Lease Police Alert--New Jersey and Louisiana

"It's always the same in the fraud investigation business. You're sure of your facts and conclusions but on the other hand you hope that you're wrong and that there is a logical explanation. I always second-guess myself and in the end 2 plus 2 doesn't add up to 5. But here goes!!!

"The lessees are a healthcare provider in New Jersey and a lab production equipment company in Louisiana. Both are heavy users of lease transactions using the power of their financials to selectively spread their exposure to the maximum with numerous funding sources. Ok What's wrong with that?

"THE LESSEES-SIMILARITIES

- "Full Audited Financials
- Singular vendor for each
- Neither vendor has a web page
- Credentials of vendor dealership of the products being sold are non existent
- Product in one case a multiple of the same units: on the other an exotic range of product mix.
- All payments made promptly thus far.
- Total o/s on each- $5-10 Million on each

"WHAT'S WRONG HERE?

"1-The financials on one, while audited, don't expand correctly the information on operating leases.
2-Have the auditors reviewed each lease to determine that they are capital leases or true operating leases.
3-Has leverage been reviewed and UCC searches been performed?
4- Each funder with o/s balances expressed concern and declined to invest further because they felt "uncomfortable".
5-One vendor operated from a residence; the other had no background in the type of equipment financed.
6-The main location of one lessee for equipment shipment was an empty field, classified as an ongoing silo.
7-When one vendor was declined by a new funding source they were given the preferred vendor of the other lessee.

"My Mother had a favorite saying, 'Birds of a Feather- Stick Together. ' I'll stay with # 7 for my conclusion."

Regards,
Bernie Boettigheimer, CLP
President
Lease Police, Inc.
972-361-8111
972-692-8091-fax
214-549-3426-cell
bernieb@leasepolice.com

(click on ad to learn more) (Leasing News provides this ad "gratis" as a means to help support the growth of Lease Police)

Classified Ads---Asset Management

Haverhill, MA Started in credit and collections 30 years ago with a private agency. My skills are negotiating with Attorney's, Insurance Companies & Large & small companies. cityofpa@earthlink.net | Resume

Minneapolis, MN 16 years leasing experience from micro to large ticket market, variety of equipment. Most recently calling on vendor telecom dealers in Upper Midwest. golfadm@yahoo.com

Santa Barbara, Ca. Full time/part time/Former Balboa/LEAF/Santa Barbara B&T, repossession, remarketing, liquidation.Top references; willing to relocate for excellent career opportunity. Resume

For a full listing of all "job wanted" ads, please go to:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm

Other e-Mail Posting Sites:
http://www.leasingnews.org/Classified/Posting_sites.htm

Tygris "merges" with EverBank Financial
by Christopher Menkin

Tygris Commercial Finance Group Inc.
500 W. Monroe, 28th Floor
Chicago, Illinois

EverBank Financial, Jacksonville, Florida, has "merged" with Tygris Commercial Finance Group, Chicago, Illinois. It is allegedly a stock-for-stock "acquisition" with the bank announcing: "(The "merger")...will increase EverBank's capital base by approximately $470 million, and is expected to have a positive impact on earnings. EverBank's capital position will be significantly enhanced upon consummation of the acquisition, resulting in expected Tier 1 (core) capital and risk based capital ratios of approximately 11% and 19%, respectively. The acquisition agreement also includes a $65 million pre-acquisition cash investment by Tygris..." (underlining by Leasing News, Oh, Boy!!! editor)

Robert Clements
Chairman & CEO of
EverBank Financial Corp

Robert M. Clements in a press release stated: "The Tygris acquisition will provide EverBank with substantial growth capital to continue its successful approach of offering high-credit-quality residential loan and retail deposit products to the 'mass affluent' market as well as pursue other strategic acquisition opportunities."

EverBank Financial was established October 1, 1998 as a privately held savings association. Today it has 1,732 employees, equity capital $589 million as of June 30, 2009. Net income to the bank was $28.7 million June 30, 2009 compared to same time period in 2008 of $47.8 million. Provision for loan losses rose from $13.3 million to $63.1 million June 30, 2009. Charge offs from $6.9 million to $28.7 million. Non-Current loans from $348 million to $577 million. Mortgage Lending Specialization. (All information from FDIC filings, not from the press release. Editor.)

