New Hires/Promotions in the Leasing Business
and Related Industries

Tina Eickhoff, CPA, CLFP, was promoted to Head of U.S. Bank Equipment Finance, Marshall, Minnesota. "In this role, Tina will leverage her industry experience and deep understanding of our clients' business objectives to help us deliver innovative and tailored equipment finance solutions”. She joined U.S. Bank Equipment Finance October, 1999, as Financial Analyst, promoted July, 2003, Finance Director, Equipment Finance, promoted Director of Product Strategy & Support (June, 2022).
https://www.linkedin.com/in/tina-eickhoff-7076864a/

Melissa Fisher, CLFP, was hired as Chief Risk Officer, MAZO Capital Solutions, Irvine, California. Previously, she was at Taycor Financial, starting October, 2019, Vice President of Syndication, promoted Chief Operating Officer (December, 2021 - November, 2023); Vice President, Credit, Currency Capital (January, 2018 - October, 2019): Vice President,  Credit, Strada Capital Corporation (September, 2011 - October, 2019). Full Bio:
https://www.linkedin.com/in/melissa-fisher-clfp-51b6a56/details/experience/
https://www.linkedin.com/in/melissa-fisher-clfp-51b6a56/

Russell Goldman was hired as Senior Vice President, Direct Sales, SLR Equipment Finance, Wilton, Connecticut.  He is located in the Atlanta Metropolitan area. "Russell will help grow SLR Equipment Finance’s leasing and lending activities in Tennessee, North Carolina, South Carolina, Georgia, Alabama, Mississippi and Florida." Previously, he was Vice President, Direct Originations, Trustmark Bank (May, 2023 - June, 2024); Vice President, Executive Sales Officer, Flagstar Bank (January, 2019 - May, 2023); Sales Executive, Equipment Finance, Key Credit Corp. (March, 2018 - December, 2018). Full Bio:
https://www.linkedin.com/in/russell-goldman-0056938/details/experience/
https://www.linkedin.com/in/russell-goldman-0056938/

Julie Myers was announced  as Asset Risk Specialist, DLL, Wayne, Pennsylvania. She is located in Media, Pennsylvania. She joined DLL December, 2008.  Full Bio:
https://www.linkedin.com/in/julie-myers-39855921/details/experience/
https://www.linkedin.com/in/julie-myers-39855921/

Tyler Roush was hired as Senior Account Executive, Private Equity, CoreTech, Lehi, Utah. Previously, he was Finance Manager, First National Capital Corporation (June, 2018 - June 2024); Financial Representative, Northwestern Mutual (September, 2016 - August, 2017).
https://www.linkedin.com/in/tyler-roush-44a215108/

Lisa Whitehead, CLFP, was hired as Vice President, Documentation and Funding, First National Capital, Irvine, California. She is located in San Juan Capistrano, California. Previously, she was VP/Assistant Equipment Finance Department Manager, First Foundation Bank (November, 2016 - March, 2024); Operations Manager, Pacific Capital (2003 - 2016); Documentation & Funding Manager, Macarthur Business Credit (2000 - 2004).
https://www.linkedin.com/in/lisa-whitehead-clfp-2a972729/

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Illinois Disclosure, Licensing, and Database Bills
A significant shift in the state's financial landscape
By Ken Greene, Leasing News Emeritus

Illinois is on a path to becoming one of the next states to mandate commercial finance disclosures. The pending bills also propose licensing for providers and the establishment of a database, a novel concept in state financing law.

These are not minor changes and represent a significant shift in the State's financial landscape.

The proposed changes are detailed in a House Bill entitled “Commercial Financing Licensing Act” (HB5587) and a Senate Bill denominated the “Small Business Financing Transparency Act” (SB2234). The licensing protocols outlined in HB5587 are comprehensive, mirroring those in California. They include licensure requirements, annual reports, civil penalties, and the potential for license suspension or revocation. Both bills contain welcome confidentiality provisions.

