Wednesday, October 20, 2010
Archive--October 20, 2000
You May have Missed---
Archive--October 20, 2000
American Business Leasing (gone)
Free Posting for those seeking employment in Leasing:
All “free” categories “job wanted” ads:
Commercial Equipment Lease, Eugene, Oregon (09/10) Part of Liberty Bank, Recently purchased by Home Federal Bancorp, Inc., Home Federal Bank, Nampa, to take on no new business. Most employees laid off, reports portfolio for sale.
First Trillion, Columbus, South Carolina (09/10) Reports will be open for business by end of year; Dwight Galloway not an employee, or employee of LEAF Financial, but staff of company is his former staff for many years.
MidWest leasing Group, Livonia, Minnesota (09/10) filed bankruptcy as does owner Curt McRea, in 2008, explaining in the Huffington Post: “Banks quit lending, and since we acted as a broker for our 3,000 customers, our business went down approximately 75 percent. Add to that the cost of operating a business building, health care for my employees and the increasing write-offs from my own customers and I was forced to close and lay off my four remaining employees. Personal guarantees on my business credit forced me into a personal bankruptcy and I started searching for work at age 58."
Main Street Bank, Kingwood, Texas (09/10) FDIC finds bank with Consent order: "...with the STIPULATION, the bank consented, without admitting or denying any charges of unsafe or unsound banking practices or violation of law or regulation, relating to management effectiveness, loan and lease review rating. Perhaps the strongest consent is the replacement of Thomas Depping as CEO, as the bank is given 90 days to find:
"A Chief Executive Officer with a demonstrated ability in managing a bank of comparable size and with experience in upgrading a low quality loan and lease portfolio.
Full Listing: Chronological:
Full Listing: Alphabetical
Sales makes it Happen---by Kit Menkin
Facebook for Clients
Most sales calendar memoranda to keep in touch with clients, whether an old fashion card index, a "call back" loose-leaf spiral binder, or software program, record certain information such as names of spouses, birthdays, other information, and as important, follow-up dates. One of the keys in building a relationship is remembering things about a client that you have in common or interest from baseball teams, other sports, hobbies, dogs, travel, music, wine, and what ties you have that interest your client.
The internet has developed software to the point when you log on to Amazon, for instance, they know what you bought in the past, what you might buy in the future, make you aware of new up-dates or books or music and bring up other items you were interested in the past. Act, Goldmine, Salesforce.com, there are many, take it a step further for creating sales.
You can take it to the next level with very little cost, bringing a better contact relationship that will increase your friendship, your sales, and also bring other business acquaintances together by utilizing Facebook. While LinkedIn and Plaxo may be good for introducing you to new friends and business associates or clients, the advantage of Facebook is to make it a select, private group, only accessible to those in your group. MySpace is also available, but to me it is more social than "businesslike."
Facebook allows not only information, but photographs and illustrations. It also enables those who join to screen what they want to receive and how often, and becomes a blog to communicate.
All this talk about getting advertising information from on line programs is ridiculous as Google does this on all your searches via your cookie, as well as every site that you visit. The serious part is making your personal information secure, which can be done using Facebook.
Whether you want to participate in creating an ad or playing one of the games or using other features is up to you. You can keep it "businesslike."
If you are more comfortable with LinkedIn or another site, where you can also have as many groups as you want, except that if you move to using more email or features, you then pay a fee, especially if you want many of the features and your goal is to market. In the approach I recommend, it is like having your own "blog" with information and the ability to communicate.
Of course, if you have the skills, you can create your own “blog” or use one of the programs available on line for free, or a small cost. Before going to this level, I recommend that you start out small, experiment with it on Facebook, then as you get comfortable, invite a larger number to join. If you don’t find Facebook your avenue, then move to creating your own.
Here is another veteran piece of advice: don’t let anyone in you don’t want to join your group of clients. Be very selective in the beginning. Especially don't add anyone who you don't know or doesn't fit into the group. As for security, please read the two articles below:
The 3 Facebook Settings Every User Should Check Now:
A Guide to Facebook’s New Privacy Settings:
Leasing Industry Help Wanted
Please see our Job Wanted section for possible new employees.
