workouts and restructurings of financing transactions.

Valerie S. Mason is a member of the Banking and Finance department of Otterbourg PC and specializes in the representation of domestic and foreign banks, commercial finance companies, and hedge funds, in the structuring and restructuring of financing transactions, including revolving credit facilities and term loans for acquisitions, refinancings, and restructurings and general working capital needs, workout arrangements, acquisition financing, lender finance THE SECURED LENDER JUNE 2018 93

Restructuring

Professionals

Q&A

BY EILEEN WUBBE Restructuring professionals are one of the many partners enabling lenders to bring deals to fruition. Here, TSL’s senior editor speaks with several of the outstanding restructuring experts representing our industry: Jennifer Cann, managing director, Wells Fargo Retail Finance; Cheryl Carner, senior managing director, Crystal Financial; Carlyn Taylor, co-leader of Corporate Finance & Restructuring at FTI Consulting | TMT industry financial & business consulting expert; and Sandra Vrejan, partner, Morgan Lewis PC.

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What is it about restructuring that initially attracted you to the field and what has kept you in it?

TAYLOR: I was a telecom specialist at Price Waterhouse Coopers, then PwC, back in the ‘90s and worked on a ton of transactions and business plans and diligence and strategy engagements for private equity to build telecom companies. PwC, at the time, had the top restructuring practice in the U.S. One of the partners there asked me to do a pay-phone syndicate with him and I got involved in this case and I thought, ‘Wow, this is really fun; where has this been my whole career?’

The industry crashed in the middle of 2000 with the internet bubble burst.

I thought that restructuring was the most fun thing I had ever done in my consulting career. At the time, I had about 17 people on my telecom team, and I moved my whole team over into the restructuring practice.

I enjoy getting to be involved in all aspects of the business. I’ve done a fair amount of debtor work and some UCC work, but probably three-quarters of my cases, probably more than 100 out of 140 restructurings, have been secured lender. I enjoy secured lender the most, especially when, in my tenure, secured lender was usually the fulcrum, which wasn’t really necessarily good for the lenders. Those companies were crashing to such an extent that the secured lenders were the fulcrum. But it really did put you in the driver’s seat. We were in the position of having to make a lot of decisions about what to do with the companies and the operations.

CARNER: Restructuring is a piece of what I do at Crystal, but I got into the lending business by accident and, therefore, restructuring also by accident. I started my career in the retail industry and, a few years into it, joined a newly formed specialty finance company that was focused solely on the retail industry. That firm wanted to blend the industry expertise of former operators with the credit expertise of lenders. It was there that I started to

Jennifer Cann

Cheryl Carner

Wells Fargo Retail Finance

Crystal Financial

Carlyn Taylor

Sandra Vrejan

FTI Consulting

Morgan Lewis

learn about asset-based lending, borrowing bases and liquidity profiles. You can’t be a lender in the retail industry and not have experience in restructuring.

CANN: I actually got lucky and fell into this field. I interned at Gordon Brothers my senior year and was offered a fulltime job during my second semester.

Early in my career, I worked in different units of their business and I got into the tranche B lending business my last year there. That led me into lending money to retailers, which gave me credit experience in addition to appraising and liquidation of retailers.

From there, I was able to transfer my skill set to Wells Fargo where I became a credit analyst in their retail lending platform.

My position at Wells Fargo Capital Finance requires me to be involved in all lifecycles of our borrowers. Given my group is responsible for retail ABL prod-

ucts, I’ve had the opportunity to work on more than two dozen bankruptcies in my 17-year tenure. So, while not a restructuring professional per se, I’ve been involved in my fair share of this side of the business because the restructuring piece is an important part in our loans.

It helps us manage and underwrite new loans as we’re always learning the practical piece.

VREJAN: I started off my career by clerking for a bankruptcy judge. What attracted me to the restructuring field back then and still now, is in the restructuring field, nothing is ever cookiecutter. After practicing for 20-some-odd years, obviously you’ve learned a lot and seen a lot, but still restructuring is never routine or rote, partially because you get to apply your knowledge base across a number of different industries. That’s intellectually rewarding.

Oftentimes, in the restructuring field, professionals operate in emergency

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mode. As a lawyer, you are dealing with a critical moment for a client in a trusted advisor role from a strategic standpoint to help a situation move forward. You are very much conscious of the fact that what you’re doing is impacting lives. It’s impacting jobs, the health of the company, a client’s recovery and performance.

since the last recession. Many of today’s transactions contain layers of debt tranches secured by different collateral and lien positions that are interconnected. The inherent complexity makes restructuring that much more challenging and these structures haven’t been as tested in terms of workouts.

What are the key restructuring issues lenders need to be aware of in 2018 and moving forward?

CARNER: I think the two key issues, albeit not new, that I see companies

TAYLOR: First of all, the leveraged lending guidelines that were recently declared nonbinding guidance by the SEC and the Fed, they are likely to be revised or rescinded. Bank lenders

“On the complexity side, capital structures are more complicated, certainly so since the last recession. Many of today’s transactions contain layers of debt tranches secured by different collateral and lien positions that are interconnected. The inherent complexity makes restructuring that much more challenging and these structures haven’t been as tested in terms of workouts.”

— Cheryl Carner grappling with as they contemplate restructuring are time and complexity. Typically, companies don’t behave proactively in order to effectuate a turnaround strategy and therefore a successful restructuring. They are generally reactive to certain specific events and, in these cases, time is not on their side. There have been retailers recently who have been pressured to file unexpectedly due to outside forces.

In these situations, the options and opportunities for a successful outcome become more limited.

Given that the bankruptcy process has a much shorter timeline, which particularly impacts retailers due to the time period they have to accept or reject leases, there is the impetus to be proactive and file with a plan.

On the complexity side, capital structures are more complicated, certainly so

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seem to have already been pursuing deals that might have previously not been done by them or would have been criticized by regulators under those previous guidelines. Second, it looks to us like we’re in the tail end of one of the longest economic expansions in U.S. history, certainly recent history, and we know from the last cycle that a lot of the worst loans get made in the last year and a half or two years of the cycle.

Putting those two things together, we’re also seeing first lien secured loans now as a greater share of buyout financing than they were in the prior cycle, where junior debt and bond financing accounted for more of the capital mix.

So, when you put all those things together, I think we are seeing more risk-taking at the senior lender spot than in past cycles. And now a lot of funds, instead

of just banks, are heavily invested in the secured lender position.

In general, we think the secured lender position is becoming a little bit riskier and likely to be the fulcrum purposely or, more often than in the past, when we get to the next recession cycle. Right now, the thing to watch for, if you’re a secured lender, is making sure your eyes are wide open to the risks you’re taking.

A lot of secured lenders are doing it on purpose and willing to engage with that level of risk.

From a restructuring standpoint, we see more activity, not less, from our secured lender clients in restructurings, now and in the future, because of that greater risk position being taken at the first lien position.

CARNER: I agree with Carlyn’s views, and I think what has driven the riskier nature of secured debt today is the popularity of unitranche loans. There has been a proliferation of new nonbank entrants to the market in the last handful of years. These entities are not subject to these restrictions. In addition, with so much capital raised, there is tremendous pressure to put this money to work. It’s a classic supply/demand imbalance where competition has created more aggressive structures in terms of leverage and/or advance rates, looser covenants and lower pricing.

CANN: I think one of the biggest challenges happened to retail back in 2006 when the bankruptcy rules changed that stated all leases need to be rejected and it needs to happen within 210 days of a bankruptcy process unless approval is granted from the landlords otherwise. This changed the amount of time retailers could be in a bankruptcy process and ensure ABL lenders would have enough time to liquidate their collateral.

As retailers continue to build and grow their online platform and try to shrink their brick and mortar footprint, retail is becoming more of an omni-channel platform. This has had a huge result

in restructuring deals to restructuring leases. Many retailers find themselves in the situation to shrink their store footprint because they are not making the sales out of the brick and mortar any longer and are growing online.

The process, unfortunately, does not allow a lot of time for retailers to deal with renegotiating their leases, deal with their other debt, or find a buyer.

The time within a bankruptcy process is very tight. In order for asset-based lenders to insure they can be repaid, their focus is on the timeline.

VREJAN: There have not been huge changes in law in the past year. The tax changes have been important, but those have not impacted the restructuring field yet, so more to come on that.

Late in 2017, there were changes to how the U.S. Trustee calculates its quarterly fee. That issue is on my personal radar because the increase was significant enough to have an impact on carve-outs and to impact smaller-to-medium Chapter 11 filings.

Finally, from a restructuring standpoint, it will be interesting to watch the cannabis industry in certain states.

Because bankruptcy courts are federal courts, bankruptcy courts and bankruptcy trustees are prohibited from administering cannabis assets. That leaves a very big question mark in terms of restructuring in this field.

What trends are happening now in restructuring, either in general or within a specific sector you focus on?

TAYLOR: Within the media industry, we are seeing a number of media restructurings, with some of the larger bankruptcies going on right now, such as Cumulus and iHeart. We’ve seen a fair amount of distress relative to historical periods in the film and production industries. We’ve also seen more coming in the distribution of media and obviously, there’s print. For years print media has been going through a longrun secular decline, being disrupted by digital and the internet. So there’s this

long-run wave in print media. And then other traditional media like broadcast TV and radio are undergoing stress.

Some of them got overleveraged. Some of the ones in bankruptcy are not just because of the declines necessarily in their industry, but really because of the deals that got done in the past in combination with slow declines. A lot of media is now direct-to-consumer, and it’s disrupting many distribution channels that are built into the structure of the industry and into the

CANN: With retailers, given so many of them are highly leveraged right now, the biggest trend we’ve been seeing is the relationship and support from their debt holders. Last year we saw a number of companies that were able to emerge from bankruptcy with support from their debt holders. They converted a majority of their debt to equity and funded additional capital to insure that they would have the liquidity to emerge from a bankruptcy process with an improved balance sheet.

“With retailers, given so many of them are highly leveraged right now, the biggest trend we’ve been seeing is the relationship and support from their debt holders. Last year we saw a number of companies that were able to emerge from bankruptcy with support from their debt holders. They converted a majority of their debt to equity and funded additional capital to insure that they would have the liquidity to emerge from a bankruptcy process with an improved balance sheet.”

— Jennifer Cann capital structures and debt stacks of a lot of companies.

CARNER: Whether it’s healthcare, energy, media or retail, change is what will always lead to some level of restructuring activity, even for industries that historically have been stable. It might be a situation of slower evolutionary change, as just described, due to the dynamics of an industry’s demand drivers. Or, the change may be of a revolutionary, crisis-oriented nature. For example, when the price of oil plummeted, that led to substantial levels of restructuring activity in 2015 – 2017 in that sector. It’s just a question of whether it’s rapid change that people were unprepared for, or whether it’s a slow, continuous change.

We have also seen companies where the debt holders were not on the same page and it makes the process much more challenging to be able to find a buyer and exit bankruptcy. It’s much harder to have that happen versus having the support from your full capital structure.

VREJAN: There has been a large amount of activity in retail, closely followed by the energy field recently.

We need a little bit more time, based on where we are in the cycle, to have a clear picture of what the next trend is.

TAYLOR: Private equity-sponsored companies are also accounting for a growing share of Chapter 11 filings since 2016. In 2016, for example, they were only about 20 percent, and last

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year they were over 31 percent. In the first quarter of 2018 they were at 36 percent.

I think this is because of the wave of massive overleveraged companies coming through PE buyouts in a couple of the last cycles, because that’s a lot of the companies. At the same time, there is a greater share of the market capital of our economy becoming private equitysponsored. I don’t think that’s a bad thing; I think PE sponsors are generally better at running companies than public boards. They run more efficient compa-

them. I think sometimes private equity firms are willing to put in a little bit more money in order to get an exchange done, and that often works.