Tygris was founded in May 2008 by Aquiline Capital Partners (the private equity firm lead by Jeff Greenberg, former Chairman and CEO of Marsh & McLennan Cos.) and joined by TPG and New Mountain Capital as lead investors.

Jeffrey Greenberg

Frederick E. "Rick" Wolfert, formerly vice chairman of Commercial Finance of the CIT Group and president of Heller Financial, was chosen to lead the new company.

Rick Wolfert

January of this year the company moved into 26,638 square feet at 500 W. Monroe in Chicago, occupying the entire 28th floor of the Chicago high rise.

Tygris had attempted to purchase an Illinois small bank for access to TARP funds, and reportedly had been closing down divisions and letting people go.

History: In May, 2008, they completed the acquisition of small ticket US Express Leasing, Inc., Parsippany, NJ, with James D. McGrane, Chief Executive Officer of USXL, as President of Small Ticket Leasing Paul Frechette as Executive Vice President of business development/ mergers and acquisitions.

James D. McGrane

Paul Frechette

In June, 2008, they acquired middle-market MarCap LLC, Chicago, Illinois, led by Laird Boulden. The press released stated: "For more than 30 years MarCap has provided financing for healthcare organizations, including ambulatory surgery centers, hospitals, cancer centers, dialysis centers and diagnostic imaging centers. MarCap specializes in developing creative, flexible financing solutions to meet a variety of client needs. President of Tygris Asset Finance, Inc. in Chicago, and will continue to operate under the MarCap brand."

Tygris/USXL reportedly exited the C&I platform in December, then their Technology platform. Leasing News asked for a statement and received:

"It is a sad day for us whenever we have to let someone go, but as a rule we will always make refinements to our businesses - including selectively adjusting staffing levels up and down - that are in the long term best interest of our employees, our customers and our shareholders. Particularly in this environment, we're all dealing with challenging decisions."

Reportedly business has been off for Tygris as well as the ability to obtain low cost funds. EverBank may have been the best deal for both entities.

Formation of Tygris (Tiger)
http://www.leasingnews.org/archives/May%202008/05-21-08.htm#tygris

Bank CEO admits Key Equipment Finance shrinking…

Key CEO Henry L. Meyer III

Confirming what Leasing News has been reporting for the last six months, Key Corp. Chief Executive Officer Henry L. Meyer III in announcing the bank $422 million 3rd Quarter loss, stated they were not only exiting "...the government-guaranteed education lending business, following earlier actions taken to cease private student lending. Additionally, within the equipment leasing business, we have decided to cease conducting business in both the commercial vehicle and office leasing markets. These actions exemplify our disciplined focus on our core relationship businesses."

The Key press release stated, "...during the third quarter of 2009, the company recorded a $45 million charge to write-off intangible assets, other than goodwill, associated with the decision to cease lending in certain equipment leasing markets."

"Credit migration, particularly in the commercial real estate portfolio, continues to result in higher levels of net charge-offs and nonperforming loans, and increased reserves."

The following numbers come from the Key Corp. press release, no SEC filing at this date, but indicate the change in operating lease income, most likely SILO, but the most revealing statistics here are the decline in income yields. The third quarter of equipment finance is off 14.9% from the second quarter and 22.5% from the third quarter of last year.

Consolidated Statements of Income
(dollars in millions, except per share amounts)

Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates from Continuing Operations (dollars in millions)

Nine months ended 9/30/2009
8,429

Nine months ended 9/30/2008
9,795

Line of Business Results
(dollars in millions)

Key Full Report:
http://leasingnews.org/PDF/Key%203rd%20Quarter.PDF

US Bancorp Leasing Biz Up and Down

Lease Financing was down $130 million from the second quarter of 2009, but up $131 million from 2008, and over all up $342 million or 5.4% over the previous year. While charges offs are up $22 million from the third quarter of 2008, they are down $10 million from the second quarter of 2009. Bank overall shows strength and growth, despite the economy.

