What’s happening in the service provider sector of the equipment finance space? Kim Mounger, CLFP, VP, Commercial Sales at Concord, checks in with this issue’s Business Council Update. She is Chair of the Service Provider Business Council Steering Committee (BCSC), which is comprised of industry specialists who provide a variety of services to the members of the other four Business Councils.
What were some of the key issues/areas of discussion at the Best Practices Roundtable in May?
We had two great panels at the Best Practices Roundtable. The first panel, with Kristin Harper from The Timbercreek Group and Tom Sullivan from the U.S. Chamber of Commerce as panelists, was focused on trade and tariff policy and its impact on small businesses and equipment vendors. The topic was extremely timely as the next day we visited with legislative offices on Capitol Hill and were able to speak in an informed way about the effect current practices are having on our clients and customers.
The second topic was an Oxford-style debate about the impact of AI on our industry. It was an especially useful format as it was interactive, involving the entire group, and it also forced both sides of the issues to be addressed and promoted, which allowed for a more informed perspective coming out of the discussion. One of the more interesting conclusions we drew was that relationships, currently the cornerstone of our industry, will endure as the technology surrounding our industry evolves.
What ELFA resources do you find useful in your business or professional development, or would recommend to other ELFA service provider members?
As a business development person, I rely heavily on the directories to make the connections necessary to help the industry know about our products and services. Additionally, we use the CapEx Finance Index (CFI) to provide insight into budgeting and planning. ELFA’s conferences are the best and most efficient way to create new relationships, spend time with our clients, and get up to date on the latest industry trends. We wouldn’t be the company we are without them!
What aspects of participating on the committee have you found most meaningful or impactful?
As I mentioned before, this is above all a relationship business, and the opportunity to work with participants in our industry with similar goals makes me a better industry participant and advocate. We build relationships and friendships that endure across companies and specialties. The Servicer Provider BCSC is focused on building and supporting a healthy, diverse industry that best serves the needs of equipment sellers and businesses securing equipment financing. We lead through innovation and expertise, and our specialty focus makes the industry better and more effective.
