New Jersey Senate Bill S1397
Financial Institution Law Under Consideration

"Requires certain disclosures by providers of commercial financing.

"Commercial financing" means open-end financing, closed-end financing, sales-based financing, factoring transactions, or any other form of financing, the proceeds of which the recipient does not intend to use primarily for personal, family, or household purposes.

"As used in this act:

"Broker" means a person who, for or in expectation of consideration:

"(1) arranges or offers to arrange commercial financing for a recipient; or

"(2) assists or advises or offers to assist or advise a recipient in obtaining or attempting to obtain a commercial financing."

Full Bill:
https://www.njleg.state.nj.us/bill-search/2024/S1397/bill-text?f=S1500&n=1397_R1

License and Registration United States
tate-by-State Analysis of Requirements for Lenders and Brokers

Full List:
https://leasingnews.org/Pages/states_license.html

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New Hires/Promotions in the Leasing Business
and Related Industries

Jason Horan was hired as Senior Salesforce Administrator, Elite Consulting Partners, Morristown, New Jersey. He is located in Sicklerville, New Jersey. Previously, he was Diector of Technology, Jupiter Financial (April, 2023 - February, 2024); Salesforce Administrator/Sales Enablement, Business  Analyst, NewLane Finance (August, 2021 – April, 2023)
Full Bio:
https://www.linkedin.com/in/jason-horan-22532552/details/experience/
https://www.linkedin.com/in/jason-horan-22532552/

(Retiring)

Ric Rivett, Senior Vice President of Verdant Commercial Credit, announced his retirement. He is located in Monrovia, California.  He previously was at Intech Funding Corp, which became a part of Verdant in 2018. He was at the company 29 years, 8 months.
https://www.linkedin.com/in/ric-rivett-b506074a/

Oakmont Capital Services, West Chester Pennsylvania announced the promotion of Amanda Town from Funding Analyst to Funding Supervisor. She is located in Downingtown, Pennsylvania. Town has been a member of OCS' funding team since April, 2016. Previously, she was Operations Manager, BB&T (2012 - April,  2016); Head Teller, Wells Fargo (2010 - 2012).
https://www.linkedin.com/in/amanda-town-791a9a117/

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Leasing and Finance Industry Help Wanted
Positions with Attractive Income & Benefits

Osgood Bank Unifies Operations and Powers Post-Merger Growth
with Support from Northteq’s Aurora LOS

Following the Accord Financial Group Acquisition, Northteq’s Aurora LOS Helps Osgood Funding, a Subsidiary of Osgood Bank, Revamp Operations and Strengthen Partnerships

Osgood Funding (Osgood), a subsidiary of Osgood Bank, has streamlined operations, improved efficiency, and strengthened partner alignment in part, by implementing Northteq’s Aurora Loan Origination System (LOS). This next-generation solution has empowered Osgood to unify teams and processes, simplify workflows, and establish a solid systems foundation for future expansion.

Les Lee, Senior Director at Osgood Funding, said, “With Northteq’s Aurora LOS, we were able to tackle one of the biggest challenges in a merger—bringing different systems and processes together successfully.

“The platform’s functionality has given us immediate improvements and its customization options allowed us to tailor processes to our business objectives.”

Aurora LOS enabled Osgood to replace outdated legacy systems with an automated platform that minimizes their team’s manual processes, reducing errors and improving service for both borrowers and vendors. The integration has allowed Osgood to offer a consistent and exceptional experience across all customer touchpoints.

The acquisition of Accord Financial Group marks the beginning of an exciting growth phase for Osgood. Powered by Aurora LOS’s scalable infrastructure, Osgood plans to increase its deal volume over the next year, meeting growing market demands while upholding operational efficiency.

Kristian Dolan, CLFP, Chief Executive Officer at Northteq, said, “Being a part of Osgood Funding’s post-merger integration and growth story is truly rewarding.

“Aurora LOS was built for this kind of transformation—unifying teams and processes into one efficient, adaptable system. We’re proud that Northteq has helped Osgood establish a solid systems foundation, and we look forward to supporting their ongoing growth and success in the equipment finance industry.

“In an industry where mergers and acquisitions drive growth, Northteq’s Aurora LOS excels in supporting smooth transitions and long-term scalability. Osgood Funding’s success story highlights how Aurora’s flexible, all-in-one platform can simplify post-merger integrations, optimize operations, and ensure regulatory compliance—making it easier for lenders to thrive in a competitive market.”

