Lenders Funding Announces Retirement of Harvey Friedman, Chief Operating Officer and Chief Credit Officer, and Appointment of John Benkovich

Great Elm Capital Corp.

After leading the organization’s operations and contributing dramatically to its growth and profitability as a unique specialty finance company for more than 18 years, Harvey will now serve as Vice President Emeritus while focusing on family and personal activities.

SAN DIEGO, Sept. 22, 2022 (GLOBE NEWSWIRE) — Lenders Funding, LLC, a specialty finance company of Great Elm Capital Corp., (“we”, “us”, “our”, the “Company” or “LF ) announced today that Chief Operating Officer and Chief Credit Officer Harvey Friedman will retire after leading its credit operations and general administration for 18 years. Upon retirement, Mr. Friedman will assume the role of Vice President Emeritus. Mr. Friedman has served the factoring and asset-based lending industry for over 45 years. Prior to joining LF, Mr. Friedman was Executive Vice President and Chief Credit Officer at Gibraltar Corporation of America (“GCA”), a wholly owned subsidiary of United Jersey Bank where, for 32 years, he managed a loan portfolio $900 million guaranteed. After GCA, Mr. Friedman served as Managing Director of Sterling Bank’s Asset Based Lending division. Mr. Friedman has continually provided leadership for the entire secured lending industry, filling a void in the private finance industry for the most part. As Vice Chairman Emeritus, he will continue to contribute to the growth and success of Lenders Funding and the specialty finance business of Great Elm Capital Corp.

“Harvey is a highly regarded industry professional who has contributed immeasurably to the development and business practices of the entire factoring and asset community and in particular Lenders Funding,” said Robert Zadek, founder and CEO of Lenders Funding. “It has been an honor to see Harvey be part of the evolution of the private finance industry over the past four decades, and his knowledge, commitment and commitment have made a profound difference that will have lasting impact. Equally important are the friendship and advice he gave me, which will continue despite his retirement.

“After 18 years, it’s been a fantastic overall experience with some of the best memories of my life,” Friedman said of reflecting on his tenure at Lenders Funding. “I am especially grateful for the franchise we have created and for all the industry contacts I have had the pleasure of engaging with in all aspects of the factoring industry. My sincere thanks go out to everyone, along with my firm intention to keep in touch and potentially contribute in new ways.

“On behalf of the specialty finance family of Great Elm Capital Corp, we are very proud to have had Harvey and his veteran experience on the team,” said Michael Keller, president of Great Elm’s specialty finance group. Elm.

In light of Mr. Friedman’s retirement, John Benkovich will join LF as Chief Operating Officer and Chief Credit Officer. Mr. Benkovich has over 25 years of industry experience, most recently as President of Millennium Funding, a factoring business which was acquired by Encore Funding. At Encore, Mr. Benkovich served as Executive Vice President for Credit and Underwriting. Mr. Benkovich began his career at Norstar Bank (now Bank of America) in the investment division developing a methodology to measure and mitigate the bank’s exposure to interest rate fluctuation risk and later served as switched to commercial lending with the Bank. Mr. Benkovich holds a BA in Business Administration from St. Michaels College and an MBA from Clarkson College.

“I have known John for 25 years and have respected his management skills and secured credit insight as we worked together in the factoring industry. We are delighted that John is helping us develop lender financing and I look forward to the transactions we will manage together,” said Robert Zadek.

Michael Keller added: “John is a proven and effective COO who has the support of the LF Board to drive Lenders Funding’s growth strategy with support from all of Lenders Funding’s specialty finance businesses. Great Elm.

About Lender Financing

Lenders Funding is a private source of financing and risk sharing for factors and asset-based lenders. It buys stakes in their non-recourse transactions or provides them with working capital under various flexible programs. Since its inception, Lenders Funding has worked with over 150 lenders and factors and provided hundreds of millions of dollars in financing. Additional company information is available at www.lendersfunding.com.

About Great Elm Capital Corp.

Great Elm Capital Corp. is an externally managed business development company that seeks to generate current income and capital appreciation by investing in income-producing debt and equity securities, including investments in specialist financial businesses. Additional information can be found at www.greatelmcc.com.

Caution Regarding Forward-Looking Statements

Statements contained in this communication that are not historical facts are “forward-looking” statements within the meaning of the federal securities laws. These statements are often, but not always, made using words or phrases such as “expect”, “anticipate”, “should”, “will”, “estimate”, “design”, ” seek”, “continue”, “up”, “potential” and similar expressions. All of these forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are: credit market conditions, the market price of GECC common stock, the performance of GECC’s portfolio and investment manager and risks associated with the general economic impact of the COVID-19 pandemic on GECC and its portfolio companies. Information regarding these and other factors may be found in GECC’s Annual Report on Form 10-K and other reports filed with the SEC. GECC undertakes no obligation and expressly disclaims any obligation to update any forward-looking statements contained in this communication or to conform any prior statements to actual results or revised expectations, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

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