New Hires/Promotions in the Leasing Business
and Related Industries

Mark Erickson was hired as SVP/Chief Sales Officer, Wintrust Specialty Finance, Denver, Colorado. He is located in Evergreen, Colorado. He previously was Chief Operating Officer (co-owner) ISM-Industrial Specialties Mfg. and IS Med Specialties (August, 2021 - October, 2025);  SVP, Chief Sales Officer, Wintrust Specialty Finance (2020- July, 2020); Consultant & VP, Equipment Finance, On Deck (2018
- 2019); SVP, GM, Commercial Sales and Operations, Square, Two Financial Corporation (December, 2020 - May, 2017),
Full Bio:
https://www.linkedin.com/https://www.linkedin.com/in/mark-erickson-b8506111/details/experience/in/
https://www.linkedin.com/in/mark-erickson-b8506111/

Quan Hoang was hired as IT Specialist, Hadrian. He is located in Anaheim, California. He previously was Operations Coordinator, Power Plus (September, 2024 - October, 2025); Software Engineer, General Assembly (June, 2024 - February,2025); Business Development Consultant, Phocas Software (November, 2021 - November, 2024); Business Development Consultant, CyberCoders (September, 2019 - September, 2021): Full Bio:
https://www.linkedin.com/in/quan-hoang-083240167/details/experience/   
https://www.linkedin.com/in/quan-hoang-083240167/

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ELFF Reports Confidence Remains Elevated
Relatively unchanged at 59.9 in November to 60.1 in October

The Equipment Leasing & Finance Foundation (the Foundation) today released its November 2025 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI), revealing confidence in the equipment finance market is at a heightened level for the sixth consecutive month. The index, which provides a qualitative assessment from key executives in the $1.3 trillion sector, was relatively unchanged at 59.9 in November to 60.1 in October.

November 2025 Survey Results:

• Business Conditions – When assessing the next four months, 25% of responding executives believe business conditions will improve (down from 37.5% in October). The majority (62.5%) believe business conditions will remain the same (up from 54.2% the previous month) and 12.5% believe business conditions will worsen (up from 8.3% in October).
• Capex Demand – For the next four months, 20.8% of the survey respondents believe demand for leases and loans to fund capital expenditures (capex) will increase (down from 37.5% in October). Additionally, 62.5% expect demand to remain the same (up from 54.2%), and 16.7% believe demand will decline (up from 8.3% in October).
• Access to Capital – Over the next four months, 29.2% of respondents expect greater access to capital to fund equipment acquisitions, an increase from 25% in October. The majority (70.8%) anticipate the “same” access to capital to fund business, down from 75% the previous month. None expect “less” access to capital, unchanged from October.
• Employment – Regarding employment over the next four months, 33.3% of executives expect to hire more employees, an increase from 25% in October. Also, 58.3% foresee no change in headcount (down from 66.7% last month), and 8.3% expect to hire fewer employees, unchanged from October.
• U.S. Economy – Of the respondents, 4.2% evaluate the current U.S. economy as “excellent,” up from none in October; 95.8% assess it as “fair,” down from 100% last month; and none evaluate it as “poor,” unchanged from October.
• Economic Outlook – Over the next six months, 37.5% of respondents believe that U.S. economic conditions will “get better,” an increase from 30.4% in October. Another 41.7% expect the U.S. economy to “stay the same,” up from 39.1%; and 20.8% believe economic conditions will worsen, down from 30.4% last month.
• Business Development Spending – Over the next six months, 45.8% of respondents believe their company will increase spending on business development activities, up from 29.2% in October. Those who believe there will be “no change” in business development spending decreased to 54.2% (from 66.7% in October), and none believe there will be a decrease in spending (down from 4.2% last month).

Jim DeFrank, EVP and Chief Operating Officer, Isuzu Finance of America, Inc., considered "Captive, Small Ticket, said, “We’re anticipating a nice pickup in Q4 as lower rates, pent-up demand, and 2025’s depreciation advantages drive renewed momentum.”

Jeffry Elliott, CLFP, CEO of Elevex Capital and Equipment Leasing & Finance Association Treasurer, considered "Independent, Middle Ticket," said, “The equipment finance industry is well positioned for a downturn or an economic boom. The sector by nature finances equipment that is new during boom times and used during downturns, so we have a game plan in either situation. Equipment finance industry participants that have strong asset management capabilities will perform better in the downturns vs. others that do not invest in that capability and talent.”

