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Financing America's Fastest Growing Companies TM
New Client Highlights
Amerisource is pleased to announce it closed and funded 13 new client relationships in November and December 2010. This brings Amerisource’s total 2010 new commitments to just over 56 million in funding.
Hospitality Staffing Company
A/R Finance Facility
Manufacturer of Electrical
- Company's consultant
- Hospitality staffing company; in business since 1994
- Company operating as debtor-in-possession under
Chapter 11 since early 2010
- Filed Chapter 11 bankruptcy in Spring 2010
- Company seeking tp refinance line of credit with its
existing lender under more favorable terms
- 2 business days; additional 4 days to fund
Amerisource was brought into this deal to provide financing under more favorable terms as part of the Company's reorganization plan. Approval turnaround was rapid. And, once approval was obtained from the Bankruptcy Court, the actual refinance and payoff was fairly quick as well. The Company can now shift its focus from reducing financing costs to serving its customers and growing its business! Read more.
- Company's consultant
- Manufacturer of porcelain electrical and insulation supplies; in business since late 1800s
- Company exiting Chapter 11 with confirmed reorganization plan, and in need of working capital financing to pay off the DIP lender and fund the Company's working capital needs
- Legacy costs from tax/pension liability still outstanding
- Nine business days; additional three days to fund
This was a real success story, as Amerisource refinanced the Company's DIP lender on more favorable terms and provided greater availability to fund the Company's growth. In addition, a subordination agreement was negotiated with the U.S. Government's Pension Benefit Guaranty Corporation. The Company's production lines are charged up again! Read more.
Monthly News Recap & Highlights
Business and Industry News
01/17 U.S. Private Equity Fund Raising Falls 16% in 2010
In a new report by Dow Jones, the industry leader has found that although overall private
equity fundraising is down for 2010, the fourth quarter showed significant growth and was up
19% from the fourth quarter of 2009. Read more.
01/12 Feds Arrest Seven Bank Employees in business loan scam
Palm Beach Post
A Boca Raton Man led a scam using his loan brokerage that resulted in ten million dollars worth of
fraudulent loans from area banks. Due to the scale of the operation, dozens more arrests are expected.
01/10 Lenders Take Issue with Terms of Small Business Lending Fund
Collections & Credit Risk
The newly-released terms of the Small Business Lending Fund are being met with mixed reactions
from industry executives. While some are optimistic about the program, others feel that the
terms are laden with traps such as Small Business Administration loans not being counted as small-
business lending; volatile interest rates and forcing institutions to find matching funds for any
money received. Read more.
01/03 Turnaround Pros: Economic Lift Steady but Slow
A recent study done by the Turnaround Management Association finds that members’ opinions
vary on just how and when we may see a turnaround in the economy. Factors such as heavy debt
in commercial real estate and the effect of reduced taxes on the public sector were cited as
main causes of uncertainty by members. Read more.
Amerisource Community Outreach
Amerisource and its employees are committed to giving back and enriching the communities in which we live and work. Recent contributions and support include:
01/14 Center for Hearing and Speech
A donation has been made to this institution that teaches children with mild to profound hearing loss
to speak rather than use sign language. CHS has helped thousands of children develop listening,
speaking and literacy skills needed to succeed in the mainstream hearing world.
01/11 Platelet Drive
Several Amerisource employees took the time time to help another in need during a recent platelet
drive. The individual who benefited from the donations has been struck by a catastrophic illness, and
credit was received due to these employees' selflessness.
01/03 Children's Scholarship Ball
Each year more than 300 children are the recipients of the proceeds of this Houston event - children
of all religious and ethnic backgrounds in need of financial assistance for infant care, day care,
after-school care, summer camp and special needs programs. Amerisource is pleased to contribute
to this worthwhile cause.
01/01 Workspace donation to Houston Junior Woman’s Club
Amerisource donated nearly 5,000 square feet of workspace to the Houston Junior Woman’s Club
for their use throughout 2011. The space will be used for the organization’s regular workshops
as well as storage and creation of crafts and centerpieces for the annual Holiday Happening,
which has helped the HJWC provide significant charitable financial assistance since its inception.
College Football Bowl Challenge
Congratulations to the winners of our annual College Football Bowl Challenge:
Greg Emminger - $1,000
WITJO - $750
Jim Padden - $500
Winners had the option to donate a portion of their winnings to the Texas Children's Cancer Center and all donations were matched by Amerisource. Thanks to all who participated. Information about the upcoming March Madness Basketball Challenge will be provided soon!