Total U.S. Bancorp shareholders' equity was $25.2 billion at September 30, 2009, compared with $24.2 billion at June 30, 2009, and $21.7 billion at September 30, 2008. The year-over-year increase was a result of earnings and a $2.7 billion (153 million shares) common stock offering in the second quarter of 2009. During the third quarter of 2009, the Company repurchased for $139 million, the warrant previously issued to the U.S. Department of the Treasury as part of the Company's participation in the Treasury's Capital Purchase Program. The repurchase price was charged to equity. The Tier 1 capital ratio was 9.5 percent at September 30, 2009, compared with 9.4 percent at June 30, 2009, and 8.5 percent at September 30, 2008. The Tier 1 common equity ratio was 6.8 percent at September 30, 2009, compared with 6.7 percent at June 30, 2009, and 5.7 percent at September 30, 2008.

US Bancorp full report:
http://leasingnews.org/PDF/10_21_USBANCORP.pdf

GATX Profit Falls 73%

GATX Corp., Chicago, Illinois reported its third-quarter profit fell more than 73 percent to $19.6 million as sales plunged 27 percent; 2008 third quarter net income of $73.9 million (Third quarter 2008 results include after-tax benefits of $24.4 million)

Revenue in the quarter fell to $276.5 million from $380.4 million a year ago .Net income for the first nine months of 2009 was $59.9 million compared the previous year third quarter of $165.9 million.

"Our markets remain extremely challenging and competitive," said Brian A. Kenney, president and chief executive officer of GATX. "We maintained our rail fleet's utilization at almost 96% in the third quarter. However, lease rates continued to decline. While we have shortened the term of lease renewals in 2009 in anticipation of an eventual market recovery, the current pressure on rates will have a dampening effect on lease income through 2010.

Brian A. Kenney, Chairman and Chief Executive Officer, GATX

"Charter rates at the marine joint ventures in Specialty remain well below rates in recent years, with little change between the second and third quarters of 2009. At American Steamship Company (ASC), vessel demand has moved up slightly as steel manufacturers recently restarted a small number of blast furnaces. However, ASC continues to operate in a difficult environment with dramatically lower demand for iron ore shipments than in previous years.

"Investment volume was approximately $186 million in the third quarter. Asset prices have declined dramatically from 2007 peaks, a positive for companies like GATX with the capacity and interest in purchasing assets."

Mr. Kenney concluded, "We continue to expect 2009 full-year earnings to be in the range of $2.00 per diluted share, excluding the unrealized losses noted above. Despite the market conditions, GATX is well positioned to manage through this downturn and is focused on strengthening our position in the market while generating attractive long-term returns for our shareholders."

Full SEC filing:
http://leasingnews.org/PDF/10_22_GATX.pdf

MicroFinancial 3rd Q $1.2MM YTD $2.9MM

Microfinancial, Woburn, Massachusetts, parent of Time Payment, leases in the $500 to $15,000 range, net income for the third quarter ended September 30, 2009 was $1.2 million compared to new income of $1.6 million last year.

For the nine months ended September 30, 2009, net income was $2.8 million versus net income of $5.0 million for the same period last year.

Richard Latour, President and CEO of Microfinancial

"During the third quarter of 2009, we processed over 13,800 applications and approved an additional 304 vendors bringing the total vendor count to approximately 4,500," CEO Richard Latour said.

"In order to manage through these difficult times, we will continue to focus our efforts on maintaining a disciplined credit approach, ensuring we have ample liquidity under our line of credit, and providing premium customer service to our dealer base... With this approach we have increased our total cash received from customers and our new lease originations while at the same time we have continued to grow our portfolio with a conservative leverage ratio."

The company has also made some major personnel changes, including the appointment of Mark Sullivan, Corporate Vice President, Time Payment Corporation. And considering the small dollar ticket amount and large number of leases, the company has a BBB rating of A-: http://www.la.bbb.org/Business-Report/Matrix-Business-Capital-100041782

Full SEC Filing and statements:
http://leasingnews.org/PDF/10_22_Micro.pdf

Beige Report-"Weak or Declining Loan Demand"

Despite the misleading headlines surrounding the latest Beige Book report, including the banking and finance media being sucked in the spin that there is a modest gain, consumer spending was still being reported "weak" in the recent Federal Reserve Board Beige Report, published eight times a year.