In terms of restructuring trends that we’re seeing at FTI, there’s been this interesting departure between default rates and restructuring activity. Default rates are very low right now and yet restructuring activity isn’t hot, but it’s certainly not super slow, it’s kind of moderate right now. We believe we at FTI are taking market share despite the proliferation of more restructuring firms

“I think this is because of the wave of massive overleveraged companies coming through PE buyouts in a couple of the last cycles, because that’s a lot of the companies.

At the same time, there is a greater share of the market capital of our economy becoming private-equity sponsored. I don’t think that’s a bad thing; I think PE sponsors are generally better at running companies than public boards.”

— Carlyn Taylor nies, but they tend to over-lever them and they’re more aggressive on leverage.

So, when they get into trouble, some private equity firms very much like the ‘kick the can’ option, trying to extend their options and, in some respects, it makes sense if you’re in a volatile industry. Maybe if you can just make it to the next frothy cycle, you might actually get somewhere, even though many other people think it’s inevitable. But you tend to see private equity funds extending the runway as long as possible just trying to play out their option.

When they do go through some sort of restructuring, even though we’re seeing more of them ending up in Chapter 11, you’re also seeing many more of them do out-of-court0-type exchanges.

They’re very proactive about trying to get that done. I’ve worked on a lot of

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and more boutiques in the industry and greater competition.

Part of that is the PE phenomena I discussed earlier that a lot of PE funds have bought middle-market companies and levered them with private debt, and those aren’t necessarily always rated.

There’s a lot of middle-market activity and we’re doing a lot of cases in $200 million to billion-dollar companies.

CARNER: I would add that different lenders in the same credit can have different views on whether a loan is impaired. Therefore, it can be challenging to make a connection to potential restructuring activity. It is often easier for lenders to “amend and extend” vs. taking the pain of a discount or write-off that may result from a restructuring.

What challenges have you faced being a woman in a male-dominated field and how have you overcome them?

CARNER: I have two challenges. One, I don’t play golf. Two, I don’t know much about other sports either. When you’re in a male-dominated industry, not that all men like golf and sports, and considering that many other topics (politics, religion etc.) should be avoided and sports isn’t an option, it can be a challenge to establish rapport and build relationships.

I did take up skiing, and that helped. I learned how to ski as an adult in my mid20s which was not easy, but I’m glad I did that. However, I have found two things that most people do like to talk about— vacations and their family. After being in this industry for 25 years, I can safely say that I have been able to navigate around this issue.

TAYLOR: Cheryl, that’s so true about golf. I used to play a little bit and I’m awful, but I would play scrambles with my own team, but not with clients.

Then I broke a bone in my right hand and any hope of ever playing is gone. I did learn to love football so I can talk a little bit about that but, I agree with you, it’s not the easiest thing.

I would say the hardest thing, though, for me and it was probably a little harder when I was younger, was inviting male clients or potential clients to a meal because you didn’t want it to be taken the wrong way. I had quite a few different sort of funny and not-so funny incidents when I was still in my late 20s. I made partner at PwC at 29 and was doing a lot of business development then and there were a couple of incidents, that I won’t repeat, that wouldn’t have happened if I’d been 45.

It’s just harder to be proactive in trying to network with people. The best networking is one-on-one and you want it to be very clear that it’s just about business and the vast majority of the time that’s pretty clear and it’s not a problem.

CARNER: No question that networking in a male-dominated industry can be

challenging. I have been fortunate to work with people and organizations where everyone was professional.

However, the #MeToo movement has exposed that many have had different experiences and it has created a heightened awareness around these issues. I have heard that some concerns about potential backlash where men may be hesitant to network one-on-one with women. I certainly hope that this dynamic does not become the case.

CANN: I’ve been fortunate to have great role models and mentors, both female and male, who have helped guide me throughout my career. However, I have faced my fair share of challenges and, to Cheryl’s point, one of them is being able to network and find commonalities, especially in a male-dominated field. That being said, whether male or a female, I believe, if you love what you do, you will find success in any challenge thrown your way.

VREJAN: I remember very well my very first time in court, being the only woman in the courtroom. That has definitely changed in my 20-plus years of practice, and that’s been nice because it’s always nice to see more diversity.

When you are starting your career, it’s helpful to see someone that you can identify with as a role model and it is helpful if you are lucky enough to have role models in both genders. I was fortunate in that eventually I ended up at a firm where there were a comparatively greater number of senior women so I consider myself one of the lucky ones because I had the opportunity to have both women and men as mentors.

Having the opportunity to compare different styles, different approaches to problem solving was valuable in career development.

What do you know now that you wish you knew at the beginning of your career?

TAYLOR: This one is a little more on how to make your career and your life work. I’ve gone to some fantastic

conferences and picked up things, and I really focus on how to make your life work, not just your work work. I hate to plug somebody’s book but I really loved it so muchl; it’s called The Power of Full Engagement. It talks about making sure that you run your life in a way that you have the most energy to do your best at work. That includes mental breaks, and knowing how your brain works, especially taking time in your life to exercise and work out. I had always been reasonably good at it, but between that book and one I read years

you can’t simply wait for your bosses to figure out what you need or what you want, and/or that you should be recognized. You have to ask for the promotion.

You have to ask for the raise or bonus.

You have to ask for new opportunities or more responsibility. . This concept also translates to asking for business from referral sources, potential clients, borrowers etc. I honestly only figured this out two to three years ago and no question would have been better off learning this critical lesson earlier.

“I’m naturally reserved or was naturally reserved and I wish I would have learned earlier in my career that reaching out to people was not an imposition. Having the confidence to ask for help, asking for advice, for opportunities. Somehow back then I never felt entitled to do it.

I viewed it as an imposition.”

— Sandra Vrejan

and years ago that said that exercise actually improves your brain, not just your body, it has been a huge help in my career. I now work out between five and seven times a week depending on my travel schedule.

CARNER: I’ll plug somebody as well -- a woman named Carla Harris. She’s a very senior person at Morgan Stanley, and I saw her speak at a women’s conference. What she was said was so simple and obvious, but yet so impactful: “You have to ask.”

So, perhaps it was me, or perhaps it’s a perspective that many women have which is: “I’m going to be committed and focused. I’m going to work twice as hard as anybody else, especially in a male-dominated field, and that’s how I’m going to get ahead.” But I’ve learned that

VREJAN: I’m naturally reserved or was naturally reserved and I wish I would have learned earlier in my career that reaching out to people was not an imposition. Having the confidence to ask for help, asking for advice, for opportunities. Somehow back then I never felt entitled to do it. I viewed it as an imposition.

CANN: I wish I realized that you don’t need to be perfect at everything. At the beginning of my career, I was always so focused on making sure I could do everything and I would never say no to anything. I would take on as many projects and responsibilities as I possibly could and sometimes doing that actually hurts you versus helps you. I think it’s more about how you focus and delegate; you don’t have to take

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on everything yourself. As a detailoriented person, I understand it is hard to delegate, but you really need to do that, not only for yourself, but to better the people that you work with. TSL Eileen Wubbe is senior editor of The Secured Lender.

Jennifer Cann is a managing director at Wells Fargo Capital Finance in the Retail Finance Division, a leading provider of secured financing to middle-market and large corporate retailers across the United States and Canada. Based in Boston, she is the leader of a team responsible for managing approximately $4 billion of loan commitments.

Jenn joined Wells Fargo Capital Finance in 2001. Prior to Wells Fargo, Jenn spent several years in the appraisal analysis and Tranche B lending groups with Gordon Brothers, a firm that helps retail businesses manage through strategic change.

Jenn holds a bachelor degree and an MBA from Suffolk University in Boston.

Cheryl Carner is senior managing director at Crystal Financial and is responsible for business development, originations and marketing strategy. She sources, structures and underwrites senior and junior secured debt financings for middle-market companies across a wide range of industries.

Prior to joining Crystal, Cheryl was a SVP with GE Franchise Finance focused on debt financings for private equitybacked restaurant companies. At CapitalSource, she led the Retail & Consumer specialty lending team and provided over $1.0 billion of commitments to private equity-backed retail, restaurant, apparel and consumer product companies. Her 20 years of experience in the financial services sector, began with Fleet Retail Finance and its predecessor entities.

Cheryl received her BBA at the University of Massachusetts at Amherst and her MBA at the F.W. Olin Graduate School of Business at Babson College.

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Sandra Vrejan represents borrowers and lenders in complex multinational finance transactions and financial restructurings.

Her diverse client base includes financial institutions, specialty finance companies, investment funds, and public and private companies in many industries.

She advises these clients in transactions involving multiple tiers of debt capitalization requiring complex intercreditor arrangements, syndicated leveraged transactions in asset-based and cash flow contexts, acquisition financings, and debtor-in-possession and exit financings.

Sandra serves of the Women’s Network Advisory Board of the Greater Boston Chamber of Commerce and she has also previously served as the hiring partner for Morgan Lewis’s Boston office.

Carlyn Taylor is the global co-leader of the FTI Consulting Corporate Finance & Restructuring segment, the firm’s Industry Initiative Leader and Chairperson of FTI Capital Advisors, FTI Consulting’s investment banking subsidiary, and is based in Denver. Carlyn is a widely recognized expert in financial and business consulting in the telecom, media and technology (“TMT”) industries. She has more than 25 years of experience leading hundreds of engagements involving strategy, business transformation, restructuring and transaction related services. Carlyn is a member of the firm’s Executive Committee.

As a trusted partner, Carlyn takes a collaborative approach in providing strategic counsel and transformative advice to optimize outcomes for an extensive roster of communications and media clients. She counts Level 3 Communications, AT&T, Windstream, Charter Communications, Earthlink, Sprint, Conde Nast, Hearst, Lightower, Securus Technologies, E.W. Scripps, Meredith, Media General, Postmedia, Trusted Media Brands, Fairpoint and Integra Telecom among her broad base of corporate clients. Her clients also include major financial institutions and funds such as JPMorgan, Bank of America, Goldman Sachs, Platinum Equity, Citigroup, HIG Capital, One Equity Partners, Tennen-

baum Capital, Anchorage Capital Group, GE Capital, Angelo Gordon, Morgan Stanley, TD Securities and Silverpoint Capital.

In the mergers and acquisitions (“M&A”) arena, Carlyn advises on all aspects of transactions across the deal continuum involving both healthy and financially distressed targets for diverse client interests, ranging from buyers and sellers to financing sources and private equity investors.

Carlyn has led more than 140 restructuring and bankruptcy engagements, advising debtors and creditors on cases such as Tribune Company, Charter Communications, Dex Media, Advanstar, Integra Telecom, Global Crossing, Hawaiian Telcom, Genuity, XO Communications, Williams Communications, Excite@ Home, Qwest, MFN, Allegiance Telecom, Teligent and Broadwing.

Sought for her vast industry expertise, Carlyn has provided expert witness testimony in dozens of litigations, arbitrations and other cases involving lost revenue and profits, valuation and telecom industry trends. Among her notable engagements are the bondholder litigation objecting to the BCE LBO transaction in Canada; multiple Delaware Chancery court appraisal actions involving telecom industry M&A; the minority shareholder litigation objecting to Carl Icahn’s buying the remaining public shares of XO Communications; the bondholder trustee litigation in Excite@Home; and defending Columbia/HCA against a multi-billion claim regarding a worldwide telecom contract.

Prior to her appointment as global co-leader, Carlyn founded and served as the National Leader of the firm’s TMT industry practice. Over a 20-year period, she built a leading TMT industry consultancy, which today is a global team of more than 120 professionals situated throughout United States and the United Kingdom. Carlyn joined FTI Consulting with the acquisition of PricewaterhouseCoopers’ (“PwC”) BRS group in 2002.

