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South Florida Hosts Small Business Finance Innovation
at Funders Forum + Brokers Expo 2024

Keynote speaker Karl Rove shares remarks
to kick off the 2024 Funders Forum + Broker Expo

Members of the small business finance industry gathered last week in Hollywood, Florida, to attend the Funders Forum + Brokers Expo 2024 at the Seminole Hard Rock Hotel & Casino.

The conference brought together nearly 800 funders, brokers, industry thought leaders, and policymakers, along with representatives from law firms, credit card processors, and technology vendors. The event featured educational sessions led by a diverse group of the small business finance industry’s top CEOs and strategists on innovative financial technologies, artificial intelligence, advocacy, and the regulatory environment.

“This year’s conference shattered attendance records and provided so many valuable opportunities for members of the industry to network with one another, glean meaningful insights, and share best practices,” said Revenue Based Finance Coalition Executive Director Mary Donohue. “It’s such a privilege for us to have a hand in making a conference like this happen and to advocate for the industry as a whole.”

Attendees at Funders Forum + Broker Expo network at
the Seminole Hard Rock Hollywood between sessions

Renowned political strategist Karl Rove served as the event’s keynote speaker, sharing his wealth of experiences and policy knowledge with attendees. Congressman Cory Mills and Congressman Byron Donalds were among the other top speakers present at the event, giving attendees the opportunity to hear firsthand from leading policymakers.

“It’s paramount for the industry that our members understand Washington’s impact on small business funders. We each must recognize how we can effectively advocate for policies that give small business owners the ability to access the working capital they need to grow,” said Scott Crockett, Founder and CEO of Everest Business Funding, one of the event’s main sponsors. “Our collective efforts not only support individual businesses but also contribute to the growth and success of communities nationwide.”

Delving into cutting-edge ideas surrounding regulatory dynamics and technological innovation, the event also featured a session led by expert ChatGPT and artificial intelligence speaker Dr. Alex Lawrence. Attendees gained insights into the current and future implications of advancements in artificial intelligence and technology on the small business finance industry's landscape.

The conference was led by the small business finance industry itself, and proceeds from the event will go toward advancing the industry, creating additional professional development opportunities for members to connect and network, and advocacy efforts at the state and federal level that will help make a difference for funders, brokers, and small business owners.

Funders Forum + Broker Expo attendees hear from expert panelists about upcoming policies
and regulations that impact the revenue based finance industry

As Hispanic-owned businesses are the fastest growing sector of the U.S. business economy, the conference also prioritized discussion on the importance of the Hispanic business market to the industry. Julio A. Fuentes, president and CEO of the Florida State Hispanic Chamber of Commerce (FSHCC), spoke about the significance of non-traditional finance methods for minority-owned businesses and underscored the immense potential within this steadily expanding demographic.

"Florida's Hispanic population has grown tremendously, and we've seen a corresponding rise in Hispanic-owned businesses here in Florida and across the nation. Many of these business owners have faced serious barriers and challenges, but they've found real success by teaming up with the small business finance community," said Fuentes. "Their stories show grit, hard work, and how crucial it is to have solid financial backing. It's also not just about individual businesses, but building up our entire community economically. That’s why gatherings like this conference are so important – they create meaningful connections and opportunities that ultimately support small business growth across the country."

The event had a dedicated expo space throughout the duration of the conference, providing plenty of opportunities for businesses and attendees to engage, connect, and forge partnerships. More than three dozen exhibitors took advantage of the space to showcase their services and solutions.

The event was organized largely by the Revenue Based Finance Coalition (RBFC), which is made up of finance companies that provide needed capital to small and medium-sized businesses through non-traditional methods.

Looking ahead, the industry plans to hold Funders Forum + Brokers Expo in Hollywood again next year from March 4 to 6, 2025. As the small business finance landscape continues to evolve, events like these serve as important platforms for innovation and collective advancement.

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Request for your input
by Marshall Goldberg, Leasing News Legal Editor

On May 6, 2024, I will be speaking at the ELFA Legal Forum on current and upcoming revisions to California Law as it applies to the Equipment Leasing Industry.