Percentage of the world’s oil painting that is done
in Dafen, China. The location is also known as the
“town of painting replicas;” nearly all of the
paintings are knock-offs.
Source: Business Insider
The average US worker puts in about this many
more annual work hours than they did in 1973, which
adds up to five extra weeks of work per year. If Americans
worked the same number of hours as they did in
the early 1970s, the working year
would end on about November 25.
Source: Huffington Post
The number of people who watched the
2010 Super Bowl, according to Nielsen.
Over $3 billion dollars
Expenditures during Nancy Pelosi’s term
as Speaker of the House, totaling 5.34
trillion dollars in new debt.
Largest projected world economy in 2050
Rising two places to the top, China is projected
to become the world's biggest economy by 2050.
While the demographic trend stops improving after 2030,
its growth through 2050 remains strong.
The number of Google Android devices being
activated daily, compared to the 150,000+
iPhones activated daily. More Android phones
are now in use in the US than iPhones.
The amount of methane gas that was released
into the Gulf of Mexico from April to July 2010. Only
0.01% (20 tons) still remains today. Deepwater microbes
have eliminated all but an estimated .01% from
the summer spill.
Source: USA Today
The average number of television sets
per US household.
Over $52 billion
Income from lottery-ticket sales in fiscal year
2009; a 0.9 percent drop from the previous year.
2009 also marked the first decline since 1998 in
ticket sales and significantly cut profits, leaving
states with less cash.
Percent of people under age 35 who say they’re
willing to take substation or above-average
risks in their portfolios, down from 48%
Source: CNN Money
The percentage of time spent on mobile phone
internet that is devoted to email. The next
highest-ranking activity? Social networking at 10.7%.
The number of years Japan was ranked as
the world’s second-largest economy
(1968-2010) — behind the US.
China took the #2 spot last year.
What’s Your Plan?
Every year at this time we are apt to look forward and make predictions. Fanciful types will dip into their eternal wellspring of optimism and declare, “This will be the year when everything finally falls into place!” For the rest of us mere mortal realists, we generally have a projection or a plan grounded in some sort of predictable measurement system.
(Cheers to the fanciful!) What’s your plan?
I wonder if Apple CEO Steve Jobs planned to take a medical leave of absence this year? Jobs’ precarious health situation and leave of absence have caused uncertainty in the brand and a drop in Apple’s stock value. How will Apple handle Jobs’ exit and will they continue to grow and innovate as they have while under his thumb? Apple performed very well during Jobs' last leave of absence, with a nearly 60% increase in stock price during the six months COO Tim Cook handled the responsibilities of Jobs’ position. The effects of Jobs’ newest absence remain to be seen, but one thing is clear, Apple isn’t successful by accident and it isn’t successful just because it has a plan. Apple is successful because it has a contingency plan; and more likely thousands of them.
Years ago, I could have shared my five-year plan with you on demand. Today, I’d struggle to give you my plan for next week. So what happened you ask? Life happened. I’ve learned that God’s sense of humor is substantially more powerful than my ability to plan; at least when it comes to long-term planning. So my planning is relegated to a series of contingency plans aimed at addressing things as they go wrong. And everything goes wrong, especially if you don’t have a contingency plan!
Apple’s contingency plan for Steve Jobs is Tim Cook. I wonder what Steve Jobs’ contingency plan is for Steve Jobs? What’s your contingency plan for you? What will remain after you’re gone? Hopefully it will be a deeply-rooted legacy left in something or someone far more important than a computer, a career, a big business or a small fortune.
Now, don’t get me wrong, it’s okay to have a few plans for your career or business. Just don’t get too attached to them. My business plan, for example, is the same as it is every year….work myself out of a job and make lots of money doing it! What’s your plan?
Founded in 1984 and with offices nationwide, Amerisource is one of the largest and fastest-growing independent commercial finance companies in North America. Amerisource provides working capital financing and outsourced management services to small and middle market companies with financing needs from $50,000 to $10,000,000.
Core products include asset-based lending revolvers, accounts receivable factoring, seasonal bank "over-lines", outsourced A/R, credit and collections management, debtor-in-possession ("DIP") financing, trade finance for importers, and export factoring.
Amerisource also provides portfolio management and servicing for banks through its private label program America's Back-Office for Lenders™, portfolio acquisitions and liquidations, and rediscount lines of credit.
Amerisource Funding, Inc. | 7225 Langtry Street, Houston, Texas 77040 | 713 863 8300
or 800 US MONEY
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