New Hires/Promotions in the Leasing Business
and Related Industries

Robert Coffey was hired as Vice-President, US Business Development, Sage Creek Capital, LLC, Houston, Texas. He is located in Spring, Texas. Previously, he was Vice President Sales, Equipment Finance Division, First Commonwealth Bank (September, 2022 - April, 2025); Vice President, Tandem Equipment Finance (January, 2019 - September, 2022); Vice President, Equipment Finance and
Leasing, Kapitus (November, 2017 - January, 2019).
Full Bio:https://www.linkedin.com/in/robert-coffey-01264943/

Ethan Heilig has joined ELFA as Director of Strategic Initiatives, bringing policy experience and analytics expertise to his role supporting the association's data-driven initiatives. Most recently, he was part of the Membership, Board Relations & Strategic Development Division at the National Association of Manufacturers (NAM), serving as Senior Manager of Market Research & Business Analytics. Prior to joining NAM, Ethan served as project manager for Target Point Consulting, turning raw data into actionable policy insights. In his role at ELFA, Ethan will lead the implementation of Salesforce, manage the association's quantitative assets, and support implementation of the strategic plan through data-driven insights.
eheilig@elfaonline.org

Vanessa Storms was re-hired as Credit Specialist, Apex Commercial Capital, Horsham, Pennsylvania. Previously, she was Credit Risk Analyst, Canon Financial Services (August, 2023 - June, 2025); Credit Analyst, Meridian Equipment Finance, Malvern, Pennsylvania (June, 2021 - August, 2023); Senior Risk Analyst, Partner, Marlin Capital Solutions (September, 2020 - June, 2021). She joined Marlin as Credit Analyst (May, 2019 - September, 2020). She joined Apex
Commercial Credit October, 2016, promoted Senior Credit Analyst (October, 2018 - May, 2019).
Full Bio:
https://www.linkedin.com/in/vanessastorms/details/experience/
https://www.linkedin.com/in/vanessastorms/

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The Platform Matters
By Scott Wheeler, CLFP

Success in the commercial equipment finance and leasing industry hinges on two critical factors: data and efficiencies. What data participants gather, how they utilize it, and how efficiently it is processed all directly impact profitability.

Over the past decade, most industry participants—ranging from one-man brokers to large institutional players—have embraced technology and automation. However, there is a crucial difference between simply having an automated platform and using it effectively to drive real efficiency. Too many companies are absorbing the high costs of advanced platforms—both in capital investment and man-hours—without achieving the expected gains in productivity or profitability. As a result, operating expenses have risen, margins have tightened, and management teams are under increased pressure to run lean, effective operations that deliver strong returns for owners, investors, and stakeholders.

The platforms that companies adopt, utilize properly, and continually enhance will be the defining factor in determining industry success. In the past, platform effectiveness was largely measured by its ability to make fast credit decisions and store client data for future analysis. Today, in 2025, the benchmark has shifted. Modern, effective platforms must:

• Render better decisions promptly, with a focus on long-term portfolio performance rather than just speed.
• Communicate challenges and opportunities in real-time across all departments and staff, enabling responsive and informed decision-making.
• Market intelligently to prospects by aligning prospect profiles with the company's funding capabilities—thus increasing win rates and saving originators time.
• Identify future trends, equipping management to proactively mitigate risks and capitalize on new opportunities.
• Add value across the entire lifecycle of the financing and leasing process—from lead generation to final collection.

An industry participant’s value is increasingly being judged by its ability to generate bottom-line profit efficiently. The key questions now being asked include:

• What return can be achieved for each dollar invested in enhancing the company’s platform? Is the platform being used to its full potential—and if not, why?
• What return can be generated for each dollar invested in human capital? How can the company empower employees to be more productive? Does the current platform provide the necessary tools to drive departmental efficiencies? If not, what needs to change?

A strong effective platform allows a company to develop deeper relationships with both vendors and end-users. A strong effective platform allows a funder to service its TPO relationships more effectively. A strong effective platform allows a company to be an acquirer rather than an acquiree. A strong effective platform allows a company to attract stronger employees and other stakeholders (banks, investors, partners). Industry participants will merge and partner with others based upon their ability to maximize their platforms.

The right platform—fully leveraged—can be a transformative asset. But ownership alone is not enough. In an industry where every basis point matters, the efficient utilization of both technology and talent will ultimately determine the industry’s leaders.

However, many smaller companies lack the capital and internal resources necessary to build or maintain a robust platform. As the industry evolves, these participants will increasingly face the need to partner with organizations that offer advanced, scalable platforms.

Scott A. Wheeler, CLFP
Wheeler Business Consulting
1314 Marquis Ct.
Fallston, Maryland 21047
Phone: 410 877 0428
Fax: 410 877 8161
Email: scott@wheelerbusinessconsulting.com
Web: www.wheelerbusinessconsulting.com

Balboa Capital Available Position
Program Manager II- Equipment Broker Sales

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Funders Looking for More Broker Business
To Update or Change: kitmenkin@leasingnews.org

There is no advertising fee or charge for a listing; they are free. Leasing News makes no endorsement of any of the companies listed, except they have qualified to be on this specific list.