Northteq is now primarily owned by Arthur Ventures, a respected Minneapolis-based early growth capital firm known for leading investments in B2B software companies. This partnership positions Northteq for continued growth and innovation. Since 2013, Arthur Ventures has partnered with over 50 companies across the United States and Canada. For more information, please visit https://northteq.com/ 

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Aimee Jackson, Account Management Supervisor,
Great American Insurance Group at ELFA Conference

Aimee Jackson said, “It was a pleasure serving as Chair of the 2024 Equipment Leasing and Finance Association Annual Convention Planning Subcommittee for the Women's Council. I'm extremely grateful for the opportunity to collaborate with and hear insights from several remarkable women in our industry.

“Thank you Catherine Roddick for your guidance and support throughout the planning process. I am in awe of your steadfast leadership. Reid Raykovich, CLFP, CAE, Kristi Schon and Jennifer Martin, CLFP - thank you for sharing your experiences, insights and approach to market expansion.

“Overall, I thought the conversation left attendees with a lot of food for thought and I'm excited to see how others will incorporate diverse perspectives into their planning for the upcoming year."

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ELFA Announces New Board of Directors
James Cress, Vice President & General Manager at Flex Financial, Stryker, 
will serve as ELFA Board Chair

AUSTIN, TEXAS– Today during the 63rd Annual Convention of the Equipment Leasing and Finance Association (ELFA), the association announced its new Board of Directors and Officers who will serve during the next 12 months. James Cress, Vice President & General Manager, Flex Financial, Stryker, is the new ELFA Board Chair and Deborah Baker, VP, Global Payment Solutions, HP Inc., is now Chair-Elect. The Chair-Elect and new Board members were recommended by ELFA’s Nominating Committee and approved by a vote of the general membership.

Cress said, "I am honored to represent the members, board and staff of ELFA as the next Chair."

"It is a privilege to build upon the strong foundation established by the remarkable leaders who have come before me, and I look forward to collaborating closely with CEO Leigh Lytle to bring the association’s bold vision and strategic objectives to life. I am excited about the tremendous opportunities ahead for this dynamic industry. Together, we will continue to drive innovation and growth, creating value for our members and making a positive impact on the industry and the broader economy in the coming year."


ELFA President and CEO Leigh Lytle, said, “James Cress is the right leader for this pivotal moment in our association and industry,” said “During this exciting time of change as we focus on ‘investing forward,’ James’ deep industry knowledge and forward-thinking mindset will be invaluable assets. The $1 trillion equipment finance industry plays a vital role in the U.S. economy, and I’m confident that during James’ tenure as Chair, ELFA will create new opportunities to help our members and our industry drive the next era of American growth."

As an active member of ELFA since 2000, Cress has held a number of key leadership roles. He has served on the Board of Directors, the Executive Committee, the Nominating Committee and as the Board liaison to the Emerging Talent Advisory Committee. He also has contributed to the association’s advocacy efforts as Chair of LeasePAC, ELFA’s political action committee, and a regular attendee of Capitol Connections, ELFA’s annual advocacy event in Washington, D.C. In addition, Cress has demonstrated his leadership through active roles on the Captive and Vendor Finance Business Council Steering Committee and the Women’s Council.

Cress also has been a long-time supporter of the Equipment Leasing & Finance Foundation and has presented Campus to Career presentations at Miami University in Ohio and Michigan State University, introducing students to the equipment finance industry.

As the Vice President and General Manager of Stryker’s captive finance arm, Flex Financial, Cress is responsible for delivering financial solutions that make it easier for Stryker’s customers to reach their clinical and financial goals. Before joining Stryker in 2008, he was Senior Vice President and Vendor Business Unit Director for eight years at National City Commercial Capital. He also spent several years as a Vice President in Small Business Banking at US Bank.

Cress holds a bachelor’s degree in economics and a master’s in executive leadership and organizational change from Northern Kentucky University.

