New Hires/Promotions in the Leasing Business
and Related Industries

Ashton Bennett was hired as Senior Vice President, Underwriting, nFusion Capital LLC, working remote from Scottsdale, Arizona. Previously, she was Senior Portfolio Analyst, GemCap Solutions (September, 2023 - December, 2024); Oxford Commercial Finance, 1 Year, 7 months, VP, Senior Portfolio Analyst (July, 2023 - October, 2023), VP, Operations (April, 2022 - July, 2023). Full Bio:
https://www.linkedin.com/in/ashton-bennett-001138124/details/experience/

Mark Bonanno was promoted to President and Chief Revenue Officer, North Mill Equipment Finance, LLC., Connecticut.  He is located in Ridgefield, Connecticut. He joined NMEF September, 2016, Chief Operating Officer, promoted President and Chief Operating Officer (February, 2021 - December, 2024). Previously, he was CFO at Advantage Funding (2015 - September, 2016); Staff Executive, Corporate Initiative Group (2010 - 2013); CFO, GE Capital Xerox Financial Services (2007 - 2010); Operational Controller,  GE Energy Financial Services (2004 - 2007): Offshore Operations Manager, GE Asset Management (2000 - 2004). He joined GE Capital Consumer Finance as Assistant Controller, (1997 - 1999), promoted Integration Manager (1999 -2000); Audit Manager, Price Waterhouse LLC (1992 - 1997); Audit Senior, Berdon LLP (1989 - 1992).
https://www.linkedin.com/in/markbonanno/

Max Russell was promoted to Assistant Vice President, Asset Management, at North Mill Equipment Finance, LLC, Irvine, California office. He joined NMEF May, 2020, as Asset Manager, promoted Remarketing Manager, (June, 2023 - December, 2024). He was Sales and Dispatch Representative, Hayes Group, Inc. (February 2019 - October, 2019); Sales Representative, Rings End (November, 2017 - December, 2018); Connecticut Stone (March, 2016 - November, 2017); Pitcher, Los Angeles Angels (2010- 2014).
https://www.linkedin.com/in/max-russell-4964a5115/

David T. Schaefer, CLFP, Chairman and Founder, Orion First Financial, Gig Harbor, Washington. He is located in Scottsdale, Arizona. Previously, he was Chief Executive Officer, Mintaka Financial, LLC (January, 2004 - December, 2024); Chief Executive Officer, Orion First Financial (January, 2001 - December, 2024); President, Financial Pacific Company (January, 1982 - December, 2000); President, Checkmate Certified Collections, Inc. (1975 - 1981).
https://www.linkedin.com/in/dtschaefer

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Secured Finance Network posts Q3 Survey
Results from Bank and Non-Bank Lenders

SFNet surveyed bank and non-bank asset-based lenders (ABLs) on key indicators for its quarterly Asset-Based Lending Index and SFNet Confidence Index.

SFNet CEO Richard D. Gumbrecht, observed, “Lenders report that portfolio performance is improving due to fewer bankruptcies and riskier borrowers holding their own.

 “Looking ahead, lenders expect increased mergers and acquisition activity and business investments to become catalysts for growth and are confident they can meet new demand.”

Portfolio performance held steady for banks. Criticized and classified (C&C) loans (+12 basis points), non-accruals (+5) and gross write-offs (+2) all inched up as a share of outstandings but the majority of bank respondents said that their overall levels of C&C loans, non-accruals, and gross write-offs either decreased or didn’t change.

Total commitments for non-banks were up slightly (+4.3% Q/Q) and total outstandings were down roughly the same (-3.0% Q/Q). While new commitments (-32.7%) and commitment runoff (-13.9%) also declined in the quarter, the greater drop-off in new deals caused net commitments to plummet, from $448.2 million to $192.2 million.

And, since new outstandings dropped 40.5% Q/Q even as outstandings runoff almost doubled (+98.0 Q/Q), net outstandings also plummeted in Q3, from $318.2 million to -$38.3 million.

Non-banks had a better portfolio performance in the quarter. Non-accruals and gross write-offs both declined as a share of outstandings. “Moreover, nearly all non-banks reported that their non-accruals decreased or did not change, and all reported that their gross write-offs decreased or did not change,” noted the report.

As bank commitments slipped while outstandings crept up and the opposite happened for non-banks (commitments rising and outstandings falling), the utilization rates for each category went in different directions: Up 0.16 % for banks, to 36.8%; down 3.51% for non-banks, to 46.7%, in Q3.