Small Business Definition 2010
Small businesses are getting a little bigger, thanks to new size standards from the Small Business Administration.
Effective Nov. 5, 2010, the change will make nearly 18,000 more businesses across 70 industries eligible for SBA programs which include loans and bidding on federal contracts.
SBA size standards vary by industry, and caps are typically set based on the number of employees or average annual receipts -- criteria that have been in place since 1984. The new size standards will increase the cap on average annual receipts, taking them from $7 million to as much as $35.5 million.
The change will benefit car dealers as they represent nearly one-third of the 18,000 newly deemed small businesses. Whereas the cap for car dealers used to be revenue-based, the new rule hinges on the number of employees: 200 is the limit. About 90 percent of all car dealerships will now be considered small businesses, some with revenues up to $120 million.
The new size guidelines are aligned with current economic and industry indicators and are meant to ensure that small businesses have the tools they need to grow and create jobs, since small businesses have created 65 percent of all the new jobs in the past 17 years and employ half of America's private-sector workforce.
((Please Click on Bulletin Board to learn more information))
NAELB Starts Part Two: Funder Task Force
The National Association of Equipment Leasing Brokers, in its continuing effort to assist the members with more funding opportunities has recently formed a new Funder Task Force.
This task force is the newest addition to the three part strategy created by Bud Callahan, President-Elect of the NAELB and adopted by the NAELB Board of Directors. The first was the Broker Exchange program two months ago(1), which has provided numerous brokers around the country with help getting deals funded and has already proved to be a huge success.
The task force held the first meeting this past week on Thursday, Oct. 14th. The meeting was focused on marketing to Leasing companies and community banks that exist outside of the NAELB, and invite them to join our association. With a strong emphasis on the $1.5 billion+ dollar opportunity the broker members of the NAELB can provide , the strong ethics of the NAELB, and the historical data showing the majority of the members have 10+ years in business, the task force is hoping to attract more funders.
A new brochure has been printed that captures the essence of the reasons it makes sense to do business with the professional brokers of the NAELB. A list of prospective funders has been drawn up and the task force will begin contacting them immediately. I am happy to say I am one of the Task Force members and look forward to talking to prospective funders.
Part two is the Funder Task Force as described above, and Part 3 will soon be launched. It is a classified advertisement section for Funder members who have repossessed equipment for sale. Our broker community can provide help with getting equipment items sold and establish new relationships with funders as a result.
Stay tuned for more exciting news from the NAELB.
Rosanne Wilson, CLP
(1) Broker Exchange Program:
NEFA Conference Best Ever
The National Equipment Financial Association (NEFA) annual fall conference / Funding Symposium was held at the Ritz Carlton, Buckhead in Atlanta Oct 14th – 16th. The turnout was 113 attendees who represented funding sources, service providers and broker / lessors. The welcome reception was Thursday evening with dinner and drinks served. Industry peers were consistently more optimistic showing that the tone and sentiment in our industry continues to evolve in a positive way.
Overall I feel that this was one of the best industry events that I have ever attended. Although the turnout was lower than in years past, the caliber of people involved and in attendance was very impressive. Our industry is truly populated by the best and brightest and those in attendance in Atlanta exemplified this.
"The overarching goal for the 2010 NEFA Funding Symposium was to bring the industry together to strengthen existing bonds and discover new alliances," said Chris Walker, CLP, 2010 Fall Conference chair and vice president, business development with GreatAmerica Leasing Corporation.
"I think we were extremely successful in recognizing this goal with our strong session content, robust exhibit hall and social networking events. I believe conference attendees will return to their respective businesses armed with the tools and insights needed to embrace the changes and challenges we are all facing right now."