2025 ELFA Board of Directors

The newly elected members of the ELFA Board of Directors include:

• Hollis Bufferd, CEO, Star Hill Financial LLC                            
• Neal Garnett, Chief Commercial Officer and Executive Board Member, DLL                       
• Jon Gerson, President, Executive Solutions for Leasing and Finance, LLC
• Robert Moskovitz, CFO, Verdant Commercial Capital LLC
• William Perry, President, Regions Equipment Finance Corporation            
• Theresa Provencher, Managing Director, Syndication Manager, Bank of America Global Leasing
• Moorari Shah, Partner, Sheppard Mullin Richter & Hampton LLC
• Pasqual Slaughter, Vice President North America, Caterpillar Financial Services Corporation             

The following individuals were elected by the membership to serve as ELFA Vice Chairs: Nathan Gibbons, CLFP, Chief Experience Officer, QuickFi, and Kirk Phillips, President and CEO, Wintrust Commercial Finance. Ed Rosen, ELFA’s Director of Governance, will serve as Secretary.
Rob Boyer, CLFP, President, First Commonwealth Equipment Finance, is Immediate Past Chair.

Other members of the Board are:

• David Drury, Head of Commercial Specialty Lending, Fifth Third Bank, National Association
• Katie Emmel, COO, Solifi
• Brian Eschmann, CLFP, President, Northland Capital Equipment Finance
• Randy Haug, Executive Vice President, Vice Chairman & Co-Founder, LTi Technology Solutions
• Mathew Iacobucci, SVP - Head of Bank Markets, U.S. Bank
• Christopher Johnson, SVP & President, Pitney Bowes Global Financial Services
• Michael Jones, President, Equipment Finance, First Citizens Bank Equipment Finance
• Brad Peterson, CEO, Channel
• Jayma Sandquist, Chief Marketing Officer, SVP JDF US & CA, John Deere Financial
• Nick Small, VP, Finance Shared Services, Cisco Systems Capital Corporation
• Michelle Speranza, CLFP, SVP, Chief Marketing Officer, LEAF Commercial Capital Inc.
• Stephen White, Executive Vice President, Stonebriar Commercial Finance

About ELFA
The Equipment Leasing and Finance Association (ELFA) represents financial services companies and manufacturers in the $1 trillion U.S. equipment finance sector. ELFA’s 575 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

Finance and Leasing Industry Recruiters
Companies with experience in the industry

Second Column: YCS - Year Company Started | YELB - Years in equipment Leasing Business

Name City, State Contact Website Leasing Association	YCS YELB (see above for meaning)	Geographic Area	Specialty
Executive Solutions for Leasing & Finance, Inc. Atlanta GA 30308 Jon Gerson, President jongerson@exsolutions.com 678.528.8996 LinkedIn www.exsolutions.com	1990 (1990)	Nationwide	Search firm specializing in leasing industry. Services include retained and contingent search, strategic consultation, compensation analysis, sales & management training, & customizable consulting products.
Recruiters International, Inc. (RII) Pembroke Pines, FL 33025 Emily Fitzpatrick Sr. Recruiter info@rirecruit.com Phone: 954-885-9241 www.riicareer.com LinkedIn Also follow us on Twitter @RIIINFO	2000	North America	Explanation:  Boutique Executive Search Firm Specializing in the Finance & Equipment Leasing Industries. Our goal is to build long term relationships with our Clients & Candidates, keeping both sides abreast of current and future changes that effect supply & demand of Top Talent.  Excellent References & Testimonials
ZRG Partners 69 Milk St Third Floor Westborough, MA 01581 Contact: Ken Lubin,  klubin@zrgpartners.com Gerry Ricco, gricco@zrgpartners.com www.zrgpartners.com	1999 (32)	Global (Completed search in 33 countries in leasing and lending)	Senior Level retained Search firm doing C-Suite searches, board searches and VP level positions, We work on a client focused, project basis

 

 

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Equipment Finance Industry Expands
to More Than $1.3 Trillion - Foundation Horizon Report

Growth and Innovation, Foundation Horizon Report Finds End-users expect to increase their equipment and software acquisitions in 2025 with 77% using financing

Washington, DC,—The equipment finance industry expanded to an estimated $1.34 trillion in 2023—a new all-time high—with 82% of end-users using some form of financing to fund their equipment and software (E&S) acquisitions, according to an end-user survey from the Equipment Finance Industry Horizon Report 2024. The report, which was released today by the Equipment Leasing & Finance Foundation and prepared by Keybridge, also reveals that approximately 57.7% of the $2.3 trillion (nominal) in E&S investment in 2023 was financed.

