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Procurement and billing solutions firm Corentric has raised $315 million in capital.The funds, announced Tuesday June 13 , are in the form of a $250 million senior secured asset-based loan revolver from Bank of America and JPMorgan Chase, as well as a $65 million term loan via TCW Private Credit Group. Our ability to obtain this facility in todays intensely difficult credit envi stanley de ronment is a testament to the strength of our business model, Matt Clark, president and chief operating officer at Corcentric, said in a news release. This new capital will allow us to continue to grow our book of business and achieve our goal to give every customer the individualized attention they deserve through best-in-class financial software and expert guidance. The company said it will use the funding for general business growth and to support its managed accounts receivable solutions.Clarks comments about the credit environment comes as both consumers and businesses are feeling a credit crunch.For example, research by PYMNTS and Sezzle found that a significant share of consumers are credit marginalized, which means that theyve been rejected at least once when applying for credit products over the past yearMeanwhile, a recent Federal Reserve B stanley canada oard survey of senior loan officers showed that nearly half of banks had tightened loan standards for small businesses in th stanley website e past three months, with more than half anticipating even more tightening as the year progresses.PYMNTS latest quarterly study Hhjt Square Hopes To No Longer Indulge In Caviar
The consumer reviews service has had enough with the eCommerce giants subsidiary Amazon Local, accusing the company of stealing provider lists and other proprietary information.Angies List filed a federal lawsuit against Amazon late last week in Indianapolis, which alleges executives and other employees at Amazon Local signed up as Angies members in order to copy provider prof stanley website iles, member reviews and other information, The Indianapolis Star reported on Tuesday June 23 .According to t gourde stanley he lawsuit, the information gathered is being used to create a competing service to Angies List.Amazon Local has chosen not to devote the necessary time, resources and effort to compete legitimately with Angie List and to develop its own research to identify and solicit service providers to work with. Instead, Amazon Local and its employees have chosen the shortcut of surreptitiously accessing and misappropriating Angie List proprietary information, the lawsuit alleges.The lawsuit accuses Amazon Local of a myriad of bad behavior, including misappropriation of tr stanley france ade secrets, theft, computer trespass, civil conspiracy, violations of the Computer Fraud and Abuse Act and breach of contract, The Associated Press confirmed.The employees who allegedly stole the information are listed in the lawsuit as codefendants; among them are Amazon Locals product launch specialist, software development manager and several regional marketing consultants and account executives.An
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