“Utilization rates for both banks and non-banks were below their long-term historical averages in Q3 (40.1% and 48.5%, respectively),” said the report.

Full Press Release:
https://www.sfnet.com/home/industry-data-publications/the-secured-lender/tsl-express-daily-articles-news/tsl-express-article-detail/deal-activity-slows-for-asset-based-lending-but-portfolio-performance-stays-strong

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Leasing and Finance Industry Help Wanted
Excellent Compensation/Marketing Support

Corporate Transparency Act
Failure to File Before Deadline
Can Result in Penalties

The CTA requires certain types of U.S. and foreign entities to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

Important Information about BOIR
Enforced by Financial Crimes Enforcement Network (FinCEN)
Required for most businesses unless it qualifies for one of the CTA's exemptions.Businesses formed in 2024 must file within 90 days of forming

https://www.fincen.gov/boi


Related: New Law Requiring Businesses to Report Who Owns Them Is Put on Hold Again

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Commercial Finance/Leasing Finance
Conferences and Forums - Updated

February 11-12: SFNet’s Asset-Based Capital Conference, Wynn, Las Vegas, Nevada
“Our Introduction to Asset Based Lending curriculum provides participants a broad overview of the ABL industry, touching all key fundamental aspects of all roles responsible for sourcing, underwriting and managing a profitable loan.”
https://www.sfnet.com/
More Information

Director of Events
Hilary Scherer
Secured Finance Network
New York, NY 10001
Tel:646-656-3368

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Feb. 20: DeBanked, Miami, DeBanked Connect, Fontainbleau, Miami Beach, Florida
Broker Battle Returns:  There will also be 3 separate championships (Revenue Based Financing, SBA Lending, and Equipment Financing - Broker Battle

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February 23-25: ELFA Equipment Management Conference and Exhibition, JW Marriott, Las Vegas
Conference details
Attending List

Vicki Shimkus CLFP, Balboa Capital, A Division of Ameris Bank | Broker Relationship Manager, will cover the conference for Leasing News.

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March 4-6: Funders Forum & Broker Expo, Hollywood, Florida
Mike Tyson will as the keynote speaker at the Funders Forum and Brokers Expo, taking place March 4-6, 2025, at the Hard Rock Hotel & Casino in Hollywood, Florida
Conference Details

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March 11-13: National Equipment Finance Association Spring Conference, Omni, La Costa Resort & Spa, Carlsbad, California.
Confernce Details

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April 9–11: NVLA Conference, Clearwater Beach, Florida
Early Bird Registration Open 

This year's conference will feature Keynote Speaker, Michelle "MACE" Curran, Women in Leasing Poolside Social, informative education sessions, and ample networking opportunities.

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April 9-April 11 AACFB Annual Conference, Las Vegas, Nevada
Conference Details

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April 15-17: ELFA 36th Annual National Funding Conference, Chicago, Illinois
Conference Details

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September 10-12: AACFB Commercial Financing Expo, Austin, TX
Conference Details Coming Soon

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October 14-16 National Equipment Finance Association Fall Conference, Renaissance Minneapolis Hotel, Minneapolis, Minnesota
Confernce Details Coming Soon

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October 26-28: ELFA 64th Annual Convention, Marco Island, Florida
Confernce Details

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To be listed or update: kitmenkin@leasingnews.org

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No Gridlock Alert Surcharge for Congestion
Pricing, Gov. Hochul Decides

Image: AP Photo/Ted Shaffrey

New York Governor Kathy Hochul has decided the MTA will not be able to "surge" the base congestion pricing fee of $9 on Gridlock Alert days.

As part of the congestion pricing plan, the MTA had stated it "reserves the right to charge an extra 25%" on city-designated Gridlock Alert days. Hochul said Thursday she notified the MTA that contingency for the city's most traffic-congested days is out.

"Hardworking New Yorkers deserve a break, which is why I fought to cut the congestion pricing toll by 40%. This will reduce traffic in Manhattan and fund long-overdue investments in public transit, while keeping costs lower for New Yorkers who drive into the city. We have spoken to the MTA and made it clear: under no circumstances will I allow this discretionary 25% surcharge on gridlock days to be used."

The city DOT identified 20 Gridlock Alert days this year -- 11 of them in December, four in November and five in September during the United Nations General Assembly.