We are familiar with the Disclosure Laws that went into effect December 2022. However, it is important to see how these laws have affected the industry.

I would like the discussion to center around the experiences of companies post December 9, 2022, and I am requesting your assistance.

Have you experienced or are you aware of any litigation, problems with the DFPI, issues with your brokers, or funding sources or the DFPI?
Has anyone contested your failure to provide disclosures in a true lease situation?
Has your company successfully navigated the requirements or are their internal issues within the company regarding compliance?

Your input is important. Unless you request, I will keep your information confidential. Please email me at mgoldberg@glassgoldberg.com. In return, if I receive any good suggestions at the forum from the very competent attorney specialists attending, I will provide you with their responses. Much thanks.

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Leasing and Finance Industry Help Wanted

11 ELFA Member Employees Receive
Principles of Equipment Leasing & Finance Certificates

Washington, D.C. – The Equipment Leasing and Finance Association announced that 11 member employees completed its two-day, instructor-led “Principles of Equipment Leasing and Finance” curriculum in March, which culminated in their completing an exam and being awarded certificates of achievement signifying their exposure to and understanding of the basics of equipment leasing and finance. They are:

Jamie Bohan, Macquarie Specialized and Asset Finance
Gregory Boyle, Altec Capital Services
Lindsey DiGiacomo, Sasser Family Companies
Karla Harrington, Sasser Family Companies
Katelyn Hejza, Utica Leaseco/Utica Equipment Finance
Daniel Loggins, TCEC
Todd Madson, Huntington Equipment Finance
Alexa Mertz, Utica Leaseco/Utica Equipment Finance
Holly Minton, Equify Financial LLC
Jamie Sterling, Equify Financial LLC
Joshua Wabnik, Womble Bond Dickinson (US) LLP

The course was led by retired credit executive and long-time ELFA member Kevin P. Prykull, CLFP, Adjunct Professor in Finance at Duquesne University.

The Principles of Equipment Leasing and Finance Workshop is designed to teach the fundamentals of personal property commercial equipment leasing and finance. The program provides participants with a strong foundation on how the equipment finance business works and where their individual responsibilities fit into the workflow, as well as an opportunity to network with industry colleagues. Attendees earn 19 CPE credits—ELFA is registered with the National Association of State Boards of Accountancy as a sponsor of continuing professional education on the National Registry of CPE Sponsors.

The next Principles Workshops will take place on June 26-28 and Nov. 6-8 at ELFA Headquarters in Washington, D.C. ELFA members also have the option to host a Principles Workshop at their own facilities. For more information, please visit https://www.elfaonline.org/POL.

About ELFA
The Equipment Leasing and Finance Association (ELFA) is the trade association that represents companies in the $1 trillion equipment finance sector, which includes financial services companies and manufacturers engaged in financing capital goods. ELFA members are the driving force behind the growth in the commercial equipment finance market and contribute to capital formation in the U.S. and abroad. Its 580 members include independent and captive leasing and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as manufacturers and service providers. ELFA has been equipping business for success for more than 60 years. For more information, please visit www.elfaonline.org.

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Quiktrak Purchases TKS Group
acquires best-in-class auditing software

Fresh off the merger with Douglas-Guardian and leaving the Bureau Veritas Group in 2023, Quiktrak, LLC. has purchased the TKS Group, based in Madrid, Spain, effective March 8, 2024. The purchase brings TKS’s CHECKS software under the Quiktrak umbrella. CHECKS is a modern, mobile-first, and AI-driven tech stack designed to take advantage of emerging technologies.

“We’re thrilled to move to the CHECKS platform,” says Eric Lindstrom, VP of Technology at Quiktrak. “Luis Beneytez and the entire TKS team have developed a great software package, similar to how Quiktrak would go about it were my team to reimagine the ideal auditing and inspection software. Rather than updating our current platform, CHECKS is a readymade suite of best-in-class tools. I can’t wait to introduce it to clients.”

Luis Benitez, who founded TKS in 2006, developed CHECKS in 2014 as a flexible, end-to-end technology solution for managing assets and audit processes. “I couldn’t be happier to join forces with Quiktrak,” says Luis. “With Quiktrak's extensive network of tenured inspectors and TKS’s CHECKS platform, we can provide advanced insights and risk management to customers anywhere in the world. I think it’s a game-changer for the industry.”