More importantly to the leasing industry, please read the banking/financial synopsis, which does show some positive news, but mostly not:

"Many Districts continued to report weak or declining loan demand, and many noted further erosion of credit quality. For example, demand was reported as stable or declining by New York, St. Louis, and Kansas City. Cleveland noted that commercial and industrial lending was soft and consumer lending was flat or reduced. In the Richmond District, modest signs of improvement in consumer loans were cited from banks in areas typically supported by the health care and education industries. Philadelphia also reported a small gain in consumer lending. San Francisco said that loan demand was "largely stable or perhaps rose slightly." A major exception to the general pattern of weak or declining lending activity was in residential real estate. Most Districts cited the federal government's first-time homebuyer program as supporting residential lending activity. However, Dallas reported that residential mortgage demand was disappointing, and St. Louis mentioned a moderate decline in real estate lending.

"Credit quality continued to be a problem, and rising delinquencies were often noted. For example, credit quality was described as stable or declining in the Philadelphia, Cleveland, and Kansas City Districts. Half of the contacts for Kansas City expected loan quality to continue to erode over the next six months. Cleveland stated that the quality of loan applicants had deteriorated somewhat, mostly on the business side. Delinquencies were also widely reported to be up; New York particularly noted rising delinquency rates among both consumer and commercial mortgage loans."

Here are the reports from the specific "districts" of the

Boston
www.federalreserve.gov/FOMC/Beigebook/2009/20091021/1.htm
New York
www.federalreserve.gov/FOMC/Beigebook/2009/20091021/2.htm
Philadelphia
www.federalreserve.gov/FOMC/Beigebook/2009/20091021/3.htm
Cleveland
www.federalreserve.gov/FOMC/Beigebook/2009/20091021/4.htm
Richmond
www.federalreserve.gov/FOMC/Beigebook/2009/20091021/5.htm
Atlanta
www.federalreserve.gov/FOMC/Beigebook/2009/20091021/6.htm
Chicago
www.federalreserve.gov/FOMC/Beigebook/2009/20091021/7.htm
St. Louis
www.federalreserve.gov/FOMC/Beigebook/2009/20091021/8.htm
Minneapolis
www.federalreserve.gov/FOMC/Beigebook/2009/20091021/9.htm
Kansas City
www.federalreserve.gov/FOMC/Beigebook/2009/20091021/10.htm
Dallas
www.federalreserve.gov/FOMC/Beigebook/2009/20091021/11.htm
San Francisco
www.federalreserve.gov/FOMC/Beigebook/2009/20091021/12.htm

Full Report:
www.federalreserve.gov/FOMC/Beigebook/2009/20091021/FullReport.htm

Placard---Who is on your bus?

You Can Eat an Elephant with a Spoon - But Not In One Sitting

Summary: It is possible to redesign the sales organization to meet the demands of a new economic reality. This redesign can be accomplished with a step-by-step process that isn't costly or painful, and that begins to pay dividends immediately.

Our four-step plan for redesigning the sales organization for what is being called the new normal business reality requires:

1) a strategic plan for the sales organization
2) securing and retaining the right talent for your company and culture
3) preparing front-line sales leaders to ensure execution of your sales strategy
4) a system for inspecting what you expect.

Most senior executives acknowledge that what has worked in the past for developing profitable revenue is no longer sufficient in an economic climate that has changed the way everyone does business. Our four-step process represents a departure from the way sales organizations have operated for years. In some ways, it is a back-to-basics approach that builds on your current capabilities to improve sales performance in a new economic reality.

A Strategic Plan for Sales

I have been convinced for some time that senior sales executives should devise strategic plans for their sales organizations, using the same strategic planning tools used by senior corporate executives. Unfortunately, senior sales leaders are almost never given the knowledge, time, tools and support they need to develop a strategic plan for their selling organizations.

A strategic plan for sales must, of course, align perfectly with corporate strategy. It should include the senior sales executive's vision for the sales organization, a mission that clearly defines the sales group's contributions to the business, shareholders, employees and community, strategic objectives that provide concrete directives for supporting the organization's mission, an operating plan specific to the selling organization, and a disciplined process for conducting situation analysis on a regular, timely basis.

