Coast Funding Closes Senior Credit Facility with Plains Commerce Bank
This milestone significantly enhances Coast's funding capacity, enabling the company to serve more clients, deliver faster approvals, and offer more competitive rates.
'This transaction is a meaningful endorsement of the strength of our portfolio, our underwriting discipline, and our team,' said Matt Price, Founder and CEO of Coast Funding. 'Plains Commerce has been a valued partner for the past three years. This facility is the natural evolution of our relationship and a critical step forward in executing our long-term vision.'
Earlier this year, Plains Commerce Bank introduced its proprietary Plains Pay platform—a modern treasury management solution designed to provide the fintech sector with efficient ACH, wire, payment processing, and warehouse lending capabilities.
'Coast Funding has demonstrated exceptional growth and a strong commitment to serving small businesses,' said Chris Wasmund, COO of Plains Commerce Bank. 'We're proud to support their continued expansion and be part of a partnership that helps entrepreneurs thrive.'
About Coast Funding
Founded in 2021, Coast Funding is a proven leader in alternative financing for businesses across the U.S. The company offers products including business lines of credit, short-term business loans, revenue-based funding, and equipment financing. Coast differentiates by combining best in class technology with an old school relationship-based approach. The company has an A+ rating with the Better Business Bureau and is rated 4.8 stars by TrustPilot. For more information, visit www.coastfunding.com.
About Plains Commerce Bank
Founded in 1931, Plains Commerce Bank is a privately held, FDIC-insured community bank headquartered in South Dakota. The bank offers a full range of commercial banking solutions focused on service, trust, and long-term partnership. For more information, visit www.plainspay.com.
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Miami Herald
13 minutes ago
- Miami Herald
New southern Haiti seaport, renovated airport spark Haitian trade mission to Miami
A new international port and an extended airport runway in Haiti's southern region are spawning hope of new trade and investment opportunities between South Florida and the Caribbean nation. That's the goal of a group of business leaders and investors from Haiti making the rounds in South Florida on Wednesday and Thursday to meet with key executives from the Port of Miami, Miami International Airport, the Beacon Council and the Greater Miami Chamber of Commerce. The visit comes as South Florida-based IBC Airways attempts to enter the Haitian market with charter and cargo service into the coastal city of Les Cayes. Jeff Lozama, a South Florida resident originally from Haiti's southwest area, says he's hoping the visit will yield greater connections and business opportunities for the region, which in January inaugurated the new International Port of Saint Louis du Sud and then three months later opened an extended runway at Antoine Simon Airport in the coastal city of Les Cayes. Both projects were carried out by the country's transitional government which, unable to make a dent in the crippling gang crisis, decided to focus on trying to boost the local economy of the southern region by bringing the two major infrastructure projects to fruition after years of being shelved by previous governments. In the case of the airport, which is named after a Haitian president who led a rebellion in the early 1900s, its 4,200-foot runway was finally extended to 6,000 feet after years of failed promises to accommodate some international flights. Last month, IBC Airways conducted a test flight, fueling hope that the region will be open to tourists once more. But despite reportedly having permits to conduct cargo and charter passenger flights for the southern airport, IBC has run into problems, leading the head of Haiti's National Airport Authority to take to the radio on Wednesday to refute accusations that the company was being blocked from entering the Haitian market. 'We are always ready to talk, to negotiate with anyone who comes with a permit,' Yves Ducarmel François, the director general of the airport authority, said on Port-au-Prince's Magik 9. 'We don't give permits, and whoever has permits we will accommodate them. Our job is to give people space so they can work.' François said a French firm is currently conducting a study on behalf of the airport authority to evaluate how the Antoine Simon Airport can become a true international airport capable of receiving Airbus jets carrying as many as 300 passengers. Also, the airport authority is preparing to sign an agreement with the private sector to have the airport operated as a public-private partnership. The airport currently receives about 180 passengers a day, all of whom come in on domestic flights operated by local carrier Sunrise Airways. A major challenge at the Les Cayes airport, François said, is its lack of space to accommodate international travelers. Regulations don't allow for domestic and international passengers to fly out of the same space, François said. 'The infrastructure has to respond to the norms,' he said. François said airport authority staffers were sent to Les Cayes to see how they could accommodate IBC Airways, and he's currently 'awaiting IBC so we can put the infrastructure in place' to assure passengers' safety. In the meantime, Lozama is hoping lessons can be learned from Miami-Dade County. 