Excerpts from both bills:

SB 2234: Small Business Financing Transparency Act
Generally:
• Encompasses disclosure, registration, and database.
• Exemptions: Banks, Federal Farm Act lenders, tech providers (provided they are disinterested), true leases, captives, real property-secured transactions, persons making five or fewer transactions in any 12-month period, and certain vehicle dealers.
• “Provider” includes brokers. However, “recipient” seems limited to “persons in Illinois.”
• Disclosures
• Applies to all commercial financing.
• Generally entails the usual disclosures, including the amount of financing, finance charge, APR, total repayment amount, term, payment amounts, potential other fees, prepayment charges, and collateral description. Requires other disclosures for renewal financing.
• Other states' forms are acceptable if the Secretary approves, but that has yet to happen, so the Illinois disclosure forms will be mandatory for the time being.
• Enforcement mechanisms are extremely broad.
• Registration
    - Beginning 1/1/25, providers must register with the State. The process appears less cumbersome       than California licensing.
    - Registration through the NMLS.
    - Registration is $2500, as are annual renewal fees (plus a “contingent” fee for operating       expenses”).
    - Enforcement rights are broad.
    - The bill also establishes a commercial financing database. Information regarding every       transaction must be supplied.

HB5587:Commercial Financing Licensing Act
Generally:
Requires licensing and creates a database. No disclosure rules.
• Effective 1/1/25 or 60 days after license application process made available.
• Applies to all commercial financing.
• Same exemptions as the Senate bill (see above).
• “Provider” includes brokers. May be limited to Illinois transactions, but somewhat vague.
• Licensing
    - Very comprehensive.
    - Financing transactions without a license is a Class 4 felony.
    - Requirements include a financial statement and credit report. Fees are identical to Senate bill       registration and renewal fees. Annual reporting is required based on information provided to the       database.
     - Enforcement rights are similar to Senate Bill.
• Database
    - Effective 6 months after database is certified.
    - Information regarding every transaction must be supplied. The information is similar to that       required in the Senate bill disclosure bill, but it goes to the Department rather than the       recipient.

These bills are quite complex. Readers are encouraged to consult local counsel if either bill is finalized and becomes law.  There are 119 pages:     

SB2234: https://legiscan.com/IL/text/SB2234/2023
HB5587: https://legiscan.com/IL/text/HB5587/2023

Ken Greene
Law Office of Kenneth Charles Greene
5743 Corsa Avenue, Suite 208
Westlake Village, California 91362
Tel: 818.575.9095
Fax: 805.435.7464
ken@kengreenelaw.com
www.kengreenelaw.com

 

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ELFA Reports New Business was Down 7%
in May 2024 from April 2024

The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25), a survey of economic activity from 25 companies representing a cross section of the $1 trillion equipment finance sector, reports that in May, new business volume was $10.2 billion from $11.00 billion in April, 2023

• New business volume (NBV) was $10.2 billion, up 11% from May 2023.
• Month over month, NBV was down 7% from $11.0 billion in April 2024.
• Year to date, cumulative NBV was up 6% compared to 2023.

Additional findings include:

• Receivables over 30 days were 2.3%, up from 2.0% the previous month and up from 2.0% in the same period in 2023.
• Charge-offs were 0.4%, unchanged from the previous month and up from 0.3% in the year-earlier period.
• Credit approvals totaled 75%, unchanged from April.
• Total headcount for equipment finance companies was up 1.5% year-over-year.

Full Press Release:
https://www.elfaonline.org/knowledge-hub/monthly-leasing-and-finance-index/view-mlfi/monthly-leasing-and-finance-index-may-2024

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Leasing and Finance Industry Help Wanted
Excellent Compensation/Marketing Support
Plus other openings for successful, growing funders

Median Income by State in 2024
Adjusted for the Cost of Living Index
Visualcaptalist

To gain insight into the U.S. economy, we’ve visualized the median income by state, as of May 2024. These figures come from WalletHub, which sourced income data from the U.S. Census Bureau and adjusted it for cost of living according to the Cost of Living Index (COLI).

The Cost of Living Index, published by the Council for Community and Economic Research (C2ER), was established in 1968, and allows for consistent place-to-place cost comparisons.

The index considers six categories of spending: groceries, housing, utilities, transportation, health care, and miscellaneous.

After adjusting for COLI, the top three states by median income are the District of Columbia (DC) (technically a district), Hawaii, and Massachusetts.