We encourage companies who are listed to contact us for any change or addition they would like to make. We encourage adding further information as an attachment or clarification of what they offer as this would be helpful to readers.

Please send company name, contact/email, telephone number, and a URL to attach or description to kitmenkin@leasingnews.org

Alphabetical list - click on company name to view more details

1st Enterprise Bank Leasing 360 Equipment Finance Balboa Capital Corp. Bankers Capital Baystone Government Finance/ KS StateBank Blue Bridge Financial Boston Financial & Equity Corp. BSB Leasing, Inc. Calfund, LLC Celtic Bank

C.H. Brown Company Clicklease Dakota Financial Dedicated Funding Dext Capital First Federal Leasing First Midwest Equipment Finance Co. Financial Pacific Leasing Forum Financial Services, Inc. Gonor Funding Global Financial & Leasing Services, LLC

International Financial Services Corporation Maxim Commercial Capital, LLC Navitas Credit Corp. NewLane Finance NFS Leasing, Inc North Mill Equipment Finance Quality Equipment Finance SLIM Capital, LLC Targeted Funding Co., LLC TEAM Funding Solutions TimePayment

Full Listing: https://leasingnews.org/Funders_Only/New_Broker.htm

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ELFA Honors Bruce Winter With 2025 David H. Fenig
Distinguished Service in Advocacy Award

The Equipment Leasing and Finance Association (ELFA) today announced that Bruce Winter, President of FSG Capital, Inc., will receive the 2025 David H. Fenig Distinguished Service in Advocacy Award. This prestigious award recognizes individuals who have made exceptional contributions to ELFA’s advocacy efforts in support of sound public policy for the equipment finance industry.

“It is truly an honor to be recognized for my involvement in ELFA’s advocacy efforts,” said Winter. “The real reward is the opportunity to engage directly with lawmakers. These conversations not only advance our industry’s interests, but also help representatives better understand the communities we serve and the economic value we provide.”

Since joining ELFA in 2017, Winter has emerged as a passionate and effective advocate for the equipment finance sector. He has played a key role in advancing ELFA’s public policy agenda by serving in a variety of leadership positions. These include Vice Chair and Chair of LeasePAC, ELFA’s federal political action committee, and liaison to the Independent Business Council Steering Committee.

Winter has been especially active in ELFA’s Capitol Connections initiative, participating for several years and currently serving as a Team Captain. In this role, he helps lead meetings with Members of Congress and key staff, emphasizing the importance of equipment finance to the U.S. economy and outlining how proposed legislative and regulatory actions impact the industry.

ELFA President and CEO Leigh Lytle said, “Bruce Winter exemplifies the spirit of dedication and leadership that this award represents,” said ELFA President and CEO Leigh Lytle.

“We are proud to honor him with the 2025 David H. Fenig
Distinguished Service in Advocacy Award. His commitment and efforts have played a pivotal role in reinforcing ELFA’s advocacy initiatives and uniting our voice in Washington, D.C.”

In addition to his advocacy work, Winter has made broad contributions to the association. He has served on a number of ELFA committees and boards, including the Nominating Committee, Investment Committee, Executive Committee, Foundation Academic Outreach Committee, and the ELFA Board of Directors.

Based in the Washington, D.C. metro area, Winter maintains a keen interest in federal policy and has built strong relationships with lawmakers that continue to benefit the industry as a whole.

About the Award
The David H. Fenig Distinguished Service in Advocacy Award is named for ELFA’s former Vice President of Federal Government Relations, David H. Fenig, who served as an accomplished and tireless advocate on behalf of the equipment leasing and finance industry from 2004-2011.

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

New Foundation Report Reveals Impact of Tax Cuts
and Jobs Act (TCJA) on $1 Trillion Equipment Finance Industry

Analysis shows lessors face disallowed interest at double the rates of non-lessors, nearly triple for railcar lessors

Two key provisions of the Tax Cuts and Jobs Act (TCJA)—bonus depreciation and the Section 163(j) interest deduction limitation—have had very different effects on the $1 trillion equipment leasing and finance industry. According to a new study released by the Equipment Leasing & Finance Foundation (Foundation), while bonus depreciation made equipment investment more attractive by allowing immediate expensing, it appears to have encouraged firms to purchase rather than lease capital assets. In contrast, the interest limitation—particularly after it tightened in 2022 (changing from a 30% of EBITDA cap to a 30% of EBIT cap)—led to sharp increases in leasing, but not without a downside for lessors.

The study, “The Effect of the Tax Cuts & Jobs Act on Leasing: Evidence from the Past with Implications for the Future,” shows that under the 30% of EBIT limitation, lessors now face disallowed interest at rates double those of non-lessors, and for railcar lessors, nearly triple. These results reinforce the earlier prediction that operating lessors—particularly in capital-intensive industries like rail—are disproportionately impacted by the Section 163(j) interest limitations.


Leigh Lytle, Foundation President and President and CEO at ELFA, explained, “The continued ratcheting down of two TCJA provisions—100% expensing and the limit on interest deductibility — could hit the equipment finance industry hard,” said. “Leasing may look better to customers, but it’ll cost more to offer. If Congress doesn’t act, those higher costs will land on small businesses. This study makes it clear: we need permanent 100% expensing and relief from the interest cap to keep equipment investment moving.”

The study, prepared by Jeff Hoopes, a professor at the University of North Carolina and the research director of the UNC Tax Center, and Jake Thornock, a professor of accounting at Brigham Young University, delves into:

Review of taxation of leasing
• Literature on the TCJA’s effects on investment, and academic literature on the effects of bonus deprecation on investment and interest deductibility

• Aggregate trends in leasing behavior before and after the TCJA’s implementation

• Original micro-level data analysis of firm-specific leasing and investment decisions in response to the TCJA and its provisions, and what that might mean as less of capital investment is available to be depreciated under bonus depreciation

Download the full report at https://www.leasefoundation.org/industry-research/tax-cuts-and-jobs-act.

All Foundation studies are available for free download from the Foundation’s online library at http://store.leasefoundation.org/.

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

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

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U.S. Small Business Job Growth
Remains Largely Unchanged in May

Hourly earnings growth reaches new four-year low

In May, job growth in U.S. small businesses remained largely unchanged from April, according to the Paychex Small Business Employment Watch. The Small Business Jobs Index, which is a primary component of Paychex’s monthly employment report for businesses with fewer than 50 employees, has continued to show steady, flat employment growth throughout 2025. Meanwhile, hourly earnings growth for U.S. small business workers reached a four-year low at 2.77% in May.

“Despite the rapidly changing news cycle, the underlying labor market remains fundamentally healthy, and small business owners have remained resilient,” said John Gibson, Paychex president and CEO. “While inflation concerns remain for business owners, wage inflation in small businesses continued to moderate and reached a new four-year low in May.”

Jobs Index and Wage Data Highlights

• At 99.81 in May, the national Small Business Jobs Index continued to report steady, flat employment growth in 2025.
• National hourly earnings growth (2.77%) for small business workers continued its slow descent to a new four-year low (May 2021: 2.74%).
• Three-month annualized hourly earnings growth (2.45%) fell to its lowest level since December 2020 (1.66%).
• The Midwest (100.19) has represented the strongest region for small business employment growth for the past year, while the West continues to lag all regions and reported an index level below 100 for the 14th consecutive month in May.
• Construction dropped 0.68 percentage points to a jobs index of 99.69 in May, marking its lowest level since March 2021. Job growth in the Leisure and Hospitality industry remained last among sectors for the fourth consecutive month at 98.18 in May.

News Briefs

Beige Book: Summary of Commentary on Current Economic 
   Conditions by Federal Reserve District
https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm

Hooters shutters dozens of restaurants after bankruptcy
as Industry Suffers
https://nypost.com/2025/06/05/business/hooters-closes-dozens-of-restaurants-after-bankruptcy-filing

Lululemon shares tumble 23% as it cuts full-year earnings
guidance, citing ‘dynamic macroenvironment
https://www.cnbc.com/2025/06/05/lululemon-lulu-earnings-q1-2025.html

Procter & Gamble to Cut 7,000 Jobs
     Amid Tariff Uncertainty
https://www.nytimes.com/2025/06/05/business/procter-gamble-cut-jobs.html

State of Mass. sets aside more than $7 million
for office-to-residential conversions
https://www.bostonglobe.com/2025/06/05/business/massachusetts-office-residential-7-million/

Needham Bank reaches $212 million deal to acquire     
Merrimack  Valley  bank that had suffered from bad crypto bet
https://www.bostonglobe.com/2025/06/05/business/needham-bank-bankpr

 

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Trump tax bill would add $550 billion in interest
payments to national debt
https://www.washingtonpost.com/business/2025/06/05/trump-tax-bill-national-debt-interest/

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Sports Briefs---

Aaron Rodgers ends months-long dance with Steelers,
   informs team he plans to sign, AP source says
https://www.sfgate.com/sports/article/aaron-rodgers-ends-months-long-dance-with-20363422.php

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California News Briefs---

Historic Hayes Mansion in San Jose carves out
a hotel niche as it adapts to changing times
https://www.mercurynews.com/2025/06/01/san-jose-hotel-economy-travel-covid-history-build-property-real-estate

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Gimme that Wine

 

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

Why Napa Valley hotels are thriving, while
   Sonoma County lodging lags amid US tourism dip
https://www.northbaybusinessjournal.com/article/industrynews/hotels-growth-forecast-napa-sonoma/?u

A new California winery will change your mind
about Chardonnay
https://www.sfchronicle.com/food/wine/article/sphaerics-california-chardonnay-sonoma-20352178.php

The Best Value Malbecs of 2025
https://www.wine-searcher.com/m/2025/06/the-best-value-malbecs-of-2025

The Art of Quitting In Unstable Markets,
Savvy Entrepreneurs Know When to Fold 'Em
https://www.winebusiness.com/news/article/303806

Sale of Simi, Meiomi wine brands completed
https://www.northbaybusinessjournal.com/article/industrynews/simi-meoimi-constellation-wine-acquisition/