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New Hires/Promotions in the Leasing Business
and Related Industries

Jillian Grenier was promoted Director, Fleet Serices, Merchant Fleet. She is located in Bedford, New Hampshire. She was at Merchants Fleet for 11 years, 5 months.
Full Bio:
https://www.linkedin.com/in/jillian-grenier-9107694/details/experience/
https://www.linkedin.com/in/jillian-grenier-9107694/

Harrison Hodges was named Vice President, Investments at Encina Lender Finance. Previous he was AVP (Mar 2024 - Dec 2025). He graduated from the University of Georgia College of Business
Bachelor of Business Administration 2015 - 2019
https://www.linkedin.com/in/bhhodges/

Matthew Jennings started new position as Head of Commercial Sustainability & Circularity Solutions at DLL. Previously he was Director, Commercial Sustainability Solutions (Apr 2025 - Dec 2025); Commercial Lead, Global Sustainability (Nov 2024 - Apr 2025)
https://www.linkedin.com/in/matthew-w-jennings/

Lawrence “Larry” Ridgway was appointed as managing director, business development at Pathward. In this position, Ridgway is responsible for originating and structuring asset-based transactions to lower and middle-market companies throughout Illinois and the Chicagoland area. “Larry brings a wealth of experience and an established network to Pathward, and we are pleased to welcome him to our team,” Rich Flamang, senior managing director, business development for Pathward’s working capital solutions, said. “With his breadth of market knowledge paired with Pathward’s product offerings, we expect him to be a driving force to expanding our presence in the Chicagoland asset-based lending market.” Ridgway brings more than 30 years of diversified senior secured lending experience to Pathward. Most recently, he was senior director at Mitsubishi Capital. He previously held business development, portfolio and underwriting, and credit positions at Citizens Bank, U.S. Bank, Morgan Stanley and GE Capital. Ridgway was also a co-founder and chief operating officer of Legacy Corporate Lending. Ridgway holds a bachelor of business administration degree from Northeastern University in Boston and is a Chartered Financial Analyst. He is actively involved in industry associations, including Turnaround Management Association, Secured Finance Network and the Association for Corporate Growth.
https://www.linkedin.com/in/lr123456789

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CapEx Finance Index November 2025:
Recent Rate Cuts Expected to Bolster Equipment Demand Heading into Next Year

The latest CapEx Finance Index (CFI), released today by the Equipment Leasing & Finance Association (ELFA), indicates the equipment leasing and finance sector is poised for a strong fourth quarter. Market volatility and a slowing economy have not affected equipment demand, which is heading into 2026 with significant momentum after the Fed decided to lower rates again at the December FOMC meeting. Financial conditions remain healthy, suggesting that the sector will not be materially impacted if borrowing costs stay near current levels next year.

Total new business volumes (NBV) among surveyed ELFA member companies was $10.3 billion on a seasonally adjusted basis, down slightly from the prior month.
Year-to-date NBV contracted by 0.9% relative to the same period in 2024.
Year-over-year, NBV dropped by 4.4% on a non-seasonally adjusted basis.

“Demand for equipment remained strong in November. New business volumes topped $10 billion for the fourth straight month,” said Leigh Lytle, President and CEO at ELFA. “We’re still on pace for one of our strongest years on record, and we expect that the Fed’s decision to lower the federal funds rate by 75 basis points in 2025 will bolster momentum for equipment demand next year. Even though policymakers may be done cutting for a while, the November financial data showed that delinquencies and losses remain relatively low, indicating that the industry is well-positioned for current financial conditions.”

Equipment demand tops $10 billion for fourth straight month. Total NBV grew by $10.3 billion in November. New activity declined by 2.1% from the previous month but remained above its trailing six-month average of $10.1 billion. The total new volume series tracks the amount of new activity that banks, independents, and captives added in a given month. Total new activity is on pace to reach $114.4 billion in 2025, slightly down from its all-time high in 2024 but still well above the average in the second half of the pre-pandemic expansion.

Small ticket volume growth tracks broader economic conditions and is an important barometer of aggregate demand for equipment. Small ticket deals grew by $3.3 billion, down from their 2025 high in the previous month.

Activity at all three institution types declined in November. New deal growth at banks edged down by 1.0% to $4.9 billion, while volumes at captives declined by 9.3% to $2.9 billion and new activity at independents declined by 12.9% to $1.9 billion.

The overall credit approval rate remains elevated. The industry-wide average edged up to 78.2% in November. It continues to hover around its decade high. The average small ticket approval rate ticked up from the prior month to 81.4%, down from its 2025 high but still well above its 2024 average of 75.4%. The rate at banks dipped to 79.4%. The rate at captives fell to 81.7%, while the rate at independents rose to 72.6%.

Delinquencies drop, while losses edged up. The overall delinquency rate dropped by 0.23 percentage points to 2.0%. The November decline offset the 0.24 percentage point increase in the previous month. The overall rate continues to oscillate in a narrow band between 1.9% and 2.2%. The average delinquency rate at banks and independents fell sharply, while the rate at captives rose.