In DC, federal government agencies are the biggest employers. Many of them offer high-paying jobs that require higher education and specialized skills. DC, like Hawaii, also has a relatively higher cost of living, which may push up the average salary.

In the case of Massachusetts, the state is home to many of the world’s most prestigious universities and research institutions, as well as high-earning sectors like healthcare and tech.

Source: Visualcapitalist

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

CAN Capital Completes Term Debt
Securitization for $175 Million

MARIETTA, GA, – CAN Capital, Inc., (“CAN”) an innovator in alternative small business finance, has successfully completed a $175 million funding program, which includes a variable funding note facility with a maximum borrowing amount of $50 million and a $125 million asset-backed notes (“Notes”) term securitization. This transaction was CAN’s second term securitization and its first since 2014.  This financing provides CAN with fixed-cost borrowing and will be recorded on its balance sheet as a financing transaction.

Edward Siciliano, CAN’s CEO, said, “We are pleased to announce the completion of our first term securitization since 2014, which will help fuel our growth for the next several years.

“The strong reception reflects CAN’s long-standing presence in financing small businesses, favorable market position, institutional backing and the strong management controls and procedures put in place by its executive management team.”

The Notes were issued in three classes rated A, BBB and BB- by KBRA.  The blended yield on the Notes is 8.47% per annum.  The transaction also featured a dynamic advance rate, depending on the then-current collateral composition, ranging from 92.25% to 96.75%.  The initial receivables securing the offered notes had an average original balance of $76,604.

Guggenheim Securities, LLC was sole structuring advisor, book-running manager and initial purchaser.

This press release is not an offer to sell or solicitation to buy securities in any jurisdiction where such actions are unlawful.

About CAN Capital

CAN Capital, Inc., established in 1998, is the pioneer in alternative small business finance. As a technology-powered financial services provider, CAN uses innovative and proprietary risk models combined with daily performance data to evaluate business performance and facilitate access to capital in a fast and efficient way. CAN makes capital available to businesses through business loans made by WebBank and makes equipment financing available through equipment loans and leases offered by various providers of such products. https://www.cancapital.com/

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

 

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Watch at Home
by Fernando Croce, Leasing News Movie Reviewer

With the Fourth of July just ahead, we at Leasing News are proud to recommend five red, white and blue movies that are sure to get audiences laughing, cheering, and saluting

Silver Lode (1954): Independence Day celebrations make for a bitterly ironic backdrop in this exceptional Western, directed by cinematic pioneer Allan Dwan (“Sands of Iwo Jima”). John Payne plays Dan Ballard, a respected citizen in a frontier town who’s looking forward to his wedding on the Fourth of July to Rose (Lizbeth Scott). Dream turns to nightmare, however, when a federal marshal (the dependably slimy Dan Duryea) rides into town to accuse him of murder. As the townspeople turn against him, Dan must evade the marshal’s men and stay alive long enough to clear his name. Crafted with the director’s trademark unpretentious dynamism, the movie is frequently interpreted as a covertly subversive critique of persecution during the McCarthy Fifties. More than anything, however, Dwan’s mini-classic remains a sturdy, exciting yarn.

The Music Man (1962): For a melodious choice for Fourth of July viewing, check out this classic musical, which unfolds during celebrations of the holiday. Set in the 1910s, it follows Harold Hill (Robert Preston), a fast-talking con-man who arrives at his latest target, a small Iowa town brimming with naïve locals. Posing as a band conductor, he has a plan of bilking the townspeople out of money by putting together a band in need of expensive uniforms and instruments. His scheme however is complicated by Marian Paroo (Shirley Jones), a young librarian who sees through his guise. As they develop feelings for each other, Harold’s decision to escape with the band’s funds grows complicated. Anchored by Preston’s joyous turn, this is a quintessential slice of American nostalgia.