'We are trying to have very good business transactions … and connect our business environment with that of Miami-Dade County,' said Lozama, a member of the International Trade Consortium, which organized the visit. Lozama says he's not just hoping for trade and investments but he is also looking for an exchange of ideas as Haitians meet their Miami counterparts in maritime, logistics and airport infrastructure. Among those from Haiti expected to be part of the trade mission: Jocelin Vilier, the head of the National Port Authority; Jean Nathan Letang, the president of the Chamber of Commerce of Industry of Southern Haiti, and Cosy Joseph, an IT professional who worked in the U.S. and now heads Ideal Group S.A., which invests in agriculture and poultry farming. Joseph also sits on the board of the Chamber of Commerce of Women entrepreneurs and Professionals of Southern Haiti. Also joining the group will be experts in maritime and ports logistics, international consultancy and the head of the Collective of Chambers of Commerce and Industry of the Grand South. In addition to making connections, the visit will also offer opportunities to learn from Miami-Dade's experience in managing large-scale infrastructure projects and exchange ideas on development strategies in Les Cayes. Gerard Philippeaux, the executive director of the Miami-Dade International Trade Consortium, said he's confident of the mission's success. 'The Miami-Dade business community has international experience and will embrace the opportunities presented to them,' said Philippeaux. 'I applaud the members of this Haitian delegation for their fortitude in showcasing all the business and investment possibilities in existence in the southern region of Haiti.' While the Les Cayes airport is a government initiative, the port is a private venture. The vision of Pierre Leger, an agronomist and leading investor before his death in February at age 77, and Ann Hauge, an American who has been involved in Haiti for decades, the International Port of Saint Louis du Sud was finally inaugurated in January when the transitional government signed the necessary agreements to make it operational. The $6.5 million port can accommodate vessels up to 490 feet in length. Since its inauguration the southern port has received several ships including a vessel delivering cement from Panama and another with rice from Cap-Haïtien in the north. Though questions remain about the government's ability to put in place the proper security measures to prevent a possible gang incursion, the port is viewed as a positive development in a region where people are desperate for access to the outside world. On the day of the inauguration, Hauge called for support for the port in encouraging 'the economy of the Greater South to be unblocked without gangs, without insecurity.' The Great South encompasses four regional departments in Haiti: the South/ Southwest, Southeast, Grande'Anse and Nippes. According to the United Nations International Organization for Migration, the four areas are home to more than 497,000 people who have been forced to flee their homes by gangs. Unlike Port-au-Prince, which has been almost completely overtaken by armed gangs, the southern regions of Haiti remain relatively calm. Still, the gang crisis in the capital has led to the south's isolation— and a higher cost of living for residents as major roads and tourism remain cut off by the gangs. In 2021, Les Cayes and other nearby cities were struck by a 7.2-magnitude earthquake that killed more than 2,200 people and caused widespread destruction. Nearly four years later, the region of rolling green mountains and vast farmland still has not fully recovered.
Yahoo
21 minutes ago
- Yahoo
'Our platform, hardware, and game roadmap have never looked stronger,' Phil Spencer says, as Microsoft announces another round of mass layoffs at its gaming division
When you buy through links on our articles, Future and its syndication partners may earn a commission. An IGN report says Microsoft has begun a new round of mass layoffs across its gaming division, beginning with a 10% reduction—approximately 200 people—at social game developer King. Layoffs are also being announced at other European studios, according to the report, while US-based studios will be informed about job losses later today. Microsoft announced its intention to fire 3% of its staff, amounting to just under 7,000 people, in May; looming cuts to the company's game business were first reported last week. The company previously eliminated 10,000 jobs in 2023—just one year after it announced its intention to acquire Activision-Blizzard for $69 billion—and over 2,500 more in 2024. Which isn't to suggest that Microsoft is suffering greatly, or at all, for that matter. CEO Satya Nadella said the company put up "record performance" in its 2024 annual report: "We delivered over $245 billion in annual revenue, up 16 percent year-over-year, and over $109 billion in operating income, up 24 percent." It's going great in the company's Xbox division too, according to a memo sent to employees by Phil Spencer. A Microsoft representative confirmed with PC Gamer that the reported memo is accurate. "I recognize that these changes come at a time when we have more players, games, and gaming hours than ever before," Spencer wrote. "Our platform, hardware, and game roadmap have never looked stronger. The success we're seeing currently is based on tough decisions we've made previously. "We must make choices now for continued success in future years and a key part of that strategy is the discipline to prioritize the strongest opportunities. We will protect what is thriving and concentrate effort on areas with the greatest potential, while delivering on the expectations the company has for our business. This focused approach means we can deliver exceptional games and experiences for players for generations to come." Naturally, Spencer also said putting thousands of people out of work will "increase agility" at Microsoft, because of course he did. It's quite a thing to tell people that everything is going great and you're going to "protect what is thriving and concentrate effort on areas with the greatest potential," while simultaneously showing them the door. Microsoft's priority these days, lest there be any question, is AI: Nadella leaned heavily into the company's "AI platform shift" in the 2024 annual report, and Microsoft is also reportedly increasing pressure on employees to use AI tools internally. Is it a good sign when you have to basically threaten your own employees to get them to use the products you're basing the future of your company on? I'm not a billionaire CEO so I can't say, but I do wonder if firing people who make a product people want so you can divert resources into making a product that even your own people clearly don't want is a sustainable long-term strategy. A CNBC report says today's layoffs are part of yet another round of cuts at the company that will put roughly 9,000 people out of work. In a statement provided to PC Gamer, the Microsoft representative said the number represents less than 4% of the company's total workforce, and noted that the gaming division is being impacted by the cuts but does not represent the majority of them. "We continue to implement organizational and workforce changes that are necessary to position the company and teams for success in a dynamic marketplace," the spokesperson said. Sign in to access your portfolio
