Independents Remain Upbeat Despite Headwinds

A Q&A with Jon Albin

IT'S BEEN A YEAR since Equipment Leasing & Finance magazine caught up with Jonathan Albin, Chair of the Independent Business Council Steering Committee (BCSC). Albin, COO at Nexseer Capital, is currently serving his second year leading the committee, which includes 20 members from non-bank-owned organizations that provide financing through lines of credit, discounting relationships or other funding vehicles. Albin shares an update in this Q&A. 

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 sectors such as trucking are facing 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. 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, top responses included 1) Economy and Inflation, 2) Funding and Capital, 3) Supply Chain, 4) Pricing and Competition and 5) Recruiting.   

Technology has also emerged as an area of interest. The Committee has covered this topic in multiple sessions this year from both opportunity and threat perspectives. Our meetings have included in-depth discussions on AI, big data, machine learning and cybersecurity. 

Independents pride ourselves on a track record of being nimble and having the expertise to adapt to these opportunities and challenges and I fully expect that to continue. I see many Independents with strong access to capital and attractive origination models. 

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.

“I would absolutely recommend participation to anyone looking to build relationships, deepen their involvement with our industry and meet great people.”