What’s happening in the small ticket sector of the equipment finance space? John Gougeon, President of UniFi Equipment Finance, checks in with this issue’s Business Council Update. He is Chair of the Small Ticket Business Council Steering Committee (BCSC), which includes members from financial services organizations primarily involved in transactions under $250,000, either individually or through lines.
From your perspective serving on the Small Ticket Business Council Steering Committee, what issues are small ticket members of ELFA focused on this year?
During the year, the Small Ticket BCSC has focused on the issues that impact our business. Uncertainty in the economy driven by inflation, war, and a fluid international trade policy, has left many small businesses struggling to justify capital expenditures, which directly impacts our cohort.
Additionally, advancement in technology and the rapid adoption of AI tools have impacted the way small ticket lessors operate functionally. We’ve brought subject matter experts into our calls to address evolving tech and how to utilize it for efficiency and fraud prevention.
What ELFA resources do you find useful in your business or professional development, or would recommend to other ELFA small ticket members?
Our industry is fortunate to be supported by an association that is so finely tuned to the topics that directly impact our business, such as regulation, legislation, risk, and fraud. ELFA makes access to this critical data easily available. It starts with the Survey of Equipment Finance Activity (SEFA) report, and its granularity, as the industry benchmark. UniFi follows the monthly CapEx Finance Index, and we gauge our performance against the reported industry averages.
UniFi Equipment Finance attends most of the ELFA events, including the Equipment Management Conference (EMC), Capitol Connections & Best Practices Roundtables, Credit & Collections Management Conference, Power of People Summit, and the ELFA Annual National Convention. Looking forward, you will see #TeamUniFi represented at the Funding Conference, Executive Roundtable, among other events on the ELFA calendar. The opportunity to network with both peers and service providers at ELFA events is unparalleled and provides the opportunity to develop relationships that last a lifetime.
What aspects of participating on the committee have you found most meaningful or impactful?
Participating in association committees and activities, like the Business Councils, EMC Committee or Capitol Connections, is an extraordinary opportunity to network with and learn from industry peers. The Small Ticket BCSC is an incredibly collaborative group that brings together perspectives that run the gamut of small institutions to big-bank owned lessors. I have walked away from every committee call with new information and knowledge. Our committee does a “whip around” segment where every member can talk about issues that are impacting their business or share obstacles or opportunities that they see in the broader market. These observations usually spur broader, robust conversations amongst the committee members. Getting to “real conversation” is the best takeaway from our committee meetings, which benefits both the committee members and their companies.
Involvement with the BCBS has provided me the opportunity to meet and develop relationships with a truly exceptional group of leaders from our industry. Something very powerful happens when you are discussing an issue that may have felt unique to your situation, only to find that you are not alone and others share your thoughts or concerns. Great conversations can lead to both new insights and opportunities – and a chance to grow.