Friday consisted of four educational sessions which were broken up by a luncheon discussion of general NEFA business matters. The opening keynote address was presented by Joe Terfler, EVP & CFO of GreatAmerica Leasing Corp. The opening session was titled “A Funding Market Primer” and was well done, well attended, informative, and thought provoking. Joe discussed the capital markets from a lessor’s perspective and some of the challenges faced by funding sources in their efforts to raise capital in a challenging market.
Following the keynote address were two concurrent breakout sessions. The first session was on fraud and steps that can be taken to avoid hits to a portfolio or commissions. This session was moderated by Norm Malkowski of Dakota Financial and the panelists were Mike Smith of RTR Services, David Normandin of ENvision Capital Group, Bryan Inman of Great American Insurance and Michael Green of Dakota Financial. This session touched on several real world examples of fraud and specific items for which to be on the lookout.
The concurrent morning session was focused on legal best practices for communications among lessees, brokers, and funding sources including the burdens and dangers of electronic discovery. The panelists were Robert Cohen of Moritt Hock Hamroff & Horowitz, LLP and Frank Peretore of Peretore & Peretore, PC. The panel discussed e-mail in the context of the Courts establishing rules for preserving information stored electronically. More and more e-mails are drafted informally and have become a major source of problems in legal matters. The panelists focused on steps that can be taken to avoid the unintended consequences of e-mails and rules regarding preservation procedures that must be adhered to.
The luncheon was largely moderated by Randy Haug of Lease Team who was the outgoing President of NEFA. There were numerous awards to NEFA members including the first annual Member of the Year Award which was given to Tara Aasand of Great American Insurance. Chris Enbom of Allegiant Partners was introduced as the incoming President of NEFA and the group in attendance voted on and approved the incoming Board of Directors.
Friday afternoon’s general session was titled “Credit Decisions in Today’s Market”. This session was moderated by David Normandin of ENvision Capital Group and the panelists were Chris Enbom of Allegiant Partners, Terey Jennings of Financial Pacific, Mike Przekop of Bank of the West, and Gary Souverein of Pawnee Leasing. Mr. Normandin had several timely and relevant questions prepared for the panel in advance. Topics discussed included credit criteria, specific credit scoring tools, credit bureaus, turnaround time benchmarks, and changes in decision models that have been implemented over the last two years. There was quite a bit of audience participation including discussion amongst the broker / lessors in attendance about best practices for credit submissions and specifically what should be included in credit packages to expedite the decision process.
Saturday morning featured two concurrent breakout sessions. The first session was titled “How to Develop, Build & Fund Mutually Successful Vendor / Dealer Programs in Today’s Market”. This session was presented by Dan Harkin of Horizon Keystone Financial and Chris Walker of GreatAmerica Leasing Corp. The focus of this session was on establishing value propositions, becoming an expert, and contributing within the industry by speaking at events and writing articles for industry publications.
The concurrent morning session was titled “Building Your Balance Sheet” and the panelists were William Ford of Ford Financial Services, Nancy Geary of ECS Financial Services, and Bruce Winter of FSG Leasing. This session presented an overview of the transition from broker to broker/lessor. Discussion centered around how equity is built within a business along with ideas about negotiating credit lines, portfolio servicing options, and tax obligations.
The closing general session was presented by David Weiner of The Alta Group and was titled “Social Media for the Equipment Finance Professional”. Mr. Weiner’s presentation was high energy and incredibly informative. He reviewed the LinkedIn profile of everyone in attendance in his preparation for this session and offered numerous suggestions on how to strengthen our brands and leverage social media technology as an additional marketing channel.
"Based on the positive feedback we have received from attendees, this year's Funding Symposium was the right venue for NEFA members to embrace the 'forging relationships' theme of the conference," notes Randy Haug, 2010 NEFA president and senior vice president and partner with LeaseTeam, Inc.
"You have to continue to invest, discuss best practices and mix with your peers in order move forward in this economy and I believe our attendees wholeheartedly embraced these opportunities during the conference. We are also extremely grateful to our sponsors, exhibitors and attendees for supporting this high-quality event."