Yahoo
36 minutes ago
- Yahoo
Syria's aviation comeback struggles amid regional turmoil
Airlines are worried about the state of Syria's aviation infrastructure and management of the industry. Poor infrastructure, regional conflict, and sporadic Israeli airstrikes are holding back more airlines from returning to Syria, industry officials told Reuters, hampering efforts to rebuild a shattered economy after 14 years of civil war. This month, at least 11 foreign airlines are scheduled to fly into Syria, up from just three a year ago, as sanctions are scaled back following the overthrow of long-time leader Bashar al-Assad in December 2024. These include the world's largest international carrier, Dubai's Emirates, and the first two European Union-based airlines to fly into Syria since 2011: Romania's Dan Air and Greece's Air Mediterranean. But airlines such as Royal Jordanian, FlyDubai, Turkish Airlines, and Qatar Airways last month were forced to cancel many of their recently launched flights as airspace across the Middle East closed to civil air traffic due to air and missile attacks involving Israel, the US, and Iran. There are dangers closer to home, too. Israel carried out strikes against Syrian government forces in southwestern Syria for a second day on Tuesday, vowing to keep the area demilitarized and to protect the Druze minority there. At the same time, airlines are worried about the state of Syria's aviation infrastructure and management of the industry. "Progress is needed in regulatory oversight, infrastructure investment, and compliance with international safety and operational standards," industry body the International Air Transport Association said. Major carriers such as Lufthansa and Air France KLM, which used to fly to Syria pre-war, have visited Damascus airport to assess the infrastructure and former offices, officials at Damascus airport and Syria's aviation regulator told Reuters. However, both airlines told Reuters they had no current interest in resuming flights. Small Romanian airline Dan Air launched its Bucharest to Damascus route last month. "What held back operators until now were the logistical and regulatory complexities," Dan Air CEO Matt Ian David told Reuters, adding that eased sanctions would now make Syria more accessible. Emirates at the end of May resumed flying over Syria for the first time since the civil war, shaving up to an hour off a Dubai to Beirut flight. However, several countries, including the United States and Britain, still advise their airlines to avoid flying over Syria. Europe's aviation regulator EASA says, "there is a risk of both intentional targeting and misidentification of civil aircraft." Syria completely reopened its airspace on June 24, its civil air authority said. Damascus Airport's two runways were damaged during the civil war but have since been repaired. The airport was also looted during the chaos of Assad's fall. Alaa Sallal, director of public relations at Syria's Civil Aviation Authority, told Reuters a number of airlines had been to inspect security and infrastructure at the airport. "The airport's construction was dilapidated, the equipment was worn out and some missing," Sallal said. Radar equipment was lacking, leaving the country reliant on Lebanese or Turkish radar to monitor air traffic, he said. The head of Syria's General Authority for Civil Aviation earlier this month said it wanted to build new airports in Damascus, Aleppo, and in the country's central region. But that will take time and money that the war-ravaged country may struggle to find on its own. Airlines to resume flights under al-Sharaa's leadership The mostly Iranian and Iraqi carriers that served Syria through its long conflict have largely stopped flying there, reflecting a new political landscape after Iran- and Russia-backed Assad's overthrow. The flag carriers of Qatar and Turkey, countries that backed Syria's rebels through the war, were the first big airlines to resume flights in January under President Ahmed al-Sharaa's new leadership. Turkey, a close ally of the new government, has been helping improve Syria's airports, its transport ministry has said. Emirates, which resumes its Dubai-Damascus route from Wednesday for the first time since 2012, said flights would support ties with the United Arab Emirates and help Syria attract investment. Saudi budget carrier flyadeal has said it also wants to start flying to Syria soon, joining fellow Saudi low-cost airline flynas. For others, though, there may be less incentive to return as even pre-war Syria was not a major market for non-Middle Eastern carriers. Those that did fly there - Russia's Aeroflot, Air France, Lufthansa's Austrian Airways, LOT Polish, IAG's Iberia, Italy's ITA, Czech Airlines, and China Southern - have not yet returned. Despite the recent ramp-up, the number of international flights serving Syria remains well below pre-war levels. Scheduled flights in July were 58% of what they were in July 2010, Cirium data shows. IATA said the easing of sanctions had opened pathways to improved access to aircraft parts, maintenance services and some commercial transactions. However, visa restrictions on Syrian nationals limited passenger mobility and market growth. Solve the daily Crossword