These five strategic planning components, vision, mission, strategic objectives, operating plan and situation analysis, comprise the tried and proven strategic planning pyramid - a high-level management planning tool used even today by the most effective senior corporate leaders. Managing the strategic planning pyramid would allow senior sales executives to focus more on strategy and consistent execution than on fighting every fire that erupts in the trenches from all directions.

Some senior executives will disagree with me that the selling organization needs its own strategic plan for sales. I argue, however, that a formalized strategic plan for sales, one that aligns with corporate strategy, brings organization, discipline and accountability that only a few selling organizations exhibit today.

Get The Right People On The Bus - And Keep Them There

While it is obvious that the old salesman stereotypes, typified by Willie Loman and Sammy Glick, have had no place in B2B sales for many decades, what isn't so obvious is the real possibility that the characteristics and habits of yesterday's successful sales professional and sales manager are no longer sufficient to ensure successful leadership and selling in the new economy.

Current sales job success profiles are based on characteristics that resulted in superior sales performance yesterday, in an economic environment that was much different than the one in which we operate today. Why would we allow ourselves to think that yesterday's success characteristics are predictive of success in this new era?

Measuring job candidates against the performance of yesterday's proven, successful sales professionals may not be adequate in these new economic times. I think the same logic applies to our current sales professionals and sales leaders.

Today's sales professionals and sales leaders must learn to cope with and capitalize on new business behaviors. For the foreseeable future, most CEOs and CFOs will no doubt go to great lengths to avoid or mitigate risk. Overall, they will borrow less, preserve cash whenever possible, and spend more efficiently than they have in the recent past.

The most successful sales professionals in the new economy will be highly organized, will carry out their duties with great efficiency, and will be comfortable doing more with less. As companies rush to create efficiencies necessary for survival, the most successful sales professionals will take on even more responsibility for completing the work of managing sales and generating profitable revenue.

Senior executives and senior sales leaders who want to attract sales professionals who are most likely to succeed in the new economy should develop a profile of the ideal sales professional for each sales position in their organization. Carefully defining those characteristics that are required for selling in our new economic normal, and that represent the best fit for the corporate culture, will narrow the list of candidates to those with the best chance for success.

Once the right people are on the bus, keeping them in their seats is easier when they are provided with clearly defined position responsibilities and accountabilities that they accept and to which they commit. When expectations are clear, and activities for success are outlined in logical order, the right people generally respond positively to existing and new challenges.

All of this can be accomplished with a formalized interview, evaluation and selection process that limits the widespread practice of selecting candidates based only on personality traits and past experience.

Personality traits have so little to do with predicting sales success that prominent personnel psychologists have concluded that "the validities of personality measures are so low that using them for selecting employees should be questioned."

Industry experience may be important when selecting new hires, but executives might give greater weight to a candidate's ability and willingness to perform in a new economic environment that may not reward past experience as much as it rewards a new approach to doing business. Past experience may, in fact, be a hindrance to superior performance in today's world.

To retain top talent, sales leaders must be willing to reward success, stop rewarding mediocre performance and failure, and continually educate their teams, preparing sales professionals and front-line leaders to embrace and capitalize on relentless, inexorable, sometimes lighting-fast change.

Steve Chriest, CEO

Steve Chriest is the former president of a successful national leasing company.

Steve is a regular contributor to executive-level publications such as Customer Think and Customer Management IQ. Steve recently completed his first book, Selling The E-Suite, The Proven System For Reaching and Selling Senior Executives, in which he translates his experiences as a CEO into a practical guide for selling to senior executives. Steve can be reached at: schriest@selling-up.com.

Classified Ads---Help Wanted

Vendor/Dealer Leasing Professional, generous commission's package that can lead to base salary and benefits. Join a sales team that has all the right sales tools for developing a successful vendor program in many different industries. Chris Chiappetta, Phone: 800-669-7527 ext. 1208, chris@netlease.com National Machine Tool Financial Corp., funding vendor programs since 1986. We offer competitive rates and a credit staff dedicated to vendor programs. www.netlease.com

5 years experience with established vendor relationships. We offer great funding capacity for transactions $10k to $10MM. Quail Company's established for over 30 years. Submit resume to: jrudin@quailcap.com About the company: Quail Equipment Leasing 17 years in business with the ability to develop specialized programs for vendors and unique industries: $10K to $10MM.

www.quailequipmentleasing.com

Fernando's View
By Fernando F. Croce

A pair of intriguing book adaptations ("An Education, "Where the Wild Things Are") hit theaters, while DVD releases have plenty to offer for families ("Ice Age: Dawn of the Dinosaurs"), cinema lovers ("Sam Fuller Collection"), and Woody Allen fans ("Whatever Works").

