New Faces, New Voices

ELFA’s newest members are an exciting group

In the equipment leasing and finance sector, there is one constant to doing business: change. The past several years have seen a confluence of factors, both unprecedented and cyclical, that have meant that businesses in this industry need to adapt. Throughout all of it, ELFA has been providing members with the business intelligence, networking, education and training, federal and state advocacy and other resources they need to navigate a shifting landscape.  

In addition, ELFA has welcomed a number of new members who seek to both gain from and contribute to our association. We are always pleased to add to this community of industry professionals, and this year the latest organizations to join our esteemed organization bring talent, fresh ideas and an eagerness to get involved and connect with existing members. Here are five of the newest companies to join the membership ranks.

Johnson Controls Capital

As the pace of technology has accelerated in recent years, Johnson Controls Capital has been there to support its clients. The captive financing arm of Johnson Controls—a 140-year-old leader in the building systems technologies and innovation sector—has funded more than $6 billion in customer projects worldwide. “We like to call it the digitization of buildings, as buildings are becoming smarter,” says Benjamin Speed, Vice President of Global Structured Finance & Private Credit at the Milwaukee, Wisconsin-based company. 
 
The company partners with clients to fund a wide range of projects, ranging from traditional equipment to renewable energy services, performance contracts, as-a-service subscriptions and other building systems. Speed says that today much of the company’s business is driven by the sustainability movement. As companies try to reduce energy consumption, greenhouse gas emissions and their carbon footprint, they turn to new systems and technology that can help them do so. With 30% of all energy consumption related to buildings, that’s no small feat.  

Speed says his team joined ELFA because they’re reaching a critical scale where the company can both share valuable information and benefit from networking and input from peer companies. He adds that the leadership team wants to ensure that its finance program, which finances roughly $1 billion per year, is in line with market standards. “ELFA is a great organization for us to be able to share ideas—from our credit underwriting process, portfolio management, balancing of risk and return, how we price individual leases and loans—and really having a community that we can come back to and share our perspectives, gather other people’s perspectives and, hopefully, as a community, improve the offerings that we have,” he says. “We’re trying to be like a sponge and soak up information.”  

Northwest Commercial Finance Group 

When Northwest Bank saw the benefits of expanding its commercial offerings to include equipment leasing and finance, the bank’s leadership team considered acquisition as the best way to move forward. However, after careful consideration, last October they shifted direction and decided to build their own internal team, thoughtfully hiring a group of experienced professionals to develop and launch their expanded capabilities. “The team was built from the ground up. Our president and managing director have both been in the business for over 40 years working with a number of different institutions—this was the best path for us,” says Robert “BJ” Honeycutt, Vice President of Capital Markets at Northwest Commercial Finance Group (NCFG), who joined the team in January. 

Since then, the team has hit the ground running, servicing deals across the nation from its Columbus, Ohio headquarters. “The team is currently focused on loans, but soon will be launching a leasing product,” Honeycutt says. “This is a new growth area for the bank and it’s exciting to be able to reach customers outside of the bank’s retail footprint of Pennsylvania, southwestern New York, northern Ohio and Indiana. It’s a privilege to be associated with such a respected financial institution and be laying the foundation for future success.” 

Honeycutt, as well as NCFG President Lee Palm, Managing Director Brian Shapiro and other team members, have been involved with ELFA in previous roles and see the organization as one of the best ways to network and market Northwest’s newest commercial division. “ELFA is an excellent place to make contacts. It’s the industry standard trade organization and membership is almost a prerequisite to do business in this space,” Honeycutt says.

  

VenSource Capital LLC 

While some equipment leasing and finance companies focus on specific industries or geographic segments, VenSource Capital, LLC’s primary market is somewhat different. The Stamford, Connecticut-based company focuses on innovation companies backed by venture capital (VC) firms. While many of the firms are in sectors like software or medicine, “We generally follow the VCs and the major areas that they are focusing on because that’s where the most demand is for our services,” says Co-Chief Executive Officer George Parker. 

VenSource represents Parker’s second time at the helm of an equipment leasing and finance firm. Previously, he was co-founder of Leasing Technologies International, which grew rapidly while focused on innovation companies. He likes working with “disruptors,” who find a way to improve a process or use technology to be more effective or efficient. “They are companies that find a better way to do something, or they’re doing something completely new,” he says.  

Parker has been involved with ELFA since it was called the Equipment Leasing Association (ELA). He knew that membership would be important as he and co-CEO Arnold Hoegler and their team worked to grow VenSource, which launched in 2016. In addition to bringing his own extensive knowledge of the industry and potentially taking on leadership roles within the organization, he sees the value of connecting with younger members and learning from them. “There are a lot of folks that I don’t know, people who have come to the industry over the last 10 or 15 years. I like to meet them, find out about what they’re doing, have an opportunity to talk about what we do and see if there are any mutual interests,” he says. “I find that it’s a great place to grow our network.”  

PJS & Co. CPAs

When time-strapped small and midsize business (SMB) owners are looking for an accounting firm that understands their challenges and can help them find a way forward, PJS & Company CPAs may just be the answer. The woman-owned virtual firm, which has 18 team members around the country, is run by three partners who work virtually from Tennessee, Montana and Illinois. “We wanted to provide an alternative to small and mid-sized businesses while also giving professionals the ability to create their own schedules and have more flexibility,” says firm Partner Jami Johnson, CPA. 

Johnson says that, in addition to accounting services, the firm has a range of specialized expertise that can help SMBs. Often, smaller firms need the expertise of a Chief Financial Officer, but not necessarily full-time. PJS provides virtual CFO, controller and accounting services to help companies find the answers they need to grow. “It’s not just a typical CPA-to-client relationship,” she says. “We really want to partner with them for their growth and we tailor our services to what they need so they’re getting a roadmap to success.” 

In addition to its approach to client relationships, another aspect that makes the firm unique is its expertise in leasing. “It’s a complex, underestimated industry,” says Johnson. Part of the reason the firm joined ELFA is to help clients use leasing strategically. She says the decision was validated in the first session she attended at the 2023 Lease and Finance Accountants Conference, “Taxation of Leases and Service Contracts,” presented by member Joe Sebik. “It was everything I was hoping for,” she says. “Everything the instructor said was so valuable.” She especially appreciated the invitation to reach out after the class with any follow-up questions. That’s just the type of networking and professional support she was hoping ELFA would provide.   

360 Equipment Finance, LLC 

360 Equipment Finance is a one-stop shop for customers, brokers and vendors, with financing options for A-D (E) credits. “Our team members have decades of experience in the industry and are one of the best at what they do,” says Chief Operating Officer Jena Morgan. “Our goal is to deliver exceptional customer service to our partners and customers.” 

Morgan describes the company as “generalist” in terms of the types of deals it funds, but much of its portfolio is in construction, transportation and software. The firm works with businesses nationwide.  

Morgan says one thing that sets 360 Equipment Finance apart is that the firm is a technology-forward organization with fast turnaround times. Using proprietary technology to help process deals, the company can often fund deals the following day on titled and non-titled equipment. Broker partners have access to a portal that allows them to see their customer deals as they move through the pipeline, upload documents securely and get real-time reporting. 

360 Equipment Finance joined ELFA to network with others in the industry and to learn from each other. Morgan has experience with the association from her previous employer, which was also a member. “For a smaller organization like ours, [ELFA] can help take us to the next level through knowledge and idea sharing and industry research,” she says.