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CFA NEWS IN PRINT

Berkshire Bank: Jim Crumlish has been appointed vice president, asset-based lending and relationship manager. Crumlish will be tasked with continuing the growth initiatives by maintaining strong client relationships in the Mid-Atlantic region while implementing new strategies to build the ABL portfolio.

Crumlish comes to Berkshire Bank after seven years with PNC Business Credit progressing through the organization beginning with their credit training program, then subsequently moving on to field exam underwriting and most recently portfolio management.

There, he was responsible for structuring, underwriting and managing a $400 million-dollar portfolio of middle-market ABL credit lines.

“This addition of an experienced lender to Berkshire Bank is complementary to our existing commercial banking structure and market,” said, Mark Foster, EVP, asset-based lending manager. “It will allow us to provide products and services to a segment of the market which is attractive to us. Jim is an experienced and accomplished ABL banker who will bring us credibility in this competitive marketplace.”

Crumlish is located at 1787 Sentry Pkwy W #200 Blue Bell, PA. He can be reached at (215) 985-4400, Ext. 2781 or JCrumlish@berkshirebank.com.

CIT Group Inc. (NYSE: CIT) announced that its Capital Equipment Finance unit,

part of CIT’s Business Capital division and a leading provider of equipment financing, has added two new business leaders to enhance its direct origination capabilities and support business growth.

“With these appointments, we continue to build our originations team and solidify our position as a leader in the capital equipment finance sector,” said Eric Miller, group head and managing director of Capital Equipment Finance.

“As we continue to pursue our growth agenda, these additions will increase our origination capacity and supplement the world-class team we have already assembled.”

Craig DeMordaunt joins CIT as director of originations for the Mountain region based in Salt Lake City, UT. He has extensive experience in equipment finance across many industries as well as extensive knowledge and practice in deal structuring, debt markets and credit markets. Previously, DeMordaunt held origination and managerial roles at GE Capital.

Adrian Pysariwsky is rejoining CIT in Capital Equipment Finance as vice president, asset valuation. In prior roles, he worked in Commercial Finance at CIT Group, Tyco Capital, Newcourt, AT&T Credit, and AT&T Capital. Most recently, he was with MetLife managing leveraged lease and tax equity portfolio assets including commercial aircraft, rail, power plant, renewable energy, and commercial real estate.

The new hires will work with Gene Leary and Randy House, who joined Capital Equipment Finance in 2017 as the team was being expanded to support its growth objectives. Leary serves as director of originations, leads sponsor coverage nationally and is based in New York City. House is director of originations for the Southwest Region based in Dallas, TX. Capital Equipment Finance is a lead-

ing provider of equipment financing solutions. Working directly with middlemarket and large-cap businesses, the unit specializes in providing equipment loans and leases with flexible terms and rates tailored to the equipment and credit strength of the borrower.

Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of Dec. 31, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. Crestmark: Steve Hansen was promoted to senior vice president, Western Division sales manager from first vice president. Hansen, who reports to Morandell, is based in Houston, and works closely with Western Division president Pat Haney.

Since his promotion to Western Division sales manager in 2016, Hansen has consistently demonstrated strong leadership in the development of new business in the Western region, and has expanded Crestmark’s client base through his extensive product knowledge and his commitment to meet each client’s unique objectives. A 30-year veteran in the finance industry, he continues to grow and strengthen Crestmark’s presence in California and along the Pacific coastline.

Hansen joined Crestmark in 2009 as vice president, business development officer, and has been part of the Baton Rouge, Louisiana/South Region in Crest-

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mark’s Western Division. Before coming to Crestmark, Hansen was vice president for Summit Financial Resources. Earlier, he was vice president, business development officer for transaction-based services.

“Steve has been a key to our development in the West. His ability to identify talent, and his focus on coaching and building an improved new business development foundation, has already started to show positive results. This promotion is in recognition of that,” said Morandell. “Steve brings a strong grasp of Crestmark’s financial products and how they can help businesses, a deep commitment to helping clients, and solid leadership skills. Steve and his talented team of BDOs will work together to continue to build on our success in the West.”

Crystal Financial LLC, a provider of innovative debt capital solutions to middle-market companies, is pleased to announce the promotions of five of its team members. Cheryl Carner and Evren Ozargun have been promoted to senior managing director. Tyler Harrington and Kenny Smith have been promoted to managing director. Case Fedor has been promoted to assistant vice president.

Carner is responsible for business development and the firm’s marketing strategy. She sources, structures and underwrites senior and junior secured debt financings for middle-market companies seeking capital for acquisitions, growth capital, refinancings and/or restructurings. Prior to joining Crystal, Carner served in business development roles at GE Franchise Finance, and CapitalSource where she led the Retail & Consumer specialty lending team. Her 25 years of experience in the financial services sector began with Fleet Retail Finance and its predecessor entities. Carner received her B.B.A. at the University of Massachusetts at Amherst and her M.B.A. at the

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F.W. Olin Graduate School of Business at Babson College.

Ozargun is a team leader at Crystal, and is responsible for managing a team of underwriters and portfolio managers, as well as working closely with Crystal’s business development officers in assessing and structuring new deal opportunities. Evren joined Crystal in 2006 from Wells Fargo Retail Finance, where he was director of Audit and Appraisal.

Previously, he worked as a senior project coordinator at The Ozer Group and specialized in asset valuations and dispositions in various industries. He received his B.S. from Babson College.

Since joining Crystal in 2010, Harrington has focused on underwriting and portfolio management and has been involved with many transactions within the specialty finance industry. Before Crystal, Tyler worked at Cambridge Associates, a leading global investment firm that provides advisory, investment research, and investment management services across a number of asset classes. Tyler serves on the board member of the Turnaround Management Association’s Northeast Chapter. He received a B.S. in finance from Bentley University and is a CFA® charterholder.

Smith joined Crystal in 2011 and initially focused on underwriting and portfolio management. In 2015 he became a business development officer and is responsible for sourcing and structuring new transactions from private equity sponsors and other referral sources.

Previously, he held roles at Breakaway Ventures, JMH Capital and BDC Capital. Kenny serves on the boards of the Northeast Chapter of the Turnaround Management Association in addition to the New England Chapter of the Commercial Finance Association. He received his B.A. from Harvard University and his M.B.A. at the F.W. Olin Graduate School of Business at Babson College.

Prior to joining Crystal’s Atlanta office

in 2016, Fedor worked within the ABL Group at SunTrust Robinson Humphrey.

At Crystal, Case evaluates new transaction opportunities and provides research and analytical support on new underwritings in addition to portfolio management. Case received his B.A. and M.B.A. from the University of Kentucky.

Steve Migliero, co-CEO, Crystal Financial, said, “Our organization’s ability to solve the needs of its clients who need capital for growth and other critical business objectives rests in the talents and dedication of our team. Each of these individuals is an exceptional professional and has played a key role in Crystal’s growth.

“Crystal’s success is very dependent on the hard work and commitment of our team members who consistently source, underwrite and manage complex debt transactions.” “All of us at Crystal are fortunate to work with such terrific individuals and are confident that their abilities will play an important role in our continued success,” added Michael Pizette, Co-CEO, Crystal Financial.

Crystal Financial LLC, a portfolio company of Solar Capital Ltd., is an independent commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings (minimum of $10 million in fundings) to middle-market companies.

Its team of experienced, responsive professionals has underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries. www.crystalfinco. com.

Encina Business Credit, LLC (EBC): Brian Banning has been appointed senior managing director of originations with responsibility for leading new business development activity in Michigan and Ohio. Banning, who is based out of the company’s new office in Troy (MI), is a 25-year industry veteran who has

previously worked at Chemical Business Credit (formerly known as Talmer Business Credit), FirstMerit Bank, Citizens Bank, GMAC Commercial Finance and CIT Business Credit. Most recently, Banning served as senior managing director at both Chemical Business Credit and Talmer Business Credit, where he led the ABL groups for Chemical Bank and Talmer Bank, respectively. Banning can be reached at bbanning@encinaBC.com.

EBC also announced that Richard Lehrter has been appointed managing director of originations with responsibility for leading new business development activity in the Mid-Central Region, including Arkansas, Kansas, Missouri, Nebraska and Oklahoma. Lehrter, who is based out of the company’s new office in Tulsa (OK), is a 30-year industry veteran who has previously worked at First Midwest Bank, First Capital, Commerce Bank, UMB Bank and Comerica Bank.

Most recently, Mr. Lehrter served as senior vice president at First Midwest Bank where he was responsible for originating asset-based loans.

Lehrter can be reached at rlehrter@ encinaBC.com.

Encina Business Credit, LLC EBC announced that Michael Lustbader, Roger Tauchman and Chad Seyfert have joined the company as senior managing director of underwriting, managing director of underwriting, and director of underwriting, respectively.

Based in EBC’s Westport (CT) office, Lustbader is a 30-year industry veteran who most recently served as senior vice president and senior credit officer in the asset-based lending group at TD Bank.

Prior thereto, he held senior underwriting and risk management roles within the asset-based lending groups at GE Capital (where he spent 12 years) and The Bank of New York.

Based in the company’s Boston office, Tauchman is a 25-year industry veteran who most recently served as vice presi-

dent in the asset-based lending group at MUFG Union Bank. Prior thereto, he held senior underwriting and risk management roles within the asset-based lending groups at GE Capital (where he spent eight years), Bank of America and Sanwa Business Credit Corporation.

Based in EBC’s Chicago headquarters, Seyfert is a 15-year industry veteran who most recently served as vice president in the asset-based lending group at The Huntington National Bank. Prior thereto, he held underwriting and risk management roles within the asset-based lending groups at Associated Bank and First Business Capital Corp.

Launched in March 2016, EBC is an independent asset-based lending platform targeting middle-market borrowers in the U.S. and Canada. The firm provides revolving lines of credit and term loans ranging in size from $5 – $100 million and secured by accounts receivable, inventory, machinery and equipment and real estate. The platform lends to both privately-owned (sponsor and nonsponsor) and publicly-traded companies across a wide range of industries, including manufacturing, retail, automotive, oil and gas, services, distribution and consumer products. Borrowers use loan proceeds to fund working capital, acquisitions, refinancings, growth, restructurings/turnarounds, debtor-in-possession (DIP)/exit financings and other special situations. Positive cash flow is not a requirement.

ENGS Commercial Finance Co. (ENGS), an industry-leading commercial finance company providing equipment finance solutions to the transportation, construction and industrial equipment segments, as well as working capital and insurance products, announced that it has reached a significant milestone of funding $113 million in Q1/2018, representing 33% year-over-year growth, the highest origination quarter in the

company’s history.

“We are thrilled with our continued growth as an industry leader in the commercial finance market,” said Craig Weinewuth, president and CEO of ENGS. “Funding in excess of $100 million in Q1 reflects the immense commitment, effort and support of our employees and stakeholders and we are dedicated to providing our valued partners and customers with the products and services that will continue to help their businesses thrive.”

“This substantial origination milestone is a remarkable achievement that ENGS is very proud of,” said Jim Freund, executive vice president of ENGS. “We look forward to a continued successful year in 2018, and believe in our mission of moving business forward.”

Gordon Brothers, the global advisory, restructuring and investment firm, announced that Chris Carmosino has joined the company as president, Valuations. Carmosino has over 30 years of commercial banking experience and joins the firm from Citizens Business Capital where he led the asset-based lending unit.

“As a long-time leader in the assetbased lending industry, Chris is uniquely positioned to understand the needs of our clients and evolve the business,” said Ken Frieze, chief executive officer of Gordon Brothers. “I look forward to his leadership, as we continue to grow our valuation practice across our industryleading platform.”

“It’s an honor to join such a wellrespected firm,” Carmosino stated. “I look forward to working with a firstclass team, building on Gordon Brothers’ strong heritage of asset valuation and disposition, and continuing to provide the market-leading insight lenders rely on,” he added.