The overall loss rate ticked up by 0.05 percentage points to 0.49% in November. The average loss rate for small ticket deals increased by 0.13 percentage points to 0.69%, the second-highest reading of 2025. Loss rates moved up modestly at banks and captives, and rose more sharply at independents.

"Across the United States, demand continues to strengthen as companies reassess how they deploy capital amid rapid technological change. AI is accelerating refresh cycles for both devices and data-center infrastructure," said Wayne Fowkes, Executive Vice President of the Americas, CHG-MERIDIAN. "At the same time, businesses are seeking greater financial flexibility as they navigate uncertain economic conditions. With 2025 shaping up to be one of the strongest years for our industry, we expect this momentum to continue, supported by agile, future-ready investment strategies that set a more resilient path for long-term competitiveness. The latest ELFA Capex Finance Index underscores this shift and mirrors the strong growth we are seeing at CHG-MERIDIAN.”

Industry Confidence
The Monthly Confidence Index from ELFA’s affiliate, the Equipment Leasing & Finance Foundation, tracks the sentiment of executives in the industry. The index remains steady at year end at 58.3 from 59.9 in November, a heightened level for the seventh consecutive month.

Technical Note
New business volume data are concurrently seasonally adjusted each month to capture the latest seasonal patterns. Data in previous months and years may change due to updated seasonal factors.

About ELFA’s CFI
The CapEx Finance Index (CFI) is the only real-time dataset that tracks nationwide conditions in the equipment financing industry. The information is compiled from a diversified set of businesses that respond to questions about demand for equipment financing, employment, and changes in financial conditions. The resulting data is organized by institution type, such as banks, captives, and independents, and is classified into overall activity and financing for small ticket equipment and software. The CFI is released monthly from Washington, D.C., generally one day before the U.S. Department of Commerce's durable goods report. More detail on the data and methodology can be found at www.elfaonline.org/CFI.

About ELFA
The Equipment Leasing & Finance Association (ELFA) represents financial services companies and manufacturers in the $1.3 trillion U.S. equipment finance sector. ELFA’s over 600 member companies provide essential financing that helps businesses acquire the equipment they need to operate and grow. Learn how equipment finance contributes to businesses’ success, U.S. economic growth, manufacturing and jobs at www.elfaonline.org .

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Financing Cannabis Funding Sources
Many Work with Third Party Originators

Alliance Commercial Capital
Alternative Finance Network
Cannabis Equipment Leasing
International Financial Services (IFS)
NEC Financial Services
Number One Enterprise
Slim Capital
Vertical Companie

Help Wanted Ad
Ameris Bank Equipment Finance

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Your Career Will Always Mirror Your Standards
By Ken Lubin, Managing Director, ZRG Partners

One of the biggest truths in business — and in life — is that your career will always rise or fall to the level of your standards. Not your potential. Not your intentions. Not your résumé.

Your standards.
Low standards attract low results.
High standards attract high opportunity.
It’s that simple…and that uncomfortable.

Because how you show up every day becomes your brand. People notice your patterns long before they hear your pitch or read your bio. They see how you respond, how you prepare, and how you approach the details. Those micro-moments create trust. Or they destroy it.

Your standards show up in ways most people overlook:

Your responsiveness — Do people know you’re reliable? Or are they waiting and guessing?

Your follow-up — Do you finish conversations and commitments? Or disappear?

Your preparation — Do you walk in ready? Or scramble at the last minute?

Your energy — Do you bring momentum into the room? Or do you drain it?

Your consistency — Are you a professional? Or a sometimes-performer?

You don’t build a successful career through occasional greatness. You build it through relentless consistency — doing the right things, the right way, every single day, even when no one is watching.

When you raise your standards, you raise your career.

When you tighten your habits, you tighten your trajectory.

When you demand more of yourself, the world eventually matches it.

If you’re not where you want to be, don’t ask what’s missing. Ask where your standards have slipped — and raise them back up.

Your future will follow your standards. It always does.

Ken Lubin
Managing Director
ZRG Partners, LLC
Americas I EMEA I Asia Pacific
klubin@zrgpartners.com
C: 508-733-4789
https://www.linkedin.com/in/klubin

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2026 Major Finance/Leasing Conference
Dates Updated

February 12, DeBanked
Biggest Show – You won’t want to miss!
Fontainebleau, Miami, Florida
https://www.debankedmiami.com/page/5137529/registration

March 4, National Vehicle Leasing Association
    Nashville, Tennessee
https://www.nvla.org/page/2026Conference
Don’t miss your chance to lock in early bird registration for our NVLA Annual Conference

March 4-6, Funders Forum/Broker Expo
    Hollywood Florida. Tee Off Funders Forum 2026
https://myemail.constantcontact.com/---Networking-Starts-Here---Kick-Off-Funders-Forum-at-the-RBFC-Golf-Tournament-.html?soid=1133130637774&aid=jJMUS1-TyJY

March 30-April 1, NEFA Spring Conference
Huntington
https://www.nefassociation.org/event/2026-spring-conference/ Beach, California

April 14-16, ELFA National Funding Condense
Chicago, Illinois
Online Scheduling Coming in late January, 2026

May 5–May 7
American Association of Commercial Finance Brokers
Hilton Orlando Lake Buena Vista, Disney Springs, Orlando, Florida
Leasing News Coverage by Vicki Shimkus, CLFP, Finance, Brokers Relationship Manager, Ameris Bank Equipment.