The Horizon Report focuses on the Foundation’s biennial survey of equipment end-users, which was conducted this summer. Using data collected through the survey, the Foundation estimates the current size of the equipment finance industry, assesses the propensity to finance private sector equipment investment for key equipment verticals, and forecasts end-user plans to acquire and finance equipment in 2025.

Leigh Lytle, President of the Foundation, and President & CEO of the Equipment Leasing and Finance Association said, “The trillion-dollar equipment finance industry has always been the backbone of capital investment, which is a critical component of the U.S. economy. This Horizon Report clearly shows the extent to which businesses and other organizations rely on commercial financing with the majority of public and private sector capital expenditures acquired through loans, leases, or lines of credit. Our industry financed supply chains and supported business growth that helped stave off recessionary pressures amid elevated inflation and high interest rates, enabling equipment and software investment to expand in 2023. The report also indicates the industry is well positioned to support forecasted increases in equipment and software, including innovative, high-growth areas like generative AI, equipment-as-a-service (EaaS) subscription-based models, and climate financing. This report delivers must-have insights that will help business leaders and decision makers stay ahead of the game.”

Highlights from the Horizon Report include:
· Equipment finance industry growth.
According to official government figures, E&S investment (both financed and not financed) expanded by a solid 5.3% in 2023 to $2.3 trillion (nominal). The Foundation’s estimate that approximately 57.7% of this investment (and 64.2% of private sector investment, per the end-user survey) was financed yields an estimated industry size of $1.34 trillion. This figure represents 7.1% nominal growth for the equipment finance industry compared to 2022.
· End-user reliance on financing. The end-user survey revealed that 82% of respondents who acquired equipment or software in 2023 used at least one form of financing to do so. This represents a slight uptick from the 79% of respondents indicated in the 2022 survey.
· Increase in equipment and software acquisitions in 2025. End-users were roughly three times more likely to believe their E&S acquisitions will increase in 2025 (42%) versus decrease (15%). The most commonly selected verticals among end-users who plan to boost acquisitions were software, computers, office equipment, and communications equipment, reflecting the importance of these verticals to business operations in which hybrid/remote working arrangements, online sales channels, and incorporating AI and other new technology tools are critical. Importantly, more than three-fourths of end-users expect to use a financing method to cover at least a portion of the cost to acquire this equipment.
· Emerging industry growth drivers. Tracking emerging trends in the equipment finance industry, the Foundation’s 2024 survey finds that currently, 42% of E&S end-users use generative AI in their businesses, and an additional 42% indicated that they intend to do so over the next two years. Regarding EaaS, half of end-users already use a subscription-based model for equipment and an additional 23% indicated that they intend to pursue this option in 2025. Meanwhile, nearly one-third of E&S was acquired to support energy-related, climate-related, or other environmental goals and pledges in 2023. With global climate finance expected to grow to $9 trillion by 2030, this is likely to be a key area of growth for the industry in the years ahead.
· Top methods of payment to acquire equipment and software. According to the end-user survey, the most important payment method used by businesses to acquire equipment and software in 2023 was leasing (26% of total acquisitions), followed by secured loans (16%), lines of credit (14%), and unsecured loans (8%). Among non-financed acquisitions, paid-in-full credit card purchases were the most prevalent payment method (20%) followed by cash (16%).
· Top reasons for financing. The top reasons end-users chose to finance their E&S acquisitions were “optimization of cash flow” (62%), “protection from equipment obsolescence” (55%), and “tax advantages” (51%).


Zack Marsh, CLFP, Chair of the Equipment Leasing & Finance Foundation and SVP, Accounting and Analysis, AP Equipment Financing, said, “The Horizon report offers a detailed look at equipment acquisition and financing decisions for specific equipment verticals and industries, the key factors influencing the decision to use financing, and how financing decisions are likely to evolve over the next year. Looking ahead, both the report end-user survey and the overall economy provide reason to be optimistic about the industry’s prospects in 2025. Equipment finance industry executives can use the report information to better position their businesses for faster growth.”