Carmosino will replace retiring valuations president, Rick Schmitt, who

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assumed leadership of the group in 2015 following Gordon Brothers’ acquisition of AccuVal, a leading industrial appraisal company Schmitt founded and led for 30 years. Frieze commented, “Uniting AccuVal’s industrial capabilities with Gordon Brothers’ historical strength in retail and consumer products formed the world’s leading appraisal practice. I thank Rick for his leadership, and wish him the best in his future endeavors.”

Gordon Brothers is the world’s largest appraisal firm serving the asset-based lending industry, with the most ASAaccredited appraisers. The company also maintains the largest database of industrial asset values and liquidation results. The firm has valued over $1 trillion of assets.

Since 1903, Gordon Brothers (www. gordonbrothers.com) has helped lenders, operating executives, advisors, and investors move forward through change.

The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four service areas: valuations, dispositions, operations, and investments.

Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial, and industrial sectors to put assets to their highest and best use.

Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston, with 25 offices across five continents.

Gordon Brothers, the global advisory, restructuring and investment firm, announced that it has expanded its presence in Australia with the opening of a Melbourne office. The firm entered the Australian market in the spring of 2017 in Sydney. Gordon Brothers’ Melbourne office will be led by Fenton Healy. Healy brings over 20 years of experience in

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asset valuation, advisory and asset sales programs.

“We’re excited to have boots on the ground in Melbourne. The timing of our entry and expansion is perfect as the need for more options for Australian businesses in transition increases,” stated Tim Stewart, head of Australia.

“Gordon Brothers’ balance sheet and experience navigating change will be incredibly valuable to companies seeking liquidity solutions through non-bank financing and asset sales.”

“This is an important next step in building our business in Australia, particularly in the retail capital of Melbourne.

It offers us the opportunity to build on Gordon Brothers’ historic success in retail as the industry undergoes significant structural changes,” said Healy. “Combined with our commercial and industrial expertise, strong appetite to deploy our own capital to deliver asset-based solutions, and asset advisory services, we believe we can assist corporates, financiers and their advisors as they implement transformation and turnaround programs,” he added.

Prior to joining Gordon Brothers in the fall, Healy held numerous sales, senior management, directorial and leadership roles at GraysOnline, where he was one of the original major shareholders. He has worked on some of the region’s largest disposition projects, including for Toyota, Procter & Gamble, Alcatel, Sunbeam Victa, Kirby Engineering, Huntsman Chemicals, Solectron, Email Metering, Colgate Palmolive, and Mitsubishi.

“Fenton brings a tremendous amount of expertise in crafting capital solutions for clients. The additional coverage we gain through his focus on Melbourne will provide an enhanced level of support to clients in this market,” Stewart commented.

Gordon Brothers is based in Boston and maintains offices in Sao Paolo, To-

kyo, London, New York, and Los Angeles, among others.

Hitachi Capital America Corp.’s Mark Duncan has been promoted to executive vice president and general manager of the company’s commercial finance business, and will lead all major corporate development initiatives.

In his newly expanded role, Duncan will lead Hitachi Capital America’s strategic planning, and have the responsibility of growing the company’s core businesses across North America via acquisitions, equity investments, and/or partnerships.

He will continue to oversee the company’s five commercial finance divisions: Business Finance, Structured Finance, Funding and Portfolio Services, Trade Finance, and Vendor Finance.

“Mark’s new position is indicative of his exceptional performance and keen business strategy,” says Hitachi Capital America president and COO Ryan Collison. “He’s been a key driver behind the growth and success of our Commercial Finance division and I’m confident that with his vision and execution, we will continue to see exceptional results.”

Duncan joined Hitachi Capital America in 2014 as the general manager of Structured Finance and was later promoted to senior vice president and general manager of Commercial Finance. He was previously with GE Capital, where he held roles of increasing responsibility, with the last being managing director of corporate development, where he helped grow the company’s corporate finance business through acquisitions, joint ventures, and investments through the sourcing, structuring, negotiating, closing, and integration of strategic transactions.

Magnolia Financial has announced the opening of a regional sales office in Brunswick, GA to expand its presence in the dynamic Coastal Georgia and North

Florida markets.

The Spartanburg-based company also announced it has hired Mike Parrish to head its new office. A longtime commercial finance industry executive, Parrish was most recently in commercial real estate.

He has held various business development positions for both regional banks and independent factoring / asset-based lending organizations. Parrish is a member of the Commercial Finance Association, International Factoring Association and the Risk Management Association.

“Mike has a proven track record of finding unique cash flow solutions for a diverse range of companies,” Magnolia Financial president Marc Smith said. “Mike’s addition to our team and his leadership in our new Coastal Georgia office will allow us to significantly increase our presence in that market.”

Monroe Capital LLC: Karin Kovacic has joined the firm’s originations team as managing director, East Coast Region.

Karin joins Ben Marzouk and Lee Stern in the firm’s New York office.

Prior to Monroe, Kovacic was a senior vice president at Alcentra Capital Corporation, focusing on business development and deal origination. Before Alcentra, she led CBIZ, Inc.’s growth, business development and marketing efforts in the New York Metropolitan area. Prior to CBIZ, Karin spent four years as vice president at Fifth Street Capital, where she was responsible for Northeast region deal origination and marketing and business development efforts.

“We are very excited to add Kovacic to the Monroe Capital originations team,” said Tom Aronson, managing director & head of originations of Monroe

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Capital. “Karin has an accomplished career of over 15 years providing financing solutions to middle-market companies and brings with her many great relationships and a wide range of experience across multiple industries. She will help us continue to grow our robust direct origination platform that we have built throughout the U.S.” Kovacic is a board member and executive committee member of the Association of Corporate Growth (ACG) Global, as well as chairman of the ACG Connecticut Chapter.

Monroe Capital LLC (Monroe) is a private credit asset management firm specializing in direct lending and opportunistic private credit investing. Since 2004, the firm has provided private credit solutions to borrowers in the U.S. and Canada. Monroe’s middle-market lending platform provides senior and junior debt financing to businesses, special situation borrowers, and private equity sponsors. Investment types include unitranche financings; cash flow, assetbased and enterprise value-based loans; and equity co-investments. Monroe is committed to being a value-added and user-friendly partner to business owners, senior management, and private equity and independent sponsors. The firm is headquartered in Chicago and maintains offices in Atlanta, Boston, Dallas, Los Angeles, New York, and San Francisco. Monroe has been recognized

by Private Debt Investor as the 2017 Lower Mid-Market Lender of the Year; Global M&A Network as the 2017 Small Middle-markets Lender of the Year; M&A Advisor as the 2016 Lender Firm of the Year; and the U.S. Small Business Administration as the 2015 Small Business Investment Company (SBIC) of the Year. For more information, please visit monroecap.com.

People’s Capital and Leasing Corp.: Jeff DeYoung joined as regional vice

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president, responsible for the growth of the equipment sales finance markets in PA, NJ and DE. He will report to Ray McGowan, senior vice president, Equipment Group at People’s Capital and Leasing Corp.

His primary focus will be the transportation and construction markets.

DeYoung has spent the last 20 years working with companies that include Element, GE and Nations Bank/Bank of America.

DeYoung graduated from Temple University with a degree in business and marketing, and has been in the equipment finance industry his entire career.

He is an active member of the Association of Finance and Insurance Professional and Six Sigma Certified.

PNC Business Credit, the senior secured lending division of PNC Bank, N.A., announces three appointments to its senior secured financing team in the Upper Midwest and Western regions.

Luke Tripodi has been appointed senior vice president and business development officer for PNC Business Credit.

Based in Chicago, he has responsibilities for private equity and direct origination in the Minnesota and Chicago markets.

Tripodi joins the organization from BMO Harris Bank, where he spent the last 10 years, most recently serving as vice president for BMO’s asset-based lending group. He holds a bachelor degree in business and psychology from Illinois Wesleyan University.

Brian Caldwell, also based in Chicago, is now senior vice president and business development officer with PNC’s senior secured financing team. He is responsible for originating asset-based and cash flow loans for Chicago-based private equity firms. Caldwell joins PNC Business Credit from PNC’s corporate bank, where he served as senior vice president and senior banker responsible for new business development and

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relationship management for public and privately-held companies in Chicago.

He holds a bachelor degree from Miami University of Ohio and a master degree from the University of Chicago Booth School of Business, with concentrations in finance and accounting.

Jenna Shah is now vice president and business development officer for PNC’s senior secured financing team. Based in Seattle, she is responsible for originating asset-based and cash flow loans with middle-market companies and private equity firms across the Pacific Northwest. A 10-year PNC veteran, Jenna most recently served as a relationship manager in Chicago for PNC Business Credit. She holds a bachelor degree in fine arts from Temple University, where she also completed post-graduate coursework in finance.

PNC Bank, National Association is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking, including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. www.pnc.com Renasant Business Credit: Kevin Bishop and Jeremy Griffin have joined the ABL team as account executives.

“I’m very happy that we have added two exceptional young men to our ABL team,” said Mike Knuckles, the EVP and division manager. “As we continue to add to our client roster, it was imperative that we attract multi-skilled individuals who can service our existing and future clients in a way that enforces our relationship-driven approach to business lending. Kevin and Jeremy fit this

description perfectly.”

Renasant Business Credit, the Atlanta-based division of Renasant Bank, provides asset-based lending lines of credit from $2-$30 million to lower and mid-market companies throughout the Southeast.

Rosenthal & Rosenthal, Inc.: Joel Wolitzer was appointed as senior vice president in the New York office.

Wolitzer will be responsible for business development across the firm’s divisions.

The appointment is effective May 1, 2018.

Wolitzer is an experienced commercial finance executive, having spent the last 11 years at CIT Commercial Services, sourcing and developing new factoring and financing transactions with middlemarket companies. He began his career at CIT in the Management Associate Program and prior to his tenure there, Wolitzer served in a variety of roles across the financial services sector at both Simon & Schuster and AIG. “Joel represents the kind of fresh perspective and bright young talent that we’re committed to cultivating and developing at our firm,” said Peter Rosenthal, president of Rosenthal.

“Joel’s experience in business development will be a terrific match for our company as we continue to grow, and we’re thrilled to have him as part of our talented team.”

“Rosenthal is setting the industry standard for factoring, asset-based lending and purchase order financing,” said Wolitzer. “I’m thrilled to join the team, especially as Rosenthal continues its growth into new markets and sectors around the country.”

Rosenthal & Rosenthal (www.rosenthalinc.com) is the leading independent factoring, asset-based lending and purchase order financing firm in the United States. Founded in 1938 by Imre J. Rosenthal, the firm is now led by the second and third generations of the Rosenthal

family. As a privately held company, Rosenthal is committed to providing personalized service and flexible lending to clients across a broad range of industries. Rosenthal has offices in New York, California, Georgia and North Carolina.

Santander Bank: Wendy Devenish has been appointed to head the Bank’s foreign direct investment business in its Commercial Banking division. In this new role, Devenish is responsible for working with U.S. subsidiaries of foreign-owned companies that plan to expand their business operations in the U.S. She is based in New York City and reports to Robert Rubino, Santander’s co-president and head of Commercial Banking.

“As part of Banco Santander, a leader in international banking, we have the resources and know-how to help our clients do business around the world,” said Rubino. “Wendy’s deep industry knowledge and nearly 30 years of experience, coupled with Santander’s robust network connectivity across Europe and Latin America, distinguishes us from our peers and gives us a competitive advantage to help new and existing foreign-owned clients grow their businesses in the U.S.” Devenish comes to Santander from Wells Fargo, where she was a senior vice president and relationship manager responsible for growing the businesses of U.S.-based subsidiaries of foreign multinational companies spanning many industry sectors. Before Wells Fargo, she was managing director and head of network client coverage at the Royal Bank of Scotland where she was based in Stamford, CT and managed teams in the Americas that developed new business opportunities for U.S., Canadian and Mexican-based subsidiaries of foreign-owned companies.

Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, announced the appointment of two veteran California-based banking executives

to lead its new West Coast operations.

Joe Petitti will build and lead Signature Bank’s West Coast expansion as the newly appointed head of West Coast Operations while John (Jack) Knight was appointed to the post of managing director – cash management operations. They will be temporarily based out of the Bank’s recently opened accommodation office in San Francisco while building-out the Bank’s full service private client banking office at 201 Mission Street in downtown San Francisco.

In this new role, Petitti will spearhead the Bank’s expansion and strategy in California, including its efforts to attract seasoned, private client banking teams while Knight will be responsible for cash management products and services as well as day-to-day operational support of its West Coast activities.

Petitti has more than 30 years of banking and financial services experience. Most recently he served as executive vice president at First Republic Bank, responsible for all deposit acquisition strategies, including the preferred banking offices, private banking, online banking, consumer lending and client services. Previously, he was executive vice president and head of Retail Segment management for Union Bank.

Petitti has also held several other senior management positions with Innoventry, a fintech startup, Centurion Capital Management and California Federal Bank.

Knight also joins from First Republic Bank where he was national director of Preferred Banking, and led all of the private banking teams located in key U.S. cities. During his tenure, he also served as vice president of business services, handling daily operations, and client support for a range of commercial banking and cash management services. Knight also was senior vice president of Corporate Deposit Services at Union Bank, leading a team of deposit relationship managers in California and the Pacific Northwest. Prior, he was a senior vice president in corporate banking at Wells Fargo in Los Angeles.

Wells Fargo’s (NYSE: WFC) Middle Market Banking group announced that it has opened a regional office in Worcester, MA, rounding out the bank’s New England expansion. The bank has tapped 28-year banking veteran Deborah (Deb) Larsen to lead commercial lending operations in Central and Western Massachusetts.

The new commercial office marks Wells Fargo’s fifth in New England. The bank first launched the New England division in 2015 under the leadership of Boston-based Gregory O’Brien. Since then, the company has opened offices in Providence, Rhode Island; Portland, Maine; Manchester, New Hampshire; and now, Worcester.

Middle-market companies drive the U.S. economy as an important engine of job creation. More than 200,000 companies — mostly privately held — generate more than $10 trillion in annual revenues.

“Our mid-market commercial operations model is to have local representation backed by specialized resources, whether that’s industry expertise or specific financial capabilities that our bank can provide,” said O’Brien, New England division manager for Wells Fargo Middle Marking Banking. “We partner with those resources, wherever they may be located, to deliver comprehensive financial services and solutions to our customers.”

Larsen now leads Wells Fargo’s local middle-market banking business, which provides credit, treasury management, and deposit products and services to middlemarket companies with revenues of $20 million and more, from Worcester and North Worcester County to Springfield, MA. Reporting to Larsen is Ben Leonard, senior relationship manager, based in Springfield.

“Deb is an experienced commercial banker in this region and brings her passion for serving middle-market companies’ financial needs to our expanding Wells Fargo team in New England,” said O’Brien.

“She will lead this growing market with integrity, diligence, and commitment to serving our clients and community.”

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Larsen began her banking career in 1990 with First National Bank of Boston (predecessor to Fleet Bank and later Bank of America), managing credit and deposit portfolios for middle-market companies.

After nearly 20 years with Bank of America, she joined UniBank for Savings, where she served as a senior lender in commercial and business banking in Worcester.

A graduate of Worcester’s Assumption College, Larsen holds a bachelor degree in business administration and an MBA. An advocate for diversity in the workplace, she has been a guest lecturer in Assumption College’s “Diversity in the Work Force” course. Excerpts from her graduate research project, “Women in Leadership Positions” were published in three editions of “Understanding and Managing Diversity: Readings, Cases and Exercises” (C.P. Harvey and M.J. Allard, Pearson: Prentice Hall).”

About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy its customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investments, mortgage, and consumer and commercial finance through 8,200 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States.

Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Wells Fargo is No. 1 in total middlemarket banking share in the U.S. and has the most primary banking relationships with middle market companies with $25

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million to $500 million in annual sales.* With 140 offices in 38 states and four Canadian provinces, Wells Fargo Middle Market Banking provides local service and decision-making for businesses with $20 million to $500 million-plus in annual sales.

Asset-based lending, traditional secured loans, and capital markets provide access to working capital for day-to-day operations and growth. Expertise and services are available to specialty industries, including technology, food and agribusiness, healthcare, government, higher education, clean technology, and environmental services. Watch stories about successful middle-market companies at Wells Fargo Commercial Banking Success Stories. *Barlow Research Middle Market Rolling 8 Quarter Data 1Q2016-4Q2017 showing Wells Fargo’s competitive market performance among companies with $25MM-<$500MM in sales for both primary bank market share and total market share (primary + up to 3 additional banks used).

Deposit products offered by Wells Fargo Bank, N.A. Member FDIC. Wells Fargo: Sylvia Maggio, a 35-year banking veteran, has been named to lead its Austin, Texas, Middle Market Banking team as senior vice president and regional manager. Maggio replaces longtime market leader Mark Metcalfe, who accepted a leadership role within the bank’s Business Banking Group.

Maggio now oversees Wells Fargo’s local Middle Market Banking operations in Austin and Central Texas, providing credit, treasury management, and deposit products to mid-market companies with revenues of $20 million and higher. She leads a team of commercial banking experts that delivers a localized lending approach, providing more than 80 Wholesale Banking services to some of the area’s largest and most-recognizable companies in agriculture, energy, manufacturing, wholesale, retail, distribution, and technology industries.

“Sylvia has a long history of building trust and helping local middle-market companies succeed,” said Jonathan Homeyer, North Texas division manager for Wells Fargo Middle Market Banking. “Her expertise, integrity, and diligence will ensure that the momentum Mark has built serving Central Texas businesses continues.”

Middle-market companies drive the U.S. economy as an important engine of job creation. More than 200,000 companies — mostly privately held — generate more than $10 trillion in annual revenues.

In Texas, mid-market companies generate more than $500 billion in annual revenue.

Maggio is returning to Wells Fargo after leading the local commercial banking team at BBVA Compass. Before that, she worked for more than eight years at Wachovia Bank in Austin through its acquisition by Wells Fargo, building a commercial lending practice in Austin. From 1984 to 2003, Maggio held leadership roles in Business Banking and Commercial Banking at Bank of America.

Maggio graduated summa cum laude with a bachelor degree in economics from Texas Tech University in Lubbock, Texas. She also attended the University of Oklahoma’s Graduate School of Banking in Norman, Oklahoma. Maggio serves on the Thinkery Children’s Museum advisory board, and has volunteered on the Hospice Austin and Breakthrough Austin fundraising committees.

Like Maggio, nearly 20,000 Wells Fargo team members live, work, and support customers and the community in Texas. In 2017, they also volunteered 160,149 hours and donated nearly $4 million in communities statewide. Wells Fargo donated more than $13 million to Texas nonprofits and schools that same year, including nearly $5.7 million for community development, financial literacy, housing, and small business projects.

CHAPTER NEWS Atlanta The Chapter held its 15th Annual Braves Outing on May 17 at SunTrust Park, featuring the Atlanta Braves vs. the Chicago Cubs. Attendees enjoyed plenty of pre-game festivities with food, drinks and snacks. On May 18, the Chapter held its 10th Annual Tennis Outing at Bridgemill Athletic Club in Canton, GA. For more information visit community.cfa.com/atlantachapter California On May 2, the Chapter held a golf outing at The Links at Terranea in Rancho Palos Verdes, CA. The Chapter has many additional events slated for 2018 including: a Summer Party at The Standard Rooftop on July 11; a Hot Topic Panel Discussion at the Luxe Summit Hotel on October 3; the Annual Fall Golf Classic at Coyote Hills Golf Course in October; a Women of CFCC event on October 18 (location TBD); a sponsor panel or networking event at Center Club – Orange County on November 15 and the Holiday Party at the Sheraton Universal on December 12.

For more information visit community.cfa.com/californiachapter Charlotte The Charlotte Chapter’s YoPros and TMA NextGen groups enjoined an evening of Knights Baseball at BB&T Stadium on May 21. On June 26, the Chapter will host an Economic Outlook panel featuring John Silvia, Wells Fargo Chief Economist, at The Palm, Charlotte, NC. For more information visit community.cfa.com/charlottechapter

Europe The Chapter held a panel event entitled Compare and Contrast: ABL in Europe and the US on May 15 at Squire Patton Boggs in London. This event was held prior to CFA’s International Lending Conference.

Rich Gumbrecht, CEO, Commercial Finance Association, and Jeremy Harrison, regional group head – Bank of America Merrill Lynch and President of CFA’s Europe Chapter, provided welcoming remarks. Barry Bobrow of Wells Fargo Capital Finance followed with an update from a U.S. perspective, which led into a roundtable-type discussion with representatives from Europe to give the contrasting view. The panel consisted of Marc Finer, director, Debt Advisory, KPMG; Barry Bobrow, managing director, head of Loan Sales & Syndications, Wells Fargo Capital Finance; Tim Metzgen, managing director, Marlborough Partners, and Jacco Brouwer, director, AlixPartners. The event ended with a networking reception.

For more information visit community.cfa.com/cfaeurope Florida The Chapter’s Ft. Lauderdale Spring Happy Hour was held May 23 at Boatyard Restaurant, Ft. Lauderdale, FL. The Chapter’s Tampa May luncheon was held on May 30 at The Center Club in Tampa, FL. Dave Bevirt, vice president of Corporate Leasing and Strategy at Strategic Property Partners was the guest speaker, discussing the Tampa Water Street Project. He shared the plans for this massive development, the scope of the planned mixed uses, time frames and his view of its impact on the Tampa Bay region. On June 7, CFA Orlando had its Downtown Development Spotlight - City of Orlando and Downtown UCF event at the Citrus Club in Orlando, FL. The panel featured Brooke R. Bonnett,

AICP, director - Economic Development Department, City of Orlando; and Thad Seymour, Jr. Ph.D. vice provost - UCF Downtown.

For more information visit community.cfa.com/floridachapter Houston The Chapter held a Lunch and Learn hosted

by Winstead PC on Houston, TX on May 30. Registration was free to CFA Houston Chapter members. The Chapter will hold a e Panel Luncheon at Brennan’s in Houston on June 27. There will be a YoPro Networking Happy Hour at Kirby Ice House Houston in July (date was still to be determined as of press time).

For more information visit community.cfa.com/houstonchapter Michigan On April 12, the Chapter held its Cyber Security: Are You Protected? Event at Skyline Club in Southfield, MI. Andrew Sczygielski, an FBI special agent and cybersecurity agent, covered the increasingly important topic of cybersecurity. The evening included cocktails, hors-d’oeuvres and networking.

On June 14, the Chapter reserved a suite at Jimmy John’s Field in Utica, MI. For more information visit community.cfa.com/michiganchapter MidSouth CFA’s MidSouth Chapter held a Tax Reform Lunch and Learn at Burr Forman in Birmingham, AL on May 17. The Chapter will hold a golf outing at the Gaylord Springs Golf Links in Nashville, TN on June 26.

For more information visit community.cfa.com/midsouthchapter Midwest The Chapter’s 24th Annual Cubs Outing was held on May 23 at the Wrigley Rooftop Deck. On June 27, the Chapter, along with TMA/MBBI Milwaukee, will have

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an outing to Summerfest in Milwaukee, WI. The event will feature a private area, located above Louise’s, The Lake Deck, in the Water Street Brewery Building, where attendees will be able to network without the music being too loud, yet have all the atmosphere Summerfest offers. Fireworks begin at 9:30 p.m. and can be viewed from The Lake Deck. When the reception concludes, the fun continues.