October 25–27, ELFA Annual Conference,
Palm Desert, California
Online Scheduling Coming in late January, 2026

November 11–13, SF Net, 81st Annual Convention
Marriott Hotel. Los Angeles, California
https://www.sfnet.com/home/events/event-detail/2025/11/11/default-calendar/sfnets-81st-annual-convention

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Equipment Leasing & Finance Foundation Elects
2026 Officers, Welcomes New Trustees

Washington, DC, December 16, 2025 – The Equipment Leasing & Finance Foundation (Foundation) announces the 2026 officers of its Board of Trustees (Board). Board Officers serving are Miles Herman, CEO, LEAF Commercial Capital, Inc. as Chair; Jeffrey Dicosola, Sales Manager, Great American Insurance Group as Vice Chair; Peter Bullen, EVP & Group Head, Key Equipment Finance as Secretary/Treasurer; and Leigh Lytle, President and CEO, Equipment Leasing & Finance Association (ELFA) as President. Zack Marsh, CLFP, SVP, Accounting and Analysis, AP Equipment Financing is Immediate Past Chair. The officer elections were held during the Board‘s recent governance meeting.

New members appointed to the Foundation Board of Trustees include Mark Bonanno, President and CRO, North Mill Equipment Finance; Jennifer Martin, CLFP, Chief Product Officer, LTi Technology Solutions; and Jill McKean-Bilby, Equipment Finance Sales Executive, Huntington Equipment Finance.

“This is a pivotal time for the Foundation with tremendous opportunity ahead, and we are fortunate to have the leadership, professional expertise, and dedication of our Trustees to guide the Foundation in 2026,” said Miles Herman. “We deeply appreciate their commitment to our mission of advancing the equipment finance industry and supporting the success of all who are part of it.”

Trustees continuing on the Board for 2026 are:

Andrew Blacklock, Vice President, Strategy and Business Operations, Cisco Systems Capital Corporation
Jim DeFrank, EVP and Chief Operating Officer, Isuzu Finance of America, Inc.
Cindy Fleck, CLFP, Chief Revenue Officer, Channel
Shari Lipski, CLFP, Principal, ECS Financial Services, Inc.
Mark Loken, Vice President, CoBank Farm Credit Leasing
Eric McGriff, Chief Risk Officer, 36th Street Capital
David Normandin, CLFP, President and CEO, Wintrust Specialty Finance
Brittany Ogden, Attorney, Partner, Quarles & Brady LLP
Ricardo E. Rios, CFA, CLFP, President & COO, Commercial Equipment Finance, Inc. (CEFI)
William Tefft, Equipment Manager – Corporate Asset Finance, EverBank Corporate Asset Finance
Shari Williams, Chief Risk Officer, Elevex Capital, LLC

Kelli Nienaber will continue to serve as Executive Director.

JOIN THE CONVERSATION
X: https://twitter.com/LeaseFoundation
LinkedIn: https://www.linkedin.com/company/10989281/

ABOUT THE FOUNDATION
The Equipment Leasing & Finance Foundation is a 501c3 non-profit organization with a mission to advance the $1.3 trillion equipment finance sector by producing data-forward research and market outlooks, as well as cultivating the next-generation workforce through Campus to Career programs, including curriculum development and collegiate scholarships. Founded in 1989 and 100% funded through charitable donations, the Foundation drives innovation and career development for the future of the industry. www.leasefoundation.org

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While every family celebrates the holiday season a little differently, each with its own sets of customs and traditions, there are things that most celebrants can agree on, things that are considered essential for a merry Christmas.

According to Statista Consumer Insights, a Christmas tree in the house tops the list of holiday must-haves this year, with 57 percent of Americans considering it essential to a proper celebration. Some proper holiday tunes (there's more than "Last Christmas") and Christmas movies, think “Home Alone”, “Love Actually” and (to some) “Die Hard”, are other key ingredients to the holiday season with 50 and 47 percent of Americans calling both essential traditions, respectively.

When asked about what they are looking forward to most thinking about the holiday season, Americans show that community and family still beat the commercial aspects of the holidays. 67 percent of the respondents look forward to spending time with friends and family, making it the top answer by far. Interestingly Americans also prefer giving presents (52 percent) over receiving them (32 percent), showing that not all is lost for Christmas romantics.

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