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News Briefs

VW labor chief sounds alarm on mass layoffs
    and three German plant closures
https://www.reuters.com/business/autos-transportation/volkswagen-plans-major-layoffs-shut-least-three-german-plants-works-council-head-2024-10-28/

7-Eleven to Open 500 Food-Forward Stores, operates
    nearly 1,100 restaurant locations in the U.S.
https://www.qsrmagazine.com/operations/fast-food/7-eleven-to-open-500-food-forward-stores

Federal government hands out $2.4 billion
    for 122 railroad projects nationwide
https://www.pressdemocrat.com/article/news/federal-government-hands-out-2-4-billion-for-122-railroad-projects-nationw/

Ford Took an Early Lead in Electric Vehicles.                    
    Now G.M. Is Surging.
https://www.nytimes.com/2024/10/29/business/ford-general-motors-electric-vehicles.html

Automatic Refunds for Significant Flight Disruptions:
    New Airline Rule Goes Into Effect
https://www.nytimes.com/2024/10/29/travel/airline-fees-refunds-dot-rules.html

McDonald's value meals turn around US sales
    in third quarter with customers hungry for deals
https://www.pressdemocrat.com/article/trending/mcdonalds-value-meals-turn-around-us-sales-in-third-quarter-with-customers/

Biden plans to use billions in seized Russian
    assets to fund Ukraine aid
https://www.courthousenews.com/biden-plans-to-use-billions-in-seized-russian-assets-to-fund-ukraine-aid/

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S.F. is struggling to regain jobs lost in the pandemic.
    These industries are hurting the most
https://www.sfchronicle.com/projects/2024/sf-job-loss-data/

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Sports Briefs---

Steve Kerr’s plan for deep rotation echoes
    Warriors’ title team 50 years ago
https://www.sfchronicle.com/sports/jenkins/article/warriors-deep-rotation-steve-kerr-19844508.php

Minus Steph Curry, Warriors pound Lakers backups
to finish preseason undefeated
https://www.sfchronicle.com/sports/warriors/article/warriors-pound-lakers-backups-finish-preseason-19844200.php

Patriots once were the embodiment of NFL,
 the best of the best; but the past is all they have left nowadays.
https://www.bostonglobe.com/2024/10/20/sports/patriots-tara-sullivan-commentary/

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California News Briefs---

Deep budget cuts coming to Oakland as the city
  faces $120 million budget deficit in next two years
https://www.mercurynews.com/2024/10/27/deep-budget-cuts-coming-to-oakland-as-the-city-faces-120-million-budget-deficit-in-next-two-years/

Despite more Bay Area tech layoffs, hope
     for sector as pace of job cuts slows
https://www.mercurynews.com/2024/10/28/bay-area-tech-jobs-economy-work-layoff-medical-silicon-valley-internet/

Newsom antes up $827 million for new wave
   of housing, homelessness funding
https://www.courthousenews.com/newsom-antes-up-827-million-for-new-wave-of-housing-homelessness-funding/

Some landslide-damaged homes to be bought out
  in Rancho Palos Verdes, thanks to $42 million from feds
https://www.latimes.com/california/story/2024-10-29/feds-to-spend-42-million-buying-landslide-damaged-homes-in-rancho-palos-verdes

California hails $544 million in illegal weed seizures.      
    But it's just a drop in the bucket
https://www.pressdemocrat.com/article/news/california-hails-544-million-in-illegal-weed-seizures-but-its-just-a-dro/

Central Calif. town ranked worst small
   city in the US in new study
https://www.sfgate.com/california/article/central-calif-small-city-ranked-worst-new-study-19863990.php

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Gimme that Wine

 

http://www.youtube.com/watch?v=EJnQoi8DSE8

Retailers Welcome Beaujolais Nouveau
   vintage is balanced, fragrant, and delicious
https://www.marketwatchmag.com/retailers-welcome-beaujolais-nouveau/?lid=7yje81gmk7rm

Cannabis Drinks Take Hold  
"awareness and availability expand"
https://www.marketwatchmag.com/cannabis-drinks-take-hold/

Large Roman Villa Where Falernian Wine, the Most
Esteemed in the Empire Was Produced, Found in Campania
https://www.labrujulaverde.com/en/2024/10/large-roman-villa-where-falernian-wine-the-most-esteemed-in-the-empire-was-produced-found-in-campania/

Wine Symposium
Monterey, CA • January 21-23, 2025
DTCWS 2025: Make Your Way to Monterey
https://dtcwinesymposium.com/

2024 WINE INDUSTRY LEADERS
By Erin Kirschenmann
https://www.winebusiness.com/wbm/article/293943