John Lennon Music Manager Secures $500 Million for Expansion

Downtown Music Holdings, which helps songwriters and other rights holders manage their catalogs, expanded its credit facility with Bank of America Corp., securing an additional $500 million for lending to musicians.

Downtown gives artists an alternative to working with record labels that want to own their music. Founded in 2007, the New York-based company provides musicians with services like royalty accounting and distribution so they can release their songs all over the world.