About Quiktrak: Founded in 1991 and acquired by Rcap Equity in 2023, Quiktrak delivers more than 40,000 audits annually utilizing its network of more than 1,500 qualified inspectors throughout the United States, Canada, the United Kingdom, Ireland, Europe, Australia, New Zealand, and Southern Africa.

About TKS Group: In business since 2006, TKS developed the Checks Web and Mobile App system for the retail, financial, and automotive industries. It has offices in Europe, the UK, Mexico, and the United States with headquarters in Madrid, Spain.

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The Most Impersonated Brands
in Email Scams

by Felix Richter

We all know the emails: “Dear user, please click the following link to update your credentials. Otherwise your Office 365 account will be disabled.” "Please sign the attached document" or "Please review your payment information." And while many of those emails look legitimate at first glance, it’s always worth taking a closer look, because more often than not emails like the above are phishing attempts. Millions of people fall for these kinds of phishing attempts, especially people who haven’t grown up using the internet.

Phishing is among the most common cyber attacks, targeting both individuals and companies. The consequences of successful phishing attacks can be severe, ranging from loss of confidential information or intellectual property to breach of customer data or ransomware infection. Any of those outcomes can result in financial and reputational damages, which is why any organization should train its employees on the constantly evolving threat landscape.

In recent years, phishing mails have become a lot more sophisticated and some of them are really hard to distinguish from legitimate mails. In many cases, such attacks involve the attacker imitating a well-known company/brand - a practice commonly known as “brand phishing” - in order to exploit the trust and familiarity that users have with certain brands. According to Proofpoint's 2024 State of the Phish report, Microsoft was the most abused brand in 2023, appearing in 68 million malicious messages, with Office 365 alone appearing in 20 million malicious mails. Other often exploited brands include Adobe, DHL and Google, albeit none of them comes close to the volume of fraudulent messages sent in the name of Microsoft.

Watch at Home
by Fernando Croce, Leasing News Movie Reviewer

Though Christmas, Halloween and Thanksgiving all boast a long list of holiday-themed movies, Easter-related movies are rarer but no less inspiring. With Easter Sunday right around the corner, check out our holiday choices.

The Messiah (1975): There have been countless versions of the story of Jesus Christ, ranging from the epic to the intimate. Perhaps no telling was ever as humble and pared-down as this remarkable Italian film, which also marks the last project finished by the celebrated neo-realist master, Roberto Rossellini (“Open City”). Portraying Jesus (Pier Maria Rossi) as a somewhat diffident teacher in a land of political as well as spiritual need, the film eschews the mythical side of the story, with famous events and miracles often merely alluded to. (By comparison, Pier Paolo Pasolini’s famously austere “The Gospel According to Matthew” is downright decadent.) The de-dramatized approach makes for challenging but rewarding viewing, a swan song from an artist who could blend ideas and emotions in profound, surprising ways. With subtitles.

Life of Brian (1979): Those who like their Easter weekend viewing with a dash of irreverence should enjoy this rollicking satire from Britain’s legendary comic troupe Monty Python. The eponymous Brian (Graham Chapman) is an Everyman muddling through Biblical times, who ends up being mistaken for none other than The Messiah himself. Dealing with everybody from Pontius Pilates (Michael Palin) to miracle-hungry crowds to his own overbearing mother (Terry Jones), Brian stumbles his way to a crucifixion peculiarly scored to a cheery ditty known as “Always Look on the Bright Side of Life.” Though not as well-known as “Monty Python and The Holy Grail,” the film amply showcases the group’s inimitable sense of absurdity, mercilessly poking fun at one institution after another.