Nashville (1975): The U.S. Bicentennial commemoration is among the many plot strands in this dizzying, crazy-quilt musical drama, considered by many to be director Robert Altman’s masterpiece. Taking place at the titular Tennessee town during the Grand Ole Opry, it follows the intersecting lives of a large group of characters in a cross-section of politics and the country music industry. Among them is a beloved but unstable singer (Renee Blakley), an aspiring songbird (Barbara Harris) on the run from her husband, a womanizing guitarist (Keith Carradine), a star of patriotic tunes (Henry Gibson), and a scatterbrained British reporter (Geraldine Chaplin). Juggling numerous characters across a massive canvas, Altman offers an ambitious, senses-tingling epic that combines his trademark corrosive humor with a palpable sense of marvel at our collective human comedy.

The Sandlot (1993): A coming-of-age comedy along the lines of “Stand by Me,” this nostalgic look at the mischievous ups and downs of childhood has become a cult favorite. Set in the early 1960s in the San Fernando Valley, it centers on Scotty Smalls (Tom Guiry), a shy fifth grader who tries to find new friends during the summer. He finds them in a group of boys who spend their time playing baseball in the local sandlot. The episodic narrative recounts their misadventures, including the crush one of them has in a teenage lifeguard and the gang’s attempts to recover a baseball from a feared mutt they call “The Beast.” Among the highlights in this fond family tale from director David Mickey Evans is a game played at night illuminated by Independence Day fireworks.

Hamilton (2020): Fans of musical theater and American Revolution buffs should rejoice at this recording of a live performance of Lin-Manuel Miranda’s award-winning Broadway smash, available on Disney Plus. Miranda also plays the eponymous character, Founding Father Alexander Hamilton, in a tuneful retelling of America’s past that imagines historical figures portrayed by performers of color. An orphaned immigrant who comes to New York in 1776 as the United States prepares to fight for freedom from English rule. Struggles follow victory as the young nation comes together, and Alexander crosses paths with such luminaries as Thomas Jefferson (Daveed Diggs) and Aaron Burr (Leslie Odom Jr.). With a score that includes audience favorites like “Satisfied,” “Wait for It,” “My Shot” and “The Room Where It Happens,” this production gives viewers the lavish stage experience.

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

Labrador Retriever
Omaha, Nebraska  Adopt-a-Dog

ID: A1565799

Male
51 lbs.
2 Years Old
Neutered
Red bundle and White
xercise Needs: Weekend Athlete
Ease of Training: Capable
Friendliness: Bashful
Playfulness: On Request
Dog Skills: Selective
Leash Manners: Pulls Sometimes

Samwise is a gentle soul. Like the hobbit he was named after, he can be a little timid at times. He just needs a brave friend to show him that it is okay, and he really comes out of his shell.

Samwise is available on a first come, first served basis. To meet this pet, please come to the shelter during adoption hours, fill out a survey with your information, and then you'll meet with an adoption coordinator who will introduce you. To save time you can fill out an adoption survey by clicking here:
http://support.nehumanesociety.org/site/Survey

Nebraska Humane Society
8929 Fort Street
Omaha, Nebraska 68134
Phone: 402-444-7800
adoptions@nehumanesociety.org

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B2B Business Finance
September 23-24 The Wynn, Las Vegas

The inaugural B2B Finance Expo will debut in Las Vegas this Fall from September 23-24 at The Wynn. Powered by deBanked in collaboration with the Small Business Finance Association (SBFA), the conference will bring together the leading lenders, funders, and brokers from across the spectrum of commercial finance, leasing, mortgage, and revenue-based capital products.

Steve Denis, Executive Director of the SBFA, said, “The goal is to bring together leaders in commercial finance at an upscale event focused on delivering value to participants.

“Our content will gather industry leaders’ perspectives on partnerships, capital markets, diversifying income streams, and compliance in an environment that balances education, growth, and relationship building.”

Sean Murray, deBanked founder, said, “We’ve produced nearly 20 commercial finance related conferences since 2018. Brokers from all segments of commercial finance looking for a valuable conference to expand their network, learn, and grow their business should attend B2B Finance Expo in Las Vegas this year. It’ll be the biggest one of its kind this Fall.”

The SBFA is a non-profit advocacy organization dedicated to ensuring Main Street small businesses have access to the capital they need to grow and strengthen the economy. The SBFA’s mission is to educate policymakers and regulators about the technology-driven platforms emerging in the small business lending market and how their member companies bridge the small business capital gap using innovative financing solutions. Attendees of the conference will have the opportunity to support this initiative.