In Theaters:

An Education (Sony): More than anything, this adaptation of Lynn Barber's coming-of-age memoirs stands as a showcase for the young actress Carey Mulligan, whose charm is bound to make her a big star. She plays Jenny, a 16-year-old middle-class student in 1961 London who works hard to be accepted into Oxford while dreaming of a life of parties and romance. It's no wonder, then, that she's dazzled when David (Peter Sarsgaard), a dashing older suitor, woos her with sophisticated gifts and trips to Paris. As she finds out more about him, however, will Jenny choose to stick to her original plans or pursue a different kind of education in life? Director Lone Scherfig keeps a breezy tone and gets solid performances from a cast that includes Alfred Molina and Emma Thompson.

Where the Wild Things Are (Warner Bros.): Anybody who remembers Maurice Sendak's classic children's story will want to check out this highly anticipated big-screen adaptation, directed by Spike Jonze ("Being John Malkovich," "Adaptation"). Max (Max Records) is an imaginative boy who gets sent to bed one night after arguing with his mother (Catherine Keener). As a result, he imagines an island where he plays the ruler of a group of wild creatures. For a while, Max is happy among the giant beings, but as he realizes the their fears and insecurities, he grows aware of the effects of actions and emotions. Using a mix of special-effects and old-fashioned puppetry (and the voices of James Gandolfini and Catherine O'Hara, among others), the film creates a unique work to match the book's.

New on DVD:

Netflix Tip: Make sure to go beyond the usual categories and also explore the foreign-language category for great titles. One of the best things about cinema is the way it offers affordable peeks into other cultures from all over the world.

Ice Age: Dawn of the Dinosaurs (20th Century Fox): The popular "Ice Age" animated series continues with this high-spirited third entry. Once more following the adventures of prehistoric pals Manny the mammoth (voiced by Ray Romano), Sid the sloth (John Leguizamo) and Diego the tiger (Dennis O'Leary), the movie finds the characters trying to settle down with their own families. Manny has gotten together with Ellie (Queen Latifah), and even the hyper, mischievous squirrel Scrat has found romance. Their peace is short-lived, however, when Sid attempts to start a family by "borrowing" dinosaur eggs, and the whole gang ends up on the run in an underground world. Fans of the family- and environment-friendly cartoons will enjoy this colorful installment.

Sam Fuller Collection (Sony): Much beloved by historians and fellow directors, the late Sam Fuller was one of cinema's most unique masters, the creator of films so bold they made viewers laugh and gasp at the same time. Sony's new seven-movie boxed set may not be the best place for a Fuller novice to start (most of his most famous works, like "The Steel Helmet," are not included), but its hard-to-find movies make it a must-have item for anybody already fascinated with the maverick filmmaker. Several of the films (including "Adventure in Sahara," "Shockproof," and "Scandal Sheet") illustrate Fuller's colorful background as a World War II soldier and intrepid reporter, while others ("The Crimson Kimono" and "Underworld U.S.A.") show his style at its most daring and exhilarating.

Whatever Works (Sony): There's something comforting about the way Woody Allen continues to average a movie a year. After taking a tour of Spain in last year's "Vicki Christina Barcelona," cinema's favorite neurotic returns to his beloved New York with this characteristically offbeat comedy. Larry David, best known to TV audiences for "Seinfeld" and "Curb Your Enthusiasm," fits right into Allen's world as Boris, a crusty pessimist whose life takes an unexpected turn when he has to shack up with Melodie (Evan Rachel Wood), a lively young woman who's the polar opposite of him. Can the chasm between their contrasting personalities be overcome? Though he doesn't do anything new, Allen knows just the right combination of jokes and romance to keep his fans satisfied.