Plan to stick around and enjoy the fest on your own as the Summerfest festival grounds are open until midnight where one can enjoy a variety of live music and entertainment.

The Chapter’s 29th Annual Golf Invitational will be held on July 19 at The Harborside International Golf Center.

For more information, visit community. cfa.com/midwestchapter Minnesota The Chapter hosted a Lunch and Learn, “The Downside of Cutting Corners: Lacking True Due Diligence,” on May 16 at Lake Monster Brewing in St. Paul, MN Speakers included Ryan Baker, director of operations, Capitol Lien, and Mandy Dietz, director of operations, Capitol Lien.

The Chapter’s Summer Social will be held on August 15 at The Minneapolis Club in Minneapolis. The Chapter will host a Lunch and Learn Series, titled “LIBOR in Loan Transaction,” and sponsored by Hellmuth & Johnson, PLLC, on November 14. The panel will discuss the future of LIBOR. More than one hundred trillion dollars of financial products use LIBOR as a reference rate. But after 2021 the UK will no longer require banks to submit LIBOR quotes. Avoid disputes/litigation by transitioning from reliance on LIBOR now. Presenters include Karl Johnson and Michael Howard of Hellmuth & Johnson, PLLC. For more information, visit community.cfa.com/minnesotachapter

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New England The Chapter hosted its Annual Golf Outing, which benefits the Ron Burton Training Village, on June 4 at Blue Hills Country Club in Canton, MA. For more information, visit community.cfa.com/newenglandchapter New Jersey The Joint NJCFA/NJTMA 2018 Golf & Tennis Outing was held on May 29 at the Essex County Country Club in West Orange, NJ and the 8th Annual Beach Party will be held at the newly rebuilt Donovan’s Reef in Sea Bright, NJ on July 19. On April 24, The Chapter participated in Chemo for Kids, designing super hero capes, and creating care packages for children undergoing chemo for the treatment of cancer.

Jersey Cares is a dynamic nonprofit organization that meets community needs by making volunteering in New Jersey easy and meaningful. Jersey Cares volunteers provide service to communities, including: mentoring troubled teens, reaching out to isolated seniors, working with the mentally and physically challenged, restoring the environment and assisting children with their schoolwork. Jersey Cares offers meaningful volunteer opportunities that showcase the rewards of civic engagement and address some of our communities’ most serious needs.

For more information, visit community.cfa.com/newjerseychapter New York The Chapter will host its Golf & Tennis Outing on July 23 at Bonnie Briar Country Club in Larchmont, NY. For more information, visit community.cfa.com/newyorkchapter Northern California CFA’s Northern California Chapter held its 22nd Annual Golf Tournament at TPC Harding Park Golf Course in San

Francisco, CA on June 4. There was a holein-one prize and dinner immediately followed golf.

For more information, visit community.cfa.com/norcal Philadelphia The Chapter’s 24th Annual Golf Outing was held at the Cedarbrook Country Club in Blue Bell, PA on May 14. The day included lunch, golf (18 holes), cocktails/dinner and networking. The JD Factors Beginners Clinic with a golf pro was on site for novice golfers. Beginners had a lesson with a pro prior to the outing.

For more information, visit community.cfa.com/philadelphiachapter Raleigh-Durham The Chapter held a CFA/TMA Spring Social at Lynnwood Brewing Concern in Raleigh, NC on May 15.

For more information, visit community.cfa.com/raleighdurhamchapter Southwest A Middle Market Update event was held on May 16 at Holland & Knight in Dallas, TX. Panelists included Amanda Cone, senior vice president, MidFirst Bank; Brian Conway, senior vice president, PNC Bank; Patrick Hammer, managing director, Patriot Capital; Eric Kimball, partners, Holland & Knight and Nemesio Viso, managing partners, Riveron Consulting. Ellen Smith, managing director, Riveron Consulting, served as moderator. A clay shoot at Elm Fork will be held on August 30.

For more information, visit www.cfasw.org.

For more information on CFA Chapters, please visit community.cfa.com/ch/chaptersmain

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June 5 – 6, 2018 CFA’s ABL Basics Virtual Workshop (online) Virtual Workshop

Paul Hastings LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.paulhastings.com. . . . . . . . . . . . . . . . . . Page 49 PNC Bank. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.pnc.com. . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 2 Prestige Capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.prestigecapital.com. . . . . . . . . . . . . . . Page 53 Rosenberg & Fecci Consulting LLC. . . . . . . . . . . . . www.rosenbergandfecci.com. . . . . . . . . . . Page 55

June 5 – 7, 2018 CFA’s Summer Loan Documentation Workshop Hahn & Hessen LLP New York, NY

Rosenthal & Rosenthal. . . . . . . . . . . . . . . . . . . . . . . . . www.rosenthalinc.com. . . . . . . . . . . . . . . . . . Page 57 William Stucky & Associates, Inc.. . . . . . . . . . . . . . www.stuckynet.com. . . . . . . . . . . . . . . . . . . . . Page 1 TD Bank. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.tdbank.com. . . . . . . . . . . . . . . . . . . . . . . . Page 63 Utica Leaseco, LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.uticaleaseco.com. . . . . . . . . . . . . . . . . . Page 112 Webster Business Credit Corp.. . . . . . . . . . . . . . . . . www.websterbank.com . . . . . . . . . . . . . . . . . Page 57

June 6, 2018 CFA Data Webinar (CFA Members Only) 12:00 p.m.-1:00 p.m.

Wells Fargo Capital Finance. . . . . . . . . . . . . . . . . . . www.wellsfargocapitalfinance.com. . . . Page 69 White Oak Global Advisors, LLC. . . . . . . . . . . . . . . . www.whiteoaksf.com . . . . . . . . . . . . . . . . . . . Page 73

June 7, 2018 CFA Florida - Orlando: Downtown Development Spotlight - City of Orlando and Downtown UCF Citrus Club Orlando, FL

June 19 - 21, 2018 CFA’s What’s it Worth?

All You Need to Know About Inventory Holland & Knight LLP Dallas, TX

June 27, 2018 CFA’s Midwest Chapter with TMA/MBBI Summerfest Summerfest Grounds Milwaukee, WI

June 13 - 15, 2018 CFA’s 3rd Chapter Leaders’ Summit Boston Park Plaza Boston, MA

June 26, 2018 CFA’s Philadelphia Chapter - 11th Annual Philadelphia Credit & Restructuring Summit The Union League of Philadelphia Philadelphia, PA

July 10 – 26, 2018 CFA’s Summer Underwriting Fundamentals - Tuesdays & Thursdays Virtual workshops

June 14, 2018 CFA’s Michigan Chapter Take Me Out to The Suite Jimmy John’s Field Utica, MI

June 26, 2018 CFA’s MidSouth Chapter – Golf Tournament Gaylord Springs Golf Links Nashville, TN

June 18 - 19, 2018 CFA’s Idea Exchange: Crucial Conversations in Secured Lending New York Marriott Downtown New York, NY

June 26, 2018 CFA’s Charlotte Chapter Economic Outlook, By John Silvia, Wells Fargo Chief Economist The Palm Charlotte, NC

June 19 - 20, 2018 CFA’s Foundations of Account Management Holland & Knight LLP Dallas, TX

June 27, 2018 CFA’s Houston Chapter – Panel Luncheon Brennan’s Houston, TX

July 11, 2018 CFA’s California Chapter - Summer Party The Standard Rooftop Los Angeles, CA July 19, 2018 CFA’s Midwest Chapter 29th Annual Golf Invitational Harborside International Golf Center Chicago, IL July 19, 2018 CFA’s New Jersey Chapter – Annual Beach Party Donovan’s Reef Sea Bright, NJ

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July 23, 2018 CFA’s New York Chapter Golf & Tennis Outing Bonnie Briar Country Club Larchmont, NY August 15, 2018 CFA’s Minnesota Chapter – Summer Social The Minneapolis Club Minneapolis, MN September 5 – 7, 2018 CFA’s Fall Advanced Field Examiner School Greenberg Traurig LLP Atlanta, GA September 5 – 7, 2018 CFA’s Operations Bootcamp Greenberg Traurig LLP Atlanta, GA October 3, 2018 CFA’s California Chapter Hot Topic Panel Discussion Luxe Summit Hotel Los Angeles, CA

November 14, 2018 CFA’s Minnesota Chapter – Lunch and Learn Hellmuth & Johnson, PLLC Edina, MN

November 15, 2018 CFA’s California - Orange County Event Sponsor Panel or Networking Event (TBD) Center Club - Orange County Costa Mesa, CA

November 28, 2018 CFA’s New York Chapter Holiday Party The Yale Club of New York City New York, NY

November 15, 2018 CFA’s New Jersey Chapter - Panel Event Joint with the NJTMA Tournament Players Club at Jasna Polana Princeton, NJ

December 11, 2018 CFA’s Atlanta Chapter with TMA – Holiday Party College Football Hall of Fame Atlanta, GA

November 19, 2018 CFA’s New Jersey Chapter – Holiday Party Venue location TBD

December 12, 2018 CFA’s California - Holiday Party Sheraton Universal Los Angeles, CA

December 6, 2018 CFA’s Atlanta Chapter Joint CFA/TMA Holiday Party Venue location TBD

Experience a whole new

October 8, 2018 CFA’s Atlanta Chapter - Golf Outing Pinetree Country Club Kennesaw, GA October 18, 2018 CFA’s California Chapter Women of CFCC Event Location TBD October TBD, 2018 CFA’s California Chapter Annual Fall Golf Classic Coyote Hills Golf Course Fullerton, CA November 7 - 9, 2018 CFA’s 74th Annual Convention Marriott Marquis San Diego Marina San Diego, CA

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First Vice President David Grende Vice President -Finance John M. DePledge Vice President Jeffrey K. Goldrich Co-General Counsel Jonathan N. Helfat Co-General Counsel Richard M. Kohn

CFA PAST CHAIRPERSONS AND PRESIDENTS

CEO & Secretary Richard Gumbrecht Executive Committee Bryan Ballowe Katherine Bell Gail K. Bernstein Barry Bobrow John M. DePledge Steven C. Gold Jeffrey K. Goldrich David Grende Richard Gumbrecht Michael D. Haddad Stewart W. Hayes Jonathan N. Helfat Lawrence E. Klaff Richard M. Kohn David B. Kurzweil Joseph Lehrer Kathleen Z. Lepak Robert Meyers D. Michael Monk Jennifer Palmer Andrea L. Petro J. Michael Stanley Peter York

CFA CHAPTERS

CFA MANAGEMENT COMMITTEE

President D. Michael Monk

Stephen L. Bakke

Deborah J. Monosson

Michael Coiley

Joseph F. Nemia

Richard J. Dorgan

Richard P. Palmieri

Walter M. Einhorn

David H. Pendley

John Fox

Andrea Petro

Norris S. Griffin

Robert S. Sandler

Michael D. Haddad

Peter E. Schwab

Mark A. Hafner

Michael D. Sharkey

Jack R. Hoekstra

Ronald C. Smith

Charles G. Johnson

Richard L. Solar

David J. Kantes

Bruce A. Sprenger

Keith Karako

Irwin Teich

Richard W. Madresh

Patrick B. Trammell

Michael Maiorino

Robert I. Weisberg

Atlanta Stacy Odendahl Crestmark Bank (609) 287-8229

Florida Chapter Anthony Brooks Central Bank (813) 549-4208

California Chapter Jason Anish Austin Financial Services, Inc. (310) 444-7939 (ext. 601)

