Independents Unite on Diverse Strategies, Common Challenges

What’s happening in the independent sector of the equipment finance space? Equipment Leasing & Finance Magazine caught up with Jonathan Albin, COO at Nexseer Capital, to take the pulse of this sector. Albin is Chair of the Independent Business Council Steering Committee (BCSC), a group of 20 members from non-bank-owned organizations that provide financing through lines of credit, discounting rela­tionships or other funding vehicles.

From your perspective serving on the Independent BCSC, what issues are independent equipment finance companies focused on this year?   

First, I would say that independents are generally upbeat about the state of their business. Independents continue to benefit from stable access to capital and, while certain industries face challenges, overall demand remains strong.

Our sector and our committee are diverse, and the member companies vary in size, geography, originations model, asset and industry focus.  I continue to be fascinated by the range, innovation and entrepreneurship.

Even though we have unique approaches to the market, we share common challenges. Independents are looking to grow their business in a highly competitive environment and in the face of potential economic headwinds. We surveyed our committee members prior to our initial meeting. When we asked about the main topics of focus for the committee this year, there were a number of consistent themes from last year, including economic conditions, funding and capital, and pricing/competition.  One emerging topic of focus this year was credit quality and portfolio performance.

Pandemic-related business issues such as remote working and dispersed talent management appear to have less urgency this year.

How did you get involved with the BCSC? Would you recommend it to others? 

I became involved in the BCSC when another of our team members rolled off. I thought it would be a great opportunity to network with other members and get exposure to the issues impacting Independents and our industry. My participation on the steering committee has been extremely enjoyable and valuable. I really appreciate the people I’ve met and the opportunity to be more engaged with ELFA and the industry. I would absolutely recommend participation to anyone looking to build relationships, deepen their involvement with our industry and meet great people.