Mount Laurel, New Jersey---Adopt a Pet

Jax
Russian Blue [Mix]
Medium Young Male Cat
Jax's is a 1yr old Russian Blue mix boy. Jax's mom was moving and could not take Jax with her so the next best thing for Jax would be to place him with us where he is safe till he finds his forever loving home. Jax is gorgeous, super playful, easy-going and social. He would be a great addition to any family.
http://www.petfinder.com/petnote/displaypet.cgi?petid=14226240

* Animal Sanctuary Society Inc.
* Mount Laurel, NJ
* 8566420004
http://www.petfinder.com/shelterSearch/shelterSearch.cgi?shelterid=NJ312

### Press Release ##########################

IFA Urges Passage of Legislation to Raise SBA Limits

WASHINGTON,-The International Franchise Association welcomed President Obama's support to increase Small Business Administration loan limits from $2 million to $5 million, which if passed would pave the way for more franchise businesses to help create new jobs and set the country on the road to economic recovery.

"We thank President Obama for his support to enhance the SBA's loan program," said IFA President & CEO Matthew Shay. "We urge Congress to take the next step and pass legislation to increase the loan limits and make other important changes to the SBA loan program."

Shay and several IFA member franchisees joined President Barack Obama at a Washington, D.C. area business where he announced his support. The franchisees attending the event included: Vinay Patel, JAI Hotels, Mariana Huberman, The UPS Store #5259, Christopher Scott Schmitz, Meineke Car Care Center, and Maria Icaza and Andy Cabral, Dunkin' Donuts franchisees. President Obama said he supports increasing the SBA 7 (a) loan size from $2 million to $5 million to help provide medium-sized companies more sources of credit to expand and grow their businesses.

Franchise businesses play an important role in the U.S. economy. More than 900,000 franchise businesses operate in the United States today and provide for 20 million jobs and $2.3 trillion in economic activity.

"Fifteen percent of all small business franchisees in the United States own between two and five units, which is the fastest growing segment of our industry," Shay explained. "There are over 400 different franchise brands in the United States that have an average initial investment requirement of $750,000 to $2 million per unit. These franchised small businesses reach the SBA's current loan limit of $2 million by the time they want to build the second or third store. By increasing the loan limit to $5 million, at an annual growth rate of 5 percent, these businesses could create 450,000 to 650,000 new direct and indirect jobs within the next 12 to 18 months."

In January, IFA released an Economic Recovery Plan to help members weather the recession. The plan included recommendations for the SBA loan programs to increase access to capital for businesses. In addition to recommending the increase in the SBA 7 (a) loan program to $5 million, IFA urged the government to: expedite the SBA loan application process and make it less cumbersome; eliminate (temporarily) or sharply reduce SBA lender fees to increase the incentive for banks to make loans; allow market-based loan pricing so that SBA loan caps do not discourage banks from making loans; and promote sensible audit standards so that lenders will not fear losing their SBA guarantee after the loan is issued.

Throughout the year, IFA and its members have presented its recommendations to the Administration and Congress through testimony at multiple congressional hearings and meetings with Treasury, SBA and Federal Reserve officials. Capital access was a key topic during IFA's Washington fly-in when some 450 franchise business owners urged Congress to take step to increase access to capital.

"We thank President Obama for his actions and we thank the thousands of IFA members who made their voices heard this year through letters, meetings and calls with policy makers," Shay said. "Making SBA loan programs work better for entrepreneurs seeking capital to open, acquire or expand a business will allow the economy to recover faster and provide the necessary bridge to a functioning commercial lending market once the recovery is complete."

About the International Franchise Association
The International Franchise Association, the world's oldest and largest organization representing franchising, is the preeminent voice and acknowledged leader for the industry worldwide. Approaching a half-century of service with a growing membership of more than 1,100 franchise systems, 10,000-plus franchisees and more than 500 firms that supply goods and services to the industry, IFA protects, enhances and promotes franchising by advancing the values of integrity, respect, trust, commitment to excellence, honesty and diversity. For more information, visit the IFA Web site at www.franchise.org

(This ad is a "trade" for the writing of this column. Opinions contained in the column are those of Mr. Terry Winders, CLP)