The Long Good Friday (1980): For a change of pace from conventional holiday titles, check out this first-rate British thriller, which unfolds over the course of a gritty Easter weekend. Harold Shand (Bob Hoskins, in a marvelous, star-making performance) is a London crime boss with hopes of becoming a legitimate businessman. His plans of wooing the American Mafia go awry, however, when a series of bombings and murders make him paranoid about a possible traitor in his midst. He discovers that double crosses have caused the IRA to target his property, and time begins running out for Harold as well as his loyal girlfriend, Victoria (Helen Mirren). Brimming with fierce realism and violent twists and anchored by Hoskins’ ruthless energy, director John Mackenzie’s classic continues to pack a punch.

Amazing Grace (2006): For a movie that illustrates the most stirring principles behind Easter, check out this handsome telling of a poignant chapter of history. Set in the 18th-century, it follows the life of William Wilberforce (Ioan Gruffudd), who as an idealist member of the British Parliament took on the controversial issue of the slavery trade. Facing frustrating odds from politicians and merchants alike, he draws inspiration from his wife (Romola Garai), fellow abolitionists, and, above all, his mentor John Newton (Albert Finney), a former slave ship owner who changed his ways after finding Christianity and writing the verses for the titular hymn. Though it has all the trappings of standard, stuffy period pieces, director Michael Apted’s underrated film remains compelling to the end.

Peter Rabbit (2018): Beatrix Potter’s beloved storybook character gets a lively update in director Will Gluck’s energetic mix of live-action and animation. The titular bunny (voiced by James Corden) leads a happy life with his sisters, Flopsy, Mopsy and Cotton-Tail, in the garden of Farmer McGregor (Sam Neill). When the farmer passes away, however, his nephew from London, Thomas (Domhnall Gleeson), moves in and promptly sets out to drive the rabbits out of his property. What he didn’t count on was Peter being quite a wily opponent, particularly with the help of a lovely neighbor, Bea (Rose Byrne). What follows is solid family entertainment, a series of slapstick antics that, despite plenty of manic winks, still manage to maintain plenty of the gentle spirit of Potter’s original creations.

Fernando Croce is a nationally recognized film reviewer and has been contributing to Leasing News since 2008. His reviews appear each Friday.

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New Foundation Study Offers In-Depth Examination of Surging Growth
Opportunities in Climate Finance

Washington, DC, March 26, 2024 – An accelerated shift in government policy, corporate policy, and capital deployment strategy are precipitating enormous investment that is driving global growth in climate finance to an estimated $9 trillion by 2030. A new study, “Climate Finance: A Massive Commercial Opportunity for Equipment Finance,” released by the Equipment Leasing & Finance Foundation (Foundation) provides an overview of the climate finance opportunity by industry and asset type, reviews the current nature of financing by equipment finance companies, and provides a roadmap for industry participants to chart their course in climate finance.

The comprehensive study was commissioned by the Foundation and prepared by The Alta Group. It utilizes a multipronged approach, including a compilation of available market data, a survey of members of the Equipment Leasing and Finance Association’s Climate Finance Working Group, and in-depth interviews with participants in climate finance across the equipment finance industry.

Among the in-depth research and analysis in the study are:

Executive summary intended to be a stand-alone document summarizing all the content in the paper.
Overview of the global climate finance market.
Review of participation In climate finance across the industry today and examination of key segments, including solar finance, energy efficiency, electric vehicles (EV), energy storage, and green hydrogen.
Information and resources to aid in the analysis of market considerations.
Asset management and risk considerations.
Current headwinds and tailwinds in climate finance.

“Taking advantage of the sizable opportunities of providing climate finance involves the application of best practices and the mitigation of both traditional and emerging risks,” said Valerie Gerard, Foundation Research Committee Chair and Co-CEO of The Alta Group. “This study aims to accelerate the equipment finance industry's understanding of climate finance, and offers a roadmap for equipment finance companies to develop their own strategic and tactical plans toward successfully participating in this market.”

Download the full report at https://tinyurl.com/ELFFClimateFin.

ABOUT THE FOUNDATION

The Equipment Leasing & Finance Foundation is a 501c3 non-profit organization that propels the equipment finance sector—and its people—forward through industry-specific knowledge, intelligence, and student talent development programs that contribute to industry innovation, individual careers, and the advancement of the equipment leasing and finance industry. The Foundation is funded through charitable individual and corporate donations. Learn more at www.leasefoundation.org.

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