The NEFA is planning additional educational and networking opportunities in the coming months, including the annual Super Regional, Nov. 14-15, 2010, in Teaneck, N.J., and the National Equipment Finance Summit, March 17-19, 2011, in Scottsdale, Ariz. Additional details for these events can be found online at nefassociation.org.
Brad Harmon, CLP
“Coming away from this meeting I have a good view and comfort level that the NEFA I know will be stronger than ever and will help me continue to grow my business by providing me with the network that build lasting trusted relationships with key people.
“There is not another association out there like NEFA. The board is made up of strong minded people and it will be nice to watch them in action as the years go by!
“Thought you would enjoy some positive information.”
Southern California Leasing, Inc
Leasing Conferences---2010 Up-Date
Shawn Halladay, the Alta Group, member of the Leasing News Advisory Board will be reporting on the Equipment Leasing and Financial Association for readers.
ELFA Convention registration is reportedly up 30% over 2009—a positive sign for the industry.
There are also two service projects to benefit the South Florida community that ELFA would like to attendees to participate in:
Sunday, Oct. 24:
“Build a Home, Build a Neighborhood: A Brush with Kindness,” an event with Habitat for Humanity of South Palm Beach County, 504 NW 9th Avenue, Boynton Beach, FL 33435, from 9 a.m. to 1 p.m. Currently 37 convention attendees are registered to work on one of two projects: construction of a home or home improvement services such as painting, caulking, landscaping, minor repairs and exterior clean-up. All work will be supervised by experienced volunteers.
“Build-A-Bike,” in partnership with The Boys and Girls Club of Broward County and the Leader’s Institute on the Grand Lawn of the Boca Raton Resort & Club from 2:30 p.m. to 4:30 p.m.. Each team of convention attendees will build one bike. Each bicycle is inspected before a child takes it home. For most of the children involved, ages 8 - 12, this will be their first bicycle. Each child will receive a new bicycle built by our attendees and a new bike helmet. Kids will be on hand to receive their bikes."
Leasing Association 2010 Conferences
Conference Agenda at this date:
November 12-13, 2010
To make hotel reservations by phone - Contact (714) 540-7000 or (714) 438-4923
To view Leasing Association Events-Meetings Open to All, please click here.
#### Press Release ##############################
Bank of the West Begins Servicing for Microsoft Financing
Portland OR ---- Bank of the West Managed Services said today the bank has begun to provide Microsoft Financing with complete portfolio management and servicing for its existing U.S. loan portfolio.
Eric Gross, Bank of the West Managed Services Director, said, "Managed Services is very pleased to partner with Microsoft Financing in the U.S. We clearly share their commitment to their customers and to providing them with best in class products and services.
“We selected Bank of the West on the basis of their experience, systems, financial strength and reputation,” said Seth Eisner, General Manager of Microsoft Financing.
“The standards of service required by Microsoft and our customers dictate we partner with a highly experienced portfolio manager and servicer with sophisticated systems and the flexibility and detail in reporting that a large portfolio requires.”
About Bank of the West Managed Services
Based in San Francisco, $61 billion-asset Bank of the West (www.bankofthewest.com) offers a full range of business, corporate, personal, trust and international banking services. Bank of the West's holding company, BancWest Corporation, is a subsidiary of BNP Paribas, among the six strongest banks in the world, according to Standard & Poor's.
About Microsoft Financing
Allegiant Partners Incorporated Purchases Distressed Situation Portfolio
San Rafael, Ca. –– Allegiant Partners Incorporated (Allegiant) purchased a portfolio of leases and equipment finance agreements from a mid-western independent leasing company. Allegiant completed the due diligence and sale within a two week period, allowing the seller’s bank to reduce exposure prior to the close of the third quarter.
“Allegiant has proven once again its ability to price, structure and close a multi-party portfolio purchase within a very short time frame,” stated Ben Carlile, President of Allegiant.
“Allegiant was involved in a $13 million, 450 contract purchase with two week close in Q3 of 2009 and we have followed up this year with a smaller 20 contract purchase in 2010. The company has ample liquidity and we are interested in situations with distressed sellers and/or distressed portfolios.”