Florida Chapter Nimit Kapoor Fifth Third Bank (407) 999-3036

Canada Chapter Robert Kizell RBC Capital Markets (416) 974-4061 Europe Chapter Jeremy C. Harrison Bank of America Business Capital +44 (0) 20 7996 4546 Charlotte Chapter Sylvia Stock Womble Bond Dickinson (704)816-0080

Florida Chapter - Tampa Lori Rodriguez Frazier & Deeter (813) 874-1280 (229) Florida Chapter - South Florida Max M. Toledo Bridgeport Capital (954) 345-5797 Houston Chapter Erik Konicki Statesman Business Advisors, LLC. (832) 558-3615

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Minnesota Chapter Michael J. Wolf MB Business Capital (612) 455-4244

New York Chapter Andrew Loughlin TD Bank (212) 299-5793

Midsouth Chapter Tania A. Daniel ENGS Commercial Capital (205) 690-2204

New England Chapter Justin Mills People’s United Business Capital (978) 739-0272

Northern California Chapter Brendan Cronin Arch + Beam (415) 252-2900

Midwest Chapter Joseph J. Fobbe MB Business Capital (312) 442-5130

New Jersey Chapter Heidi A. Ames North Mill Capital LLC (609) 917-6207

Ohio Chapter Adam Endsley JPMorgan Chase Bank (216) 781-4507

2018 Fundraising Campaign Chair Wade M. Kennedy McGuireWoods LLP

Foundation Officers William D. Brewer Winston & Strawn LLP

CFA EDUCATION FOUNDATION

Michigan Chapter Robert W. Bowles Bluewater (586) 255-8700

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2018 Foundation Board of Directors William D. Brewer Winston & Strawn LLP David Grende Siena Lending Group

John M. DePledge Citibank, N.A. Jeffrey K. Goldrich North Mill Capital LLC David Grende Siena Lending Group

Richard Gumbrecht Commercial Finance Association

Richard Gumbrecht Commercial Finance Association

Charles G. Johnson Commercial Finance Association

Charles G. Johnson Commercial Finance Association

David B. Kurzweil Greenberg Traurig, LLP

Wade M. Kennedy McGuireWoods LLP

D. Michael Monk Amerisource Funding

David B. Kurzweil Greenberg Traurig, LLP

Andrea L. Petro

D. Michael Monk Amerisource Funding

DON’T MISS CFA’S 2018 EVENTS! WWW.CFA.COM

Philadelphia Chapter Michael P. Bonner (215) 564-8158 Raleigh-Durham Chapter Justin A. Wood Troutman Sanders LLP (919) 835-4138 Southwest Chapter H. Joseph Acosta FischerBroyles, LLP (214) 614-8939

Andrea L. Petro Greg Slowik Commercial Finance Association

Arnold Cohen Norton Rose Fulbright Ronald Glass GlassRatner Advisory & Capital Group LLC

2018 Foundation Governing Board Bobbi Acord Noland Parker, Hudson, Rainer & Dobbs LLP

Stewart W. Hayes Wells Fargo Capital Finance

Katherine Bell Paul Hastings LLP

Joseph A. Heim, CFE, CPA Dopkins ABL Consulting Services

Michael A. Boeheim Freed Maxick ABL Services Daniel D. Batterman Hahn & Hessen LLP Gail K. Bernstein PNC Business Credit Anthony R. Callobre Buchalter PC James C. Chadwick Holland & Knight LLP

James J. Holman Duane Morris LLP Seth E. Jacobson Skadden, Arps, Slate, Meagher & Flom LLP Barry L. Kasoff Realization Services, Inc. Wade M. Kennedy McGuireWoods LLP

Theodore L. Koenig Monroe Capital LLC Robert Lau Carl Marks Advisors Joseph Lehrer Citibank, N.A. Kevin Morley Osler, Hoskin & Harcourt LLP Paul Schultz Corporation Service Company John Ventola Choate Hall & Stewart LLP Jeffrey A. Wurst, Esq. Ruskin Moscou Faltischek, P.C. Peter York J.P. Morgan John T. Young, Jr. Conway MacKenzie

Howard Brod Brownstein The Brownstein Corporation

Robert D. Katz, CTP, MBA, CPA EisnerAmper

Massimo Capretta Mayer Brown LLP

Randall L. Klein Goldberg Kohn Ltd.

Andrew Cardonick Sidley Austin LLP

Christopher C. Kupec Holland & Knight LLP

Gregory A. Charleston Conway MacKenzie

Sidney Lambersky Sid’s Inventory Disposition Services

Jonathan M. Cooper Goldberg Kohn Ltd. David L. Dranoff Goldberg Kohn Ltd. Lawrence F. Flick, II Blank Rome LLP Joel Getzler Getzler Henrich & Associates LLC Thomas A. Greco Hilco Global

Susan E. Siebert Jones Day

Arnie Dratt Hilco Global

Graham H. Stieglitz Burr & Forman

Michael C. Eisenband FTI Consulting

Michelle White Suárez Holland & Knight LLP

Harvey I. Forman Blank Rome LLP

Jeffrey H. Verbin Greenberg Traurig, LLP

Richard Jay Goldstein Buchalter PC

Gary M. Zimmerman UCC Plus Insurance Fidelity National Title Group

Jonathan N. Helfat Otterbourg P.C.

Timothy M. Lupinacci Baker, Donelson, Bearman, Caldwell & Berkowitz, PC

Foundation-Founders Leadership Council Mark A. Alimena CohnReznick LLP

Mario J. Ippolito Paul Hastings LLP

Leonard Lee Podair Hahn & Hessen LLP Kenneth R. Pogrob Mazars USA LLP

Thomas J. Allison Monroe Capital LLC

Leigh Lones GenConnect Recruiting and Consulting

Joseph Hodkin Daley-Hodkin LLC

Ronald H. Jacobson Winston & Strawn LLP Martin I. Katz

Mitchell B. Arden Phoenix Management Services

Richard M. Kohn Goldberg Kohn Ltd.

R. Marshall Grodner McGlinchey Stafford PLLC

J. Tim Pruban Focus Management Group

Guy F. Guinn Squire Patton Boggs

Jeff Rogers McMillan LLP

Daniel Baker Chapman and Cutler LLP

Richard Hawkins AtlanticRMS LLC

Steven M. Rosenberg Rosenberg & Fecci Consulting LLC

Kris Coghlan FTI Consulting

Andrea Pipitone Beirne KPMG LLP

Bayard Brantley Hollingsworth Phoenix Management Services

Donald E. Rothman Riemer & Braunstein LLP

David Crumbaugh Latham & Watkins, LLP

Charles E. Levin McDermott Will & Emery, LLP

Thomas E. Schnur Vedder Price, P.C.

Shirley E. Curfman Seyfarth Shaw LLP

Michael W. Lissner Lissner Associates, Ltd.

Amar Shah The Keystone Group

C. Edward Dobbs Parker, Hudson, Rainer & Dobbs LLP

Charles G. Ludmer J.H. Cohn, LLC

FoundationAdvisory Board Denise Albanese Cost Reduction Solutions

Jason E. Bennett Winston & Strawn LLP Gayle A. Berne Jones Day Nelson R. Block Winstead PC

J. Craig Howe Howe, Keller & Hunter, PC Michael E. Jacoby Phoenix Management Services

Daniel J. Krauss, Esq. Hahn & Hessen LLP

H. Bruce Bernstein Sidley Austin LLP Jack Butler Birch Lake Holdings, LP

David B. Kurzweil Greenberg Traurig, LLP Kenneth A. Latimer Duane Morris LLP

THE SECURED LENDER JUNE 2018 115

David W. Morse Otterbourg P.C. Arthur B. Muir Jay G. Ochroch Fox Rothschild O’Brien & Frankel LLP Leonard Lee Podair Hahn & Hessen LLP Howard Rein Freed Maxick ABL Services Ronald B. Risdon Schulte Roth & Zabel LLP Jeffrey M. Rosenthal Mandelbaum Salsburg William H. Schorling Buchanan Ingersoll & Rooney PC Steven J. Seif, Esq. Hahn & Hessen LLP Baker A. Smith BDO Consulting Marshall C. Stoddard, Jr. Morgan Lewis Daniel D. Tiemann KPMG LLP Michael Trager RSM

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CFA DIRECTORS

the cfa brief

Robert Abraham Senior Vice President Lakeland Bank

Jay B. Atkins President Seacoast Business Funding Raffi Azadian CEO Azadian Group, LLC Bryan Ballowe Managing Partner TradeCap Partners

Randy T. Abrahams CEO & President RedRidge Finance Group

Milton H. Barbarosh President Empire Global Advisory Services, LLC

Joe Accardi NY/NJ Market Leader Santander Bank, N.A.

Robyn Barrett Managing Member FSW Funding

Denise Albanese Business Development Officer Cost Reduction Solutions

Charles H. Batson President & CEO First Business Capital Corp.

Roger Allen Chief Operating Officer LSQ Funding Sami Altaher Executive Director FGI

Martin Battaglia CEO Encina Business Credit Kevin Beeson EVP-Business Credit First Tennessee Bank

Jason Anish President & CEO Austin Financial Services, Inc.

Matthew R. Begley CEO MBMJ Capital LLC dba Continental Business Credit

Jon Anselma Managing Partner Paragon Financial Group

Eric Belk Vice President Match Factors, Inc.

Howard M. Applebaum EVP/Chief Lending Officier BHI

Katherine Bell Partner Paul Hastings LLP

DON’T MISS CFA’S 2018 EVENTS! WWW.CFA.COM

Gail K. Bernstein Executive Vice President PNC Business Credit Andrew Bertolina CEO Finvoice Arif Bhalwani Managing Director Third Eye Capital Corp.

William D. Brewer Partner, Co-Head of Corporate Lending Winston & Strawn LLP Patrick R. Brocker Senior Managing Director Peapack-Gladstone Bank Seth Brookman Lucosky Brookman LLP

Patrick Bickers Managing Director, Head of Originations Citizens Bank

Jeremy Brown Chairman RapidAdvance

Mark Bienstock Managing Director Express Trade Capital

Keith Broyles Senior Vice President, Team Leader – ABL Blue Hills Bank

Brian Birnbaum President Liquid Capital Corp.

Jonathan Bloom Director of Originations and Marketing Summit Investment Management, LLC Michael P. Bonner Partner Stradley Ronon Stevens & Young, LLP Robert W. Bowles Founder & Executive Director Bluewater Ben Brachot Managing Director Dwight Funding Mitch Braselton Partner BAM Worldwide, LLC

Christopher J. Calabrese Partner LBC Credit Partners Steve Capper Managing Member, CEO Flexible Funding Anne Capps Executive Vice President American Receivable Corporation Ryan Cascade Partner Ares Management LP Justin Chae President & CEO Prime Business Credit, Inc. Ronald Chang President UPS Capital Leon Chernyavsky Managing Partner Alleon Healthcare Capital

Martin Chin SVP, Head of Capital Finance City National Bank Carl C. Chrappa President Independent Equipment Co. Donald Clarke Asset Based Lending Consultants, Inc. Bruce L. Cohen Managing Partner Leland Capital Advisors LLC

Tania A. Daniel Managing Director, Factoring Division ENGS Commercial Capital Daniel R. Davis President & CEO Axiom Bank, N.A. Kevin Day Chief Executive Officer HPD Software, LLC

Wayne Coker President & CEO Advantage Business Capital

Arjan de Liefde Managing Director International Clients ABN AMRO Asset Based Finance

Daniel J. Cragg Partner Eckland & Blando LLP

Paul DeDomenico Co-Founder & CEO InterNex Capital

Paul B. Cronin Director KeyBank Business Capital

Hazen H. Dempster, Esq. Partner Troutman Sanders LLP

Becky J. Cronister President Action Capital Corp.