Full Press release, includes Market Survey:
https://www.leasefoundation.org/industry-research/monthly-confidence-index

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NMEF Raises $30 Million in Corporate Notes
Through Brean Capital

North Mill Equipment Finance LLC (“NMEF”), Norwalk, Connecticut, is pleased to announce the successful extension and upsize of their investment-grade rated corporate notes to $30.0 million. The company intends to use the net proceeds to support its growth and the funding of new originations.

Mark Bonanno, President & Chief Revenue Officer of NMEF, commented, "We appreciate the commitment and ongoing support of our existing investors, and the confidence new investors have shown in our platform," said “This transaction further diversifies our capital stack, providing us additional stability in the marketplace.”

Pier Snider, Chief Financial Officer of NMEF, said, “The investment grade rating attained in this transaction further illustrates the strength of our balance sheet and the capital raised offers us increased operational flexibility to fund our rapid growth.”

Brean Capital, LLC served as the company’s exclusive financial advisor and sole placement agent in connection with the transaction. 

About North Mill Equipment Finance
NMEF is a national, premier lender who works with third-party referral (TPR) sources to finance small to mid-ticket equipment commercial leases and loans ranging from $15,000 to $3,000,000 and up to $5,000,000 for investment grade opportunities.  NMEF accepts A – C credit qualities and finances transactions for many asset categories including but not limited to medical, construction, franchise, technology, vocational, manufacturing, renovation, janitorial and material handling equipment.

NMEF is majority owned by an affiliate of InterVest Capital Partners.  The company’s headquarters are in Norwalk, CT, with regional offices in Irvine, CA, Fort Collins, CO, Voorhees NJ, and Murray, UT.  For more information, visit www.nmef.com.  One of NMEF’s controlled affiliates, BriteCap Financial LLC, is a leading non-bank lender providing small businesses with fast, convenient financing alternatives such as working capital loans since 2003 from its main office in Las Vegas, NV.  For more information, visit www.britecap.com.
https://nmef.com/
https://www.breancapital.com/

 

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SLIM Capital, LLC Acquires
Capital Finance Solutions, LLC to Accelerate Vendor
and End-User Growth Channels

SLIM Capital, LLC (“SLIM”), a nationwide independent equipment finance company, announced today that it has acquired Capital Finance Solutions, LLC (“CFS”), a California-based equipment finance firm specializing in direct end-user transactions and vendor-originated financing.

The acquisition represents a strategic expansion of SLIM’s vendor and end-user origination capabilities, further strengthening the company’s ability to deliver tailored financing solutions across multiple industries including construction, manufacturing, transportation, and technology.

Under the terms of the transaction, SLIM Capital has acquired all goodwill, customer relationships, and vendor programs associated with the Capital Finance Solutions brand. The integration of CFS will allow SLIM to deepen its vendor relationships, expand its direct origination platform, and provide an enhanced experience to its customers and partners.

Shervin Rashti, Chief Executive Officer of SLIM Capital, LLC, said, “This acquisition marks another important milestone in our long-term growth strategy. Capital Finance Solutions developed a high-quality network of vendor and end-user relationships that align perfectly with SLIM’s values, structure, and technology-driven model. Integrating these relationships into our ecosystem allows us to scale efficiently, strengthen our reach, and deliver even greater value to our partners.”

Rashti added, “This acquisition is the first in a series of strategic transactions SLIM Capital is pursuing as part of its broader expansion plan. Through these initiatives, SLIM aims to offer its capital, technology, infrastructure, and operational expertise to members of the broker community and independent finance professionals who have strong origination pipelines but seek to leverage SLIM’s strengths to maximize their long-term relationship potential.

“We see tremendous opportunity in aligning with quality originators who share our commitment to transparency, service, and execution.

“Our goal is to build partnerships that allow talented industry professionals to grow within a platform that amplifies their capabilities and accelerates their success.”

About SLIM Capital, LLC
SLIM Capital, LLC is a national independent equipment finance company providing tailored leasing and financing solutions for businesses acquiring essential-use equipment. With programs ranging from application-only to structured finance, SLIM serves industries including construction, manufacturing, transportation, medical, and technology. The company combines advanced technology, disciplined underwriting, and relationship-driven service to deliver consistent results for clients, vendors, and funding partners.
https://www.slimcapital.com/

 

Help Wanted Ad
    Ameris Bank Equipment Finance

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Terran Ferguson, CLFP Associate, joined Channel in July, 2023, as Equipment Finance
Funding Coordinator. He is located in the Greater Minneapolis St. Paul Area.
https://www.linkedin.com/in/terran-ferguson-clfp-associate-75b3bb11b/

 

 

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Looks like BMO is in trouble with one major problem,
Numero Uno in Truck Financing

BMO's trucking portfolio has shown significant stress over the past year, though recent reports indicate some improvement. The record highs for provisions and impaired loans related to its transportation sector (approximately 90% trucking) in the last quarter of 2024.

 While the portfolio has faced challenges from the ongoing freight recession, loan impairments in the third quarter of 2025 were lower than their peak earlier in the year. BMO has been looking to optimize low-return assets and was reportedly exploring the sale of its transportation finance unit in August 2025.

Financial metrics for BMO's transportation portfolio:

• Peak Impairment: Gross impaired loans reached a peak of CA$503  million in the second quarter of 2025.
• Recent Improvement: By the third quarter of 2025, gross impaired  loans had fallen to CA$424 million. BMO's chief risk officer noted  that impaired provisions were trending down.
• Higher than Normal: Despite this recent improvement, impaired   loans remain significantly higher than pre-recession levels. For    contrast, gross impaired loans were CA$72 million in the third  quarter of 2022.

Record Losses in 2024:

• Q4 2024: Provisions for credit losses reached a record CA$85  million, and write-offs hit a record CA$63 million.
• Overall: Impairments rose sharply throughout 2024, driven by  difficult conditions in the trucking industry.

To sum it up: Potential Sale: Reports from August 2025 indicated that BMO was considering selling its transportation finance unit.

News Briefs

Mexico Is Not Just the Top Supplier to the U.S.
     Now It Is the Top Buyer
https://www.nytimes.com/2025/11/19/world/americas/us-mexico-trade.html

Verizon confirmed it will do its largest-ever layoff of
  "more than" 13,000 employees,
       or about 13% of its workforce
https://www.webpronews.com/verizons-telecom-reckoning-inside-the-13000-job-cut-onslaught/

Stock Market Today: Stock-Market Rebound Evaporates
    as AI Fears Resurface
https://www.wsj.com/livecoverage/jobs-report-bls-september-stock-market-today-11-20-2025?mod=hp_lead_pos1&mod=WSJ_home_mediumtopper_pos_1

 Judge moves to halt Trump's National Guard deployment
   in Washington, D.C.
https://www.reuters.com/world/us/us-judge-halts-trumps-national-guard-deployment-washington-dc-2025-11-20/

US cuts Europe from Ukraine peace talks
https://www.courthousenews.com/us-cuts-europe-from-ukraine-peace-talks/

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https://www.nytimes.com/2025/11/19/us/politics/trumps-tariffs-trade-data.html

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Sports Briefs---

49ers sign new kicker to practice squad after Piñeiro injury
https://www.mercurynews.com/2025/11/19/49ers-matt-gay-kicker-eddy-pineiro-injury/

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California News Briefs---

California faces $18 billion deficit,
  fourth consecutive ‘budget problem
https://www.kcra.com/article/california-18-billion-budget-shortfall-next-year-state-legislative-analyst/69486901

Trump releases plan to open California coastline
to new offshore oil drilling
https://www.eastbaytimes.com/2025/11/20/trump-plans-to-open-california-coastline-to-new-offshore-oil-drilling-2/

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Gimme that Wine

 

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

Why America’s Vineyards Are In Crisis
   —And How Growers Are Responding
https://www.forbes.com/sites/lizthach/2025/11/13/crisis-in-us-vineyards-whats-next-for-american-wine-growers/

What Does the Wine Industry Actually Need Right Now?
   9 Experts Weigh In
https://vinepair.com/articles/what-the-wine-industry-needs-right-now/

Sonoma County Vintners Making Organizational
    and Strategic Changes
https://www.winebusiness.com/news/article/310839