James Cress doesn’t have to look far to see the impact of equipment finance in the world around him. As Vice President and General Manager of Flex Financial, the captive finance arm of Stryker, he sees how the innovative investments he helps the medical-technology giant make help advance its mission of making healthcare better—and impact the lives of real people. “Stryker produces everything from robots that help surgeons perform orthopedic joint replacement surgeries to defibrillators that save countless lives,” Cress explains. “But it’s the personal stories that really get me. Recently we heard from an employee whose leg was saved after a horrible snowmobile accident using Stryker technology.”

“Knowing we financed that equipment gives real purpose to what we do everyday,” Cress explains. “And I know it’s those stories of equipment finance’s impact—not just in health care, but in the communities and economy around us—that drive so many in our industry.”

It’s an industry Cress cares about deeply and, as ELFA’s newly minted Board Chair for 2024-2025, one he has a powerful platform to promote. It’s also an industry he understands well. The Northern Kentucky native has worked in the field of banking and finance for over 30 years. His first job was in commercial banking, where he spent several years as a Vice President in small business banking at US Bank. Then, in 2000, a former colleague convinced him to try his hand at leasing at National City Commercial Capital, where he served as Senior Vice President and Vendor Business Unit Director for more than eight years. He’s been in equipment finance ever since.

On stage at the 2024 ELFA Annual Convention.

An active member of ELFA for well over two decades, Cress still remembers the first event he attended: in 2002, at the invitation of former ELFA Board Chair Bob Rinaldi. “I remember Diane Croessman* gave a presentation that really stuck with me,” Cress recalls. “I took a lot away from it and started quoting her in my own presