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Medallion Financial Corp hires new business credit head

Taxi finance specialist makes key asset-backed lending hire.

Specialist lender, Medallion Financial Corp, has appointed Marc Adelson as president of its asset-based lending division, Medallion Business Credit, according to a statement by the firm.

Medallion specialises in lending to the taxi industry among other niche borrowing segments.

Adelson comes from Capital Business Credit, where he was chief executive and president. His experience includes co-head of CIT’s $7 billion asset-backed lending group as well as launching the asset-backed lending unit at Heller Financial, according to the statement from Medallion. 

“This is an exciting time for Medallion Financial as we expand our commercial finance presence to be the lender of choice to the small- to mid-market lending space,” said Andrew Murstein, the firm’s president.

Medallion and its subsidiaries have lent around $5 billion to the cab industry and other small business sectors, according to the statement.