Allegiant Partners Incorporated was established in 1998 as an independent equipment finance company. Allegiant excels in purchasing equipment leases and loans of $30,000 to $275,000 from leasing syndication sources, purchasing portfolios and direct financing through its division First Star Capital. For more information, visit allegiant-partners.com or call Ben Carlile at 415.451.4042.
Chris Enbom, CEO
ELFA New Business Council Steering Committees
Washington, D.C. – The Equipment Leasing and Finance Association has announced the results of the association’s September 2010 Business Council Steering Committee elections. The Business Council Steering Committees are the association’s primary constituent bodies. The committees are an integral part of ELFA's operations, providing critical input on the direction of the association and serving as a bridge between the membership and the Board of Directors and staff. The committee members are elected by the Business Council membership for a term of two years on a staggered basis.
The Captive and Vendor Finance Business Council Steering Committee represents companies primarily involved in vendor and manufacturer support activities, either as a vendor or a captive finance company. The committee analyzes the needs of companies in this segment and recommends to the ELFA Board of Directors how to meet those needs. The newly-elected or newly re-elected committee members for 2011 are:
Eric Gross, Committee Chair, Bank of the West
The Financial Institutions Business Council Steering Committee represents financial services member companies (commercial banks, investment banks, and multi-line finance companies) engaged in the middle market and large ticket sectors. The committee analyzes the needs of companies in this segment and recommends to the Board how to meet those needs. The newly-elected or newly re-elected committee members for 2011 are:
Lori Frasier, Key Equipment Finance
The Independent Middle Market Business Council Steering Committee represents independent finance and multi-line finance companies involved in transactions between $250,000 and $5 million, either individually or through lines. The committee analyzes the needs of companies in its segment and recommends to the Board how to meet those needs. The newly-elected or newly re-elected committee members for 2011 are:
Martha Ahlers, United Leasing
The Service Providers Business Council Steering Committee represents companies that primarily provide legal, accounting, software and systems support, and other specialized professional services for the equipment finance industry. The committee analyzes the needs of companies in its segment and recommends to the Board how to meet those needs. The newly-elected or newly re-elected committee members for 2011 are:
Jeff Dicosola, Great American Insurance
The Small Ticket Business Council Steering Committee represents companies primarily involved in transactions under $250,000, either individually or through lines. The committee analyzes the needs of companies in its segment and recommends to the Board how to meet those needs. The newly-elected or newly re-elected committee members for 2011 are:
James Elwood, Bank of the West
#### Press Release #############################
Plano, Texas---Adopt a Dog
“Petie is a cute and loveable dog who was lost and never found by his owner. He is about 9 months of age and so full of play and fun! He is good with other dogs. When inquiring about an animal, please be sure to use the animal identification number”.
Pet ID: A078181
Petie*'s Contact Info
Adopt-a-Pet by Leasing Co. State/City
Adopt a Pet
The rousing “Secretariat” and the nerve-jangling “My Soul to Take” present moviegoers with a contrasting double-bill of wholesome and creepy entertainments, while art-house sleepers (“I Am Love”), nature documentaries (“Oceans”) and witty comedies (“Please Give”) make for an exceptional DVD week.
Secretariat (Walt Disney Pictures): The crowd-pleasing Disney touch is everywhere in this energetic sports drama, set in Virginia in 1973. The fact-based story follows the underdog saga of Penny Chenery (Diane Lane), a housewife and mother whose life takes an exciting turn when she takes over Meadow Stables from her ailing father (Scott Glenn). That’s where she meets a colt named Secretariat, a remarkable animal capable of becoming one of the area’s champion horses. With the help of an eccentric French-Canadian trainer (John Malkovich), Penny enters the business of horse-racing, in the process challenging the industry’s sexist standards. Director Randall Wallace crafts a nostalgic atmosphere and sturdy racing sequences, but the movie’s strongest aspect is Lane’s graceful performance as a woman who finds faith and bravery in herself.
