What’s happening in the independent sector of the equipment finance space? Equipment Leasing & Finance Magazine caught up with James Currier, CLFP, Chief Revenue Officer at Finloc USA Inc., to take the pulse of this sector. Currier is Chair of the Independent Business Council Steering Committee (BCSC), a group of 22 members from non-bank-owned organizations that provide financing through lines of credit, discounting rela­tionships or other funding vehicles

1. What issues are independent equipment finance companies focused on this year?

Independent equipment finance companies remain generally optimistic about their businesses, driven by strong demand and stable access to capital. However, they are navigating a range of challenges and opportunities shaped by the current economic and regulatory landscape, which as we all know, seems to be changing substantially as the inauguration of the new administration inches closer.

We survey our committee members each year prior to our first meeting and, interestingly, the results appear to be very similar as previous years. With economic conditions, access to funding, credit quality/portfolio performance and recruiting remaining at the top of the list of priorities this year, we will undoubtedly be trying to hit moving targets as the year ahead progresses:

• Economic Conditions: With ongoing uncertainty being fueled by a diverse range of factors, independents are closely monitoring economic trends and new policies to adjust their strategies and ensure resilience in the face of potential headwinds. 
• Funding and Capital: Securing adequate and competitively priced funding continues to be a priority as companies aim to scale in a highly competitive market.
• Credit Quality and Portfolio Performance: Maintaining credit quality has gained prominence, especially with economic pressures impacting certain sectors.
• Recruiting and Talent Retention: Attracting and retaining top talent remains a common challenge as independents look to strengthen their teams.

Despite these challenges, the entrepreneurial spirit and diversity of the independent sector encourages continued innovation and growth. The ability to adapt to market shifts and share best practices across the industry are ongoing, key strengths of the independent equipment finance community.

2. How did you get involved with the BCSC?

I became involved with the BCSC as an opportunity to engage more deeply with the industry and collaborate with peers who share similar challenges and opportunities. When I joined ELFA in 2021 I knew I wanted to be involved but wasn't sure where or how until after a few conversations with people from ELFA and committee members. Once steered in the right direction, I saw it as a chance to contribute to the dialogue shaping our sector and gain exposure to a broader network of industry leaders. 

The experience has been incredibly rewarding, both professionally and personally. Being part of the committee has provided valuable insights into the trends and issues impacting independents, and it has been a privilege to work alongside a talented and passionate group of professionals.

3. Would you recommend it to others?

Absolutely. Participating in the BCSC offers a unique platform to build meaningful relationships, stay informed about industry developments and contribute to shaping the future of our sector. It’s an excellent opportunity for anyone looking to deepen their engagement with ELFA, collaborate with peers and expand their network. The exposure to diverse perspectives and innovative ideas is invaluable, and I highly recommend it to anyone committed to driving success in the equipment finance industry.