To register: https://www.b2bfinexpo.com/page/3861631/registration

To inquire about sponsorship, complete this form here:
https://www.b2bfinexpo.com/page/3798733/sponsorship-info

 

 

News Briefs

Boeing angers safety officials with
    disclosures on 737 Max incident
https://www.bostonglobe.com/2024/06/27/business/boeing-ntsb-737-max/

N.F.L. Ordered to Pay Billions
    in Sunday Ticket Lawsuit
https://www.nytimes.com/2024/06/27/business/media/nfl-sunday-ticket-lawsuit-billions-damage.html

Walgreens Plans ‘Significant’ Store Closures,
    Citing Weak Consumer Spending
https://www.nytimes.com/2024/06/27/business/walgreens-store-closures-earnings.html

Contraception Is Free by Law. So Why Are
    a Quarter of Women Still Paying for It?
https://www.nytimes.com/2024/06/26/well/live/birth-control-pills-contraception-cost.html

Antarctica's melting ice is reaching a
    "tipping point" due to climate change, study finds
https://www.salon.com/2024/06/27/antarcticas-melting-ice-is-reaching-a-tipping-point-due-to-climate-change-study-finds/

Sackler family immunity shield nixed by Supreme Court,   
    thwarting $6 billion opioid settlement
https://www.courthousenews.com/sackler-family-immunity-shield-nixed-by-supreme-court-thwarting-6-billion-opioid-settlement/

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See how someone your age spent their
    money in 1972
https://www.washingtonpost.com/business/interactive/2024/us-spending-housing-healthcare-costs/?itid=sf_biz_More_Coverage_p011_f010

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Sports Briefs---

Brock Purdy isn’t just 49ers QB1,
    he’s become the team’s leader
https://www.49erswebzone.com/articles/181448-brock-purdy-49ers-teams-leader/

Ex-49ers QB Jimmy Garoppolo suspended,
    expected to be released by Raiders
https://www.49erswebzone.com/articles/178724-ex-49ers-garoppolo-suspended-expected-released

Klay Thompson reportedly closer than ever
    to leaving the Warriors
https://www.sfgate.com/warriors/article/klay-thompson-reportedly-closer-leaving-warriors-19530649.php

Intruders run onto 18th green of Travelers Championships,
    delaying Scheffler-Kim Finish
https://apnews.com/article/travelers-championship-intruders-18th-hole-police-bc3e9408e9417b8520fe866795761fe2

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California News Briefs---

Tesla ordered to stop polluting Bay Area air
    with ‘frequent and ongoing’ toxic emissions
https://www.mercurynews.com/2024/06/26/tesla-ordered-to-stop-polluting-bay-area-air-with-frequent-and-ongoing-toxic-emissions/

With false promises, Florida sent migrants
    to Sacramento a year ago. Where are they now?
https://www.sacbee.com/news/equity-lab/article288686365.html

Big Oakland hotel will shut its doors
    and idle more than 100 workers
https://www.mercurynews.com/2024/06/27/oakland-economy-hotel-jobs-layoff-real-estate-develop-property-travel/

California police offer details of probe into
    seizure of 75 tons of illegal fireworks
https://www.eastbaytimes.com/2024/06/27/__trashed-42/

A downtown Berkeley high-rise tower is
    causing a mass restaurant exodus
https://www.sfgate.com/local/article/housing-near-uc-berkeley-restaurant-closures-19541971.php

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Gimme that Wine

 

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

The American Vineyard Foundation Announces Funding for   
    Industry Research in 2024
https://www.winebusiness.com/news/article/289266

NY wine, grape growing industry expects boost
from new research center: What to know
https://www.democratandchronicle.com/story/money/business/2024/06/27/ny-wine-industry-expects-boost-from-new-geneva-grape-research-center/74215870007/

The scientific studies showing
the health benefits of wine
https://www.thedrinksbusiness.com/2024/06/the-scientific-studies-showing-the-health-benefits-of-wine/

Sonoma-Cutrer Announces 2024 Winemaker's Release:
Les Plus Haut Pinot Noir
https://www.winebusiness.com/news/article/289257