My Soul to Take (Relativity Media): An experienced hand at scary flicks, director Wes Craven (“Nightmare on Elm Street,” “Scream”) returns here to the thriller genre with his first horror movie in years. Taking place in the kind of sleepy yet creepy small town favored by Stephen King, the plot follows a local legend that predicts that a killer will return to slain the seven children who were born the night he was killed. It’s been nearly 20 years since the legend started, and teenagers all of a sudden start to disappear left and right. Adam (Max Thieriot) begins his own investigation. Can he uncover the culprit before he falls prey himself? Both a nerve-jangler and a metaphor for the fears of growing up, this is a treat for viewers looking for an early Halloween fright.
New on DVD:
I Am Love (Magnolia): One of modern cinema’s most striking actresses, Tilda Swinton often has trouble finding a role that does justice to her unique gifts. She finds just such a role in this terrifically stylish melodrama about a woman’s self-discovery. Swinton plays Emma, the Russian wife of a wealthy Milanese industrialist (Flavio Parenti). Swathed with furs and jewels, she nevertheless feels unfulfilled by life, until she meets Antonio (Edoardo Gabbriellini), a talented young chef who ignites her dormant passion. Letting the story unfold as a dry and witty comedy of social manners, writer-director Luca Guadagnino displays a luscious sense of visual style, as well as a sensitive touch for the characters. Best of all, he allows enough room for Swinton to shine her one-of-a-kind brand of light. The dazzling results make for one of the year’s best.
Oceans (Walt Disney): Arriving on the heels of Earth Day, this inventive, visually breathtaking documentary definitely cements DisneyNature’s reputation as a studio specializing on giving audiences fresh new angles of Nature. Taking over where the legendary documentarian Jacques Cousteau left off, filmmakers Jacques Perrin and Jacques Cluzaud take their cameras deep below ocean waters, photographing a wide and colorful gallery of life forms. Underwater fauna and flora is not a new subject for documentaries, yet state-of-the-art technology now allows the film crew closer and clearer access to whales, jellyfish, hermit crabs, and giant marine insects than ever before. The result is a stunning collection of shape-shifting sights and sounds that can rival even the trippiest science-fiction adventures. A feast for the senses that’s both exhilarating and educational.
Please Give (Sony): After such gems as “Lovely & Amazing” and “Friends with Money,” writer-director Nicole Holofcener has crafted a unique niche as creator of witty and human variations of what some might call “chick flicks.” In her latest, she teams up once more with her favorite leading lady, Catherine Keener, for an amusing and often resonant comedy of manners. Keener plays Kate, a busy Manhattan woman who specializes in buying furniture on the cheap before reselling it. But business is just one of her worries; there’s also her husband (Oliver Platt), who has different ideas for how to deal with sales, plus her teenage daughter and the granddaughters of her elderly tenant. The results are a sharp, well-acted mix of humor and melancholy.
Umpqua Bank Settles $30M Ponzi Scheme Lawsuit
Unemployment rate by county
San Francisco Giants beat Philadelphia Phillies, take NLCS lead
Another blowout win has Rangers one win away from World Series
Brown, Whitman unleash edgy new ads portraying each other as puppets
Napa Chance of more rain worries grape growers
Calif. Vintage 2010 most unusual in memory
A Cabernet, Ma'am? Will That Be Bottle, or Tap?
US/International Wine Events
Leasing News Wine & Spirits Page
This Day in American History
1803-The Senate ratified the Louisiana Purchase Treaty by a vote of twenty-four to seven. Originally concerned that France would develop this territory, by the time the American delegation reached France, Napoleon was more concerned about England and to both stop England from gaining this territory, and to raise money, had offered $15 million for the property. The delegation accepted it without any authority as too good of an opportunity to turn down. The ratification was more a legal formality.
World Series Champion This Date
1982- St. Louis Cardinals
Watching baseball, sitting in the sun, eating popcorn,
But it don't stop nobody this time,
The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler?
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- October Alexa Leasing Web Site Report