ELFA State of the Equipment Finance Industry
http://www.prweb.com/releases/eOriginal/Equipment_Finance/prweb3083604.htm

SunTrust reports loss of $377.1 million
http://news.yahoo.com/s/ap/20091022/ap_on_bi_ge/us_earns_suntrust_banks_1

Lakeland Bank $2.0MM compared to $5.9MM 2008
http://finance.yahoo.com/news/Lakeland-Bancorp-Reports-prnews-3843290212.html?x=0&.v=1

Sterling Financial's 3Q loss: $463.7 million
http://seattletimes.nwsource.com/html/businesstechnology/2010119994_websterling23.html

Mortgage Rates climb for 2nd week
http://www.bankrate.com/finance/mortgages/rates-climb-for-2nd-week.aspx

Amazon Reports 62% Rise in Earnings
http://www.nytimes.com/2009/10/23/technology/companies/23amazon.html?ref=business

"The Role of Bankruptcy and Antitrust Law in Financial Regulation Reform" Statement of Michael Krimminger, Special Advisor for Policy,FDIC
http://www.fdic.gov/news/news/speeches/chairman/spoct2209.html

Angels Hold Off Yankees, Staying Alive
http://www.nytimes.com/2009/10/23/sports/baseball/23yankees.html?_r=1&hp

Napa DA: No charges against Raiders coach Tom Cable
http://www.sacbee.com/latest/story/2274461.html

Owens' star has drastically fallen in Buffalo
http://sports.yahoo.com/nfl/news?slug=cr-owensfall102209&prov=yhoo&type=lgns

Schwarzenegger signs bill boosting NFL stadium plans in San Gabriel Valley
http://latimesblogs.latimes.com/lanow/2009/10/industry-stadium.html

La Tour D'Argent hopes to raise a million euros with sale of rarities
http://www.guardian.co.uk/lifeandstyle/2009/oct/21/paris-restaurant-wine-sale

A toast to the Bordeaux of '09
http://www.latimes.com/features/food/la-fo-dish21-2009oct21,0,3960854.story

Audelssa Estate Winery Best in Sonoma County
http://baylist.sfgate.com/audelssa-estate-winery/biz/167871

Restaurants' 3Q results likely to show slow sales
http://www.nrn.com/breakingNews.aspx?id=374604#ixzz0UjhsBqEQ

1961-The fist jazz composition to appear on the Top 40 charts was pianist Dave Brubeck's instrumental "Take Five, which entered the Top 40 popular music charge published by the trade newspaper. It eventually reached 25.
http://www.cdlagoon.com/8910978.html
http://www.schirmer.com/composers/brubeck_bio.html
http://www.duke.edu/~smt3/brubeck.htm

IF
by Rudyard Kipling

If you can keep your head when all about you
Are losing theirs and blaming it on you;
If you can trust yourself when all men doubt you,
But make allowance for their doubting too;
If you can wait and not be tired by waiting,
Or, being lied about, don't deal in lies,
Or, being hated, don't give way to hating,
And yet don't look too good, nor talk too wise;
If you can dream - and not make dreams your master;
If you can think - and not make thoughts your aim;
If you can meet with triumph and disaster
And treat those two imposters just the same;
If you can bear to hear the truth you've spoken
Twisted by knaves to make a trap for fools,
Or watch the things you gave your life to broken,
And stoop and build 'em up with wornout tools;
If you can make one heap of all your winnings
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings
And never breath a word about your loss;
If you can force your heart and nerve and sinew
To serve your turn long after they are gone,
And so hold on when there is nothing in you
Except the Will which says to them: "Hold on";
If you can talk with crowds and keep your virtue,
Or walk with kings - nor lose the common touch;
If neither foes nor loving friends can hurt you;
If all men count with you, but none too much;
If you can fill the unforgiving minute
With sixty seconds' worth of distance run -
Yours is the Earth and everything that's in it,
And - which is more - you'll be a Man my son!
Rudyard Kipling (1865-1936)

Kipling is said to have written the poem 'If' with Dr Leander Starr Jameson in mind, who led about five-hundred of his countrymen in a failed raid against the Boers, in southern Africa. The 'Jameson Raid' was later considered a major factor in starting the Boer War (1899-1902).