Bruce Denby Managing Director/ Group Head CIBC

Glenn Currin Managing Director Great Lakes Business Credit LLC Ryan Curry President and CEO TXP Capital LLC Robert Curtis President Gateway Acceptance Co. Brian J. Cuttic Senior Director Synovus Bank

Kenneth Dotson Managing Partner Alantes Corporate Finance

Tracy D. Eden Aaron Foglesong National Marketing Director Managing Director Commercial Finance Group Indigo Commercial Finance, LLC Tim Eichenlaub Division President Jeffry Foil Regions Business Capital President SevenOaks Capital Assoc., LLC Gary C. Epstein EVP, Chief Marketing Officer Mark Foster Hilco Global Senior Vice President Berkshire Bank Juan Estrada President & CEO Allen E. Frederic, Jr. Quickpay Funding, LLC Vice Chairman Republic Business Credit Jennifer B. Ezring Partner Joseph P. Gaffigan Cahill Gordon & Reindel LLP President TCF Capital Funding Carl Fairbank Founder & CEO William J. Gallagher Breakout Capital Finance, LLC Managing Partner CapFlow Funding Group Barry S. Fein Senior Vice President-Asset Kevin Garvey Based Lending Capital Partners Services Capital One, N.A. Corp.

Burt M. Feinberg Managing Director & Group Head CIT

Thomas X. Geisel EVP, President of Specialty Finance Sterling National Bank

Rich Flamang Walter Geist SVP / National Vice President Sales Manager American AgCredit Summit Financial Resources David Drogos Keith Gerding Managing Director, CS Lawrence F. Flick, II Managing Director Business Finance Partner Siemens Financial Services CapitalSource Blank Rome LLP Thomas A. Getty, Jr. Gregory Eck Jeffrey Fliegel SVP, Head of Asset Based Senior Managing Director Executive Vice President Lending - ABL Group Head BankUnited HSBC Business Credit Inc. Fifth Third Bank

Steven C. Gold President & CEO Allied Financial Corporation Frank S. Goldberg Chairman & CEO Briar Capital Jeffrey K. Goldrich President & CEO North Mill Capital LLC Kevin R. Gowen, Sr. President and CEO AmeriFactors Financial Group, LLC Raymond E. Green Sr. Managing Director WNB Specialty Finance David Grende President & CEO Siena Lending Group Neville Grusd President Merchant Financial Corporation Mark A. Hafner President & CEO Celtic Capital Corporation John Hagist Controller, VP Appraisal Services LOEB Cole Harmonson CEO Far West Capital Nick Hart President Sallyport Commercial Finance, LLC

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Lee Haskin CEO Crossroads Financial Steven G. Hastings Partner Chapman and Cutler LLP Richard Hawkins CEO AtlanticRMS LLC

Joseph F. Ingrassia Managing Director Capstone Capital Group, LLC Janet Z. Jarrett Managing Director, Head of Asset Based Lending SunTrust Robinson Humphrey

Ryan Jaskiewicz Stewart W. Hayes CEO Managing Director Wells Fargo Capital Finance 12five Capital, LLC Randi M. Hershgordon, CPA Jeff Johnson SVP ABL Division Managing Director Tech Capital, LLC Context Business Lending, LLC Stephen P. Johnson President Randolph S. Hicks Executive Vice President, J D Factors LLC Originations Nations Equipment Finance Harvey L. Kaminski President & CEO Prestige Capital Simon Hitzig Corporation Senior Vice President Accord Financial Inc. Harry J. Kaplun President Wade Hladky Frost Capital Group CEO & President Gulf Coast Business Credit Dan Karas EVP & Chief Brian Keith Holden Lending Officer Chairman and CEO TBK Bank, SSB A/R Funding, Inc. Layla Hollender President TradeRiver USA Lisa Hultz Vice President, Sales & Marketing Mazon Associates, Inc.

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Bradley S. Kastner Director-Business Development MidCap Financial Services, LLC Gary Katz Managing Partner Downtown Capital Partners, LLC

DON’T MISS CFA’S 2018 EVENTS! WWW.CFA.COM

Wood Kaufman CEO TBS Factoring Service, LLC

David B. Kurzweil Shareholder Greenberg Traurig, LLP

Stephen B. Lewis Managing Director Capstone Headwaters

Theresa Kelly EVP, Business Banking Director Flushing Bank

Kevin Laborde President Cash Flow Resources, LLC

Robert Love SVP and Group Director Signature Bank

Kee H. Kim Pres. & CEO Finance One, Inc.

Greg Lacker Managing Director Coastline Financial Services Group

Juan Antonio Lovera InCapital Financiera, S.A.

Sunnie S. Kim President & CEO Hana Financial, Inc.

Larry F. LaCroix Executive Vice President Avidbank

Edward P. King Founder & Managing Partner King Trade Capital

Dean I. Landis President Entrepreneur Growth Capital, LLC

Lawrence E. Klaff Sr. Managing Director Gordon Brothers Finance Company

Craig Larson Vice President Park National Bank

Michael P. Knuckles Executive Vice President Renasant Business Credit Theodore L. Koenig President Monroe Capital LLC Richard M. Kohn Senior Principal Goldberg Kohn Ltd. Jeanine A. Krattiger Director of Marketing Carl Marks Advisors Darryl Kuriger Head of ABL Capital Markets Bank of America Business Capital

David J. Lazar Scherzer International J. Brad Leach President and CEO Lighthouse Financial Corp.

Tony Lee Head of ABL Bank of the West Susan B. Leopold CFO Single Point Capital Darien G. Leung Partner Torys LLP David K. Levy President Utica Leaseco, LLC

Michael A. Maidy Co-Managing Member Sherwood Partners, Inc. Michael Maiorino President People’s United Business Capital Lawrence A. Marsiello Managing Director, Financial Services Investment Team Pine Brook Road Partners LLC James McArthur Executive Vice President Aegis Business Credit, LLC John McCauley President & CEO Virginia Commercial Finance, Inc. Douglas L. McDonald Managing Director Access Business Finance, LLC Steve McDonald President Trade Finance Solutions Andy McGhee CEO/President AloStar Capital Finance

Mark McGovern Senior Vice President Commercial Finance DLL Financial Solutions Partner Michael McKnight Owner Tacoma Capital, Inc.

Barry Morehead President Security Business Capital, LLC

Kevin Oâ&#x20AC;&#x2122;Hare President Scott Valley Business Capital

Nancy Morgan SVP/Manager SLG BBVA Compass

Darren Palestine Managing Partner Commercial Finance Partners

Thomas Meister Chief Operating Officer Neptune Financial Inc.

Duane Morrison Vice President Callidus Capital Corporation

Guelay Mese Head of ABL BNP Paribas

David W. Morse Partner Otterbourg P.C.

Mr. Douglas J. Meyer Senior Vice President Bank Leumi USA

Ramsey Naber Senior Managing Director Opus Bank

Gregory Miller-Jones Managing Director MUFG Union Bank, N.A. Tom Milowski Credit & General Manager Compass Equipment Finance, LLC Warren K. Mino President & COO Webster Business Credit Corp.

Rowena S. Mitchell General Manager International Trade Finance, LLC. D. Michael Monk Managing Partner Amerisource Funding Deborah J. Monosson President & CEO Boston Financial & Equity Corp.

Roshelle A. Nagar Counsel Weil, Gotshal & Manges LLP Joseph F. Nemia EVP, Head of ABL TD Bank Bobbi Acord Noland Partner Parker, Hudson, Rainer & Dobbs LLP Thomas Novembrino Executive Vice President Gateway Trade Funding Mark Oâ&#x20AC;&#x2122;Brien EVP Business Development & Underwriting Gemino Healthcare Finance

Jennifer Palmer President Gerber Finance, Inc.

Christine Reilly Chief Risk Officer LiftForward, Inc.

Bret Schuch Executive Vice President, Co-Division Manager Goodman Factors

Joel B. Rosenthal Co-Executive Manager Charter Capital Steven W. Roth President North American Capital Corp.

Michael W. Scolaro Managing Director and Group Head BMO Harris Bank Gregory L. Segall Chairman and CEO Versa Capital Management

Steve Sala Jim Pendergast Senior Vice President VP Business Development & GM The Southern Bank Transfac Capital, Inc. Company Andre Salvi Charlie Perer Managing Director and Head of Originations Head Asset Based Lending Super G Capital BMO Bank of Montreal-ABL Timothy Peters Principal and Co-Founder Steven Samson CNH Finance LP President MidCap Business Alice M. Peterson Credit, LLC COO Big Shoulders Capital Stacey J. Schacter Chief Executive Officer Samuel S. Philbrick Vion Investments President US Bank Asset Based Dennis Schlesner Finance President Presidential Financial Nick Pipilas Corp.

President Saint John Capital Ian Schnider Managing Director Neil Prendergast Fortress Investment SVP, Group Head, Asset Group Based Lending First Midwest Bank Roger Schoenfeld Acting Chief Operating Kannan Ramasamy Officer Chairman Franklin Capital Network Vayana Network, Inc.

Mark Seigel President Veritas Financial Partners Michael A. Semanco President and COO Hitachi Business Finance Eric Serenkin Sr. Vice President IDB Bank George Shapiro Chairman, CEO The Interface Financial Group David L. Shelnutt Manager of Structured Finance United Community Bank Charles Sheppard President Accutrac Capital Solutions Inc. Lee A. Shodiss EVP Capital Finance Bridge Bank Glen E. Shu President Bay View Funding

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Martin S. Silver Adam Stern Managing Partner and COO President IIG Trade Finance, LLC Advance Partners Derek Skea President Financial Carrier Services Kenneth J. Smith President BDC Capital Corporation Marc D. Smith President Magnolia Financial, Inc. Shapleigh Smith Managing Director Citibank, N.A. Tom A. Smith Vice President Riviera Finance Helena Sopwith Managing Partner Camel Financial, Inc.

John Stillwaggon CEO, USA Tradewind International Inc. Brent Stolzenthaler President & CEO AIM Business Capital, LLC Andrew H. Tananbaum Executive Chairman White Oak Commercial Finance, LLC Jason H. Tepperman Managing Director Promontory Local Credit Ruth Thieneman Director of Marketing Thermo Credit, LLC

Paul Tobias President J. Michael Stanley Mackinac Commercial Managing Director Credit the ABL Division Rosenthal & Rosenthal, Inc. of mBank William A. Stapel SVP Director of ABL Portfolio Management MB Business Capital

Max M. Toledo EVP/National Sales Director Bridgeport Capital

Einat Steklov Managing Partner, In-House Counsel Coral Capital Solutions

Steve Tomasello President Crestmark Bank

Paul Stemler President Global Technology Finance, LLC

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Charles V. Towle Managing Partner US Capital Partners Patrick B. Trammell President Southeastern Commercial Finance, LLC

DONâ&#x20AC;&#x2122;T MISS CFAâ&#x20AC;&#x2122;S 2018 EVENTS! WWW.CFA.COM

David Traverso Director Cortland Capital Market Services

Douglas K. Winget President Huntington Business Credit

Mac Trivedi Head of Financial Partnership The Credit Junction

Scott Winicour Co-President Gibraltar Business Capital, LLC

Stephen K. Troy Director and CEO AeroFund Financial, Inc.

Kelly K. Wu Cathay Business Capital

Brian J. Van Nevel Co-CEO SPECTRUM Commercial Services Ron Vanek President Marquette Business Credit Gaurang Vyas Founder and Managing Principal Rise Line Business Credit Ian Watson CEO, North America Bibby Financial Services Bill Welnhofer Managing Director and Partner Birch Lake Holdings, LP Kenneth L. Wengrod President/Co-Founder FTC Commercial Corp.

Ted West President Atlantic National Trust, LLC

Peter York Managing Director JPMorgan Chase Bank Robert Zurek Marketing Manager Wolters Kluwer Lien Solutions

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ADVISORY