Matthew W. Daus, Esq.
Partner and Chairman, Windels Marx Transportation Practice Group
President, International Association of Transportation Regulators,
Transportation Technology Chair, University Transportation Research Center
Contact: mdaus@windelsmarx.com
156 West 56th Street | New York, NY 10019
T. 212.237.1106 | F. 212.262.1215

Source: ABC News
https://abc7ny.com/post/congestion-pricing-nyc-gridlock-alert-surcharge-gov-kathy-hochul-decides/15711108/

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Female Leasing/Finance Association Presidents

 

June Sciotto (1994-1996)
President, Regal Finance, Inc. “First female president of a Leasing Association since 1988. She was President of Regal Finance, one of the original persons that started the National Association of Equipment Leasing Brokers, worked countless hours to get the organization off the ground, then went on to serve on the board becoming as its first Female President. This was back in the day when the term for President was for 2 years and all the work was done by the officers and board with no help from any management group or hired individuals. Several of the policies and procedures that were implemented by June Sciotto helped bring the National Association of Equipment Leasing to become a viable association for the Leasing Broker and also broke the barriers of the other organizations by getting them to recognize the NAELB and to include its members in their meetings.”


Donna Cole (2004-2005)
Owner, Business Capital Leasing, Inc.

Heather von Bargen (2005-2006)
Owner, Caladesi Capital, Inc.

Sonia V. M. Stoddard (2010-2011)
Owner, Stoddard 8 Associates

Joan Modes, BPB (2013-2015)
President, Gem Commercial Credit

Sheri Bancroft (2018-2019)
Vice-President, Bancroft Leasing

Cindy Downs (2020-2021)
Business Marketing Manager, Heartland Capital Group, LLC

Carrie Radloff, CLFP (2021-2022)
Business Development Manager
American Financial Parters, Inc.
Red Thread Financial Group, LLC
Gary, South Dakota

Carrie Radloff is a Business Development Manager for American Financial Partners (AFP). She has been in the business for over 24 years, spending her first 10 years in credit and sales for U.S. Bank Manifest and the last 14+ years with AFP. She graduated from Southwest Minnesota State University in 1998 with a B.S. in Accounting and in 2006 with a Master of Business Administration degree. Carrie attained her Certified Lease and Finance Professional (CLFP) designation in 2016. She became involved with AACFB in 2013 when she joined the Marketing Committee serving as co-chair from 2014-2017. Carrie joined the board of directors in 2017 is currently serving as past president of the AACFB board as well as serving as the board liaison for the Meetings Committee and Sponsorship Committee. Carrie is a member of various local non-profit boards and resides in Minnesota with her husband, Scott, and two daughters, Madison and Samantha.

Laura Estrada (2022-2023)
Business Development Manager
Prefered Capital Funding
Chicago, Il.

Laura Estrada is a vital part of the family-owned business, Preferred Capital Funding. She handles marketing, processing and closing different types of commercial loans. Her expertise is in equipment and transportation.  Laura graduated from the University of Georgia and has worked for several large companies in marketing and sales. She enjoys working with and offering options for clients seeking commercial loans. Preferred Capital Funding, Inc., became a member of the AACFB (NAELB) in 2014.

Teresa Cranney (2023-2024)
Senior Credit Analyst and Loan Syndicator
for Brahma Lending & Leasing
Burley, ID

Teresa came to Brahma five years ago. She started out in sales, making cold calls to acquire her client base. She used her wealth of knowledge of the trucking world, her people skills that were compared to none, and a work ethic that was hard to beat, to quickly move up the ladder to where she is today. She builds strong relationships with our lenders, and she knows them well. With that knowledge, she can easily place a customer with the right lender upon viewing their credit and experience.

Nancy Pistorio, CLFP (2005–2007)
First Woman to Chair Board of Trustees, Equipment Leasing & Finance Association. Current Trustee, and Immediate Past Chair, at Equipment Leasing and Finance Foundation through 2025. President, Madison Capital, Baltimore, Maryland. Chair of the Equipment Leasing and Finance Foundation 2022 - 2023. Past member of ELFA's Middle Market Independent Business Council Steering Committee. Past President of the Eastern Association of Equipment Lessors/EAEL (a predecessor to the National Equipment Finance Association/ NEFA). Past member of the CLFP Foundation Board and holder of CLFP designation since 1998. 2010 NEFA Board of Directors.

Valerie Jester (Chair) (2007)
President of Brandywine Capital Associates. She served as Senior Vice President of First Sierra Financial. She was President and owner of Corporate Capital Leasing Group, which she sold to First Sierra Financial. Prior to founding Corporate Capital's predecessor company in 1988, Ms. Jester was a Regional Manager for General Electric Credit Corporation - in the company's Commercial Asset Finance Department. It is her volunteerism that nominates her as being one of the most influential women in leasing. For 17 years she has been active in the Equipment Leasing and Finance Association, very active on many committees, and also it was for her work that she was elected as the first woman chairman of the association. Ms. Jester has not limited herself and activities to one association. She also served on the Board of Directors of the Eastern Association of Equipment Lessors and as a member of the Ethics committee of the United Association of Equipment Leasing (now National Equipment Finance Association.) She also has been a speaker and chair of many industry conventions and workshops. Ms. Jester has also served on the Board of Directors of the YMCA of Chester County, Red Cross of Chester County, the American Lung Association of Chester and Delaware Counties, the Salvation Army, and the Chester County Art Association, and has served as Chair for many local fundraising events .Leasing News Person of the Year 2014.

Martha Ahlers (Chair) (2020)
Ahlers has more than two decades of commercial leasing and finance experience. She joined United Leasing & Finance in 1996. In her current role as President, her areas of direct involvement include sales, risk management, marketing, credit, operations and human resources. Prior to her promotion to President, she served as Vice President & Chief Operating Officer.  An active participant in ELFA, Ahlers has served on the ELFA Board of Directors since 2014. In addition to her current position on the ELFA Board, Ahlers is a member of ELFA’s Executive, Nominating and Personnel Committees. She previously served on the Fair Business Practices Committee. From 2015 to 2016, Ahlers was Chair of LeasePAC, ELFA’s nonpartisan federal political action committee. Ahlers also has been active with the Equipment Leasing & Finance Foundation. In 2018, she served as the ELFA Board Liaison to the Foundation. She has contributed to multiple Foundation studies, including “State of the Equipment Finance Industry” and “U.S. Equipment Finance Market Study.” She also has participated in the Industry Future Council and supports the Foundation as a donor. Outside of ELFA, Ahlers has been involved in numerous civic and community organizations, including the Ronald McDonald House Charities of the Ohio Valley Board of Directors, Evansville Executive Forum and the Tri-State MS Association Board of Directors. She holds a bachelor’s degree in economics from the University of Illinois.  

Kristine A. Snow (Chair) (2021)
President of Cisco Systems Capital Corporation
Snow has more than two decades of commercial leasing and finance experience. She joined Cisco Systems Capital Corporation, a wholly owned subsidiary of Cisco Systems, Inc., in 2009. As President, she leads the company’s global captive finance and certified remanufactured equipment businesses. Previously she served as President of Global Vendor Finance at CIT Group. An active participant in ELFA, Snow served on the Board of Directors from 2008-2011 and returned to the Board in 2017. In addition to her current position on the Board, she is a member of ELFA’s Executive, Nominating and Personnel Committees. Previously, she served as Chair of the Captive and Vendor Finance Business Council Steering Committee. She has also served as a participant in the Equipment Leasing & Finance Foundation’s Industry Future Council and a contributor to previous “State of the Equipment Finance Industry” reports. Outside of ELFA, Snow has been involved in numerous civic and community organizations. She serves on the Gonzaga University Board of Trustees and is Board Member Emeritus for St. Mary’s College School of Economics and Business Administration. She was honored by the Computer Reseller News 2019 Women of the Channel list and received the Silicon Valley Business Journal’s Women of Influence award and the YWCA Tribute to Women Award for the Silicon Valley.

Bette Kerhoulas, CLFP (2003)
Owner, Pacific capital
UAEL Elects First Female President--Oct. 7, 2002, Leasing News
Oren Hall, emeritus member, former president of the United Association of Equipment Leasing (UAEL), made the motion from the floor, and President Bob Fisher, CLP, made the announcement, In the first 26 years of our association, we now have a female president, Bette Kerhoulas, CLP.

Tara Aasand
2014 - 2015
Vice-President, Sales and Relationship
Management at LTi Technology

Stephanie Hall, CLFP (2016-1017)
EVP, Small-Ticket BankFinancial Equipment Finance

Laura Carini, CLFP (2020-2021)
SVP Operations, Financial Pacific Leasing

Deborah Monosson (2008) 
President and CEO Boston Financial & Equity Corporation, Boston, Massachusetts. A role model for women in leasing, active on the board at the Equipment Leasing and Finance Association, Equipment Leasing and Finance Foundation, first female president of the Commercial Finance Association, serving on many committees, very active and outspoken. Operates a very successful company. Active is several leasing and finance associations.

Andrea Petro (2017)
Managing Director, Waterfall Asset Management. Ms. Petro has 26 years of experience lending to specialty finance companies, beginning her specialty finance career at Transamerica Business Credit and culminating in 17 years with Wells Fargo Capital Finance’s Lender Finance Division. As a managing director, Ms. Petro is leading the effort to expand Waterfall’s participation in lending to the specialty underlying commercial finance company market. Previously, she was Executive Vice President/Division Manager at Wells Fargo Capital Finance. Currently she is on the 2022 Secured Finance Foundation Board of Directors as Individual Campaign Chair.

Jennifer Palmer
Founder
JPalmer Collective
New York

Jennifer Palmer, founder and CEO of JPalmer Collective, LLC is an entrepreneur and industry leader who spent 17 years building the brand of Gerber Finance Inc which became one of the most respected asset-based lenders in the northeast which helped lead to its successful sale in 2017.
Jennifer has served as a Board Member of the SFNET (formerly CFA and renamed to the Secured Finance Network) the industry’s leading trade organization since 2009.  She has served on the Executive Committee since 2017 during which time she spearheaded SFNET’s rename and rebrand and was appointed onto the Executive Committee as of 2020. Jennifer served as President from 2022 to 2023 and during this time has created successful alliances with other trade organizations and the Small Business Association. Jennifer now serves on the Management Committee.

News Briefs

Photos: Roglieri mansion in Queensbury
    listed for almost $2 million
https://www.timesunion.com/business/article/jailed-financier-s-queensbury-manse-listed-2-19977951.php

Jimmy Carter, who led the country during high
 unemployment and 'stagflation,' is dead at 100
https://finance.yahoo.com/news/jimmy-carter-who-led-the-country-during-high-unemployment-and-stagflation-is-dead-at-100-213315147.html

Keycorp And Scotiabank Complete Strategic
    Minority Investment
https://www.prnewswire.com/news-releases/keycorp-and-scotiabank-complete-strategic-minority-investment-302339642.html

US Mortgage Rates Rise for Second Week
to Highest Since July
https://www.bloomberg.com/news/articles/2024-12-26/us-mortgage-rates-rise-for-second-week-to-highest-since-july?leadSource=uverify%20wall

Mexico, Betting Trump Is Bluffing on Tariffs,
Sees an Opportunity
https://www.nytimes.com/2024/12/28/business/trump-tariffs-mexico-china.html

Electric air taxis are taking flight. Can
They succeed as a business?
https://www.washingtonpost.com/business/

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US homelessness hit record high in 2024
    homeless population increased by more than 18%
https://www.bbc.com/news/articles/cx2vwdw7zn2o

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Sports Briefs---

‘George has done it all’: Kittle a bright spot
 in 49ers’ gloomy season
https://www.sfchronicle.com/sports/49ers/article/george-done-all-kittle-bright-spot-20003366.php

49ers’ offensive line attrition worse than anything
Kyle Shanahan can remember
https://www.sfchronicle.com/sports/49ers/article/49ers-offensive-line-attrition-worst-kyle-20004441.php

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California News Briefs---

San Francisco  Bay Area home sales are up 14% from
     last year, as once-reluctant buyers return to market
https://www.mercurynews.com/2024/12/26/bay-area-home-sales-increase-november-2024/

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Gimme that Wine

 

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

Sonoma, Napa Bottles Make The New York Times’
    most of Most Memorable Wines of 2024
https://www.sonomamag.com/sonoma-and-napa-make-the-new-york-times-list-of-most-memorable-wines-of-2024/

California winemakers love this under-the-radar grape.
But there isn’t enough to go around
https://www.sfchronicle.com/food/wine/article/chenin-blanc-california-19953626.php

Butterfly Completes $1.95 Billion Acquisition
of The Duckhorn Portfolio
https://www.winebusiness.com/news/article/296593

Southern Glazer's Wine & Spirits Completes Closing of  
Transaction with Horizon Beverage Group, Inc.
Integration Expands Southern Glazer's Presence into Massachusetts and Rhode Island Markets
https://www.winebusiness.com/news/article/296622

Top Tasting Reports of 2024
https://www.winespectator.com/articles/top-tasting-reports-of-2024

From market shake-ups to surprise comebacks, these were  
  some of the most talked-about stories in the drinks world  
this year. Discover db’s top stories of 2024 here.
https://www.thedrinksbusiness.com/2024/12/db-wrapped-the-biggest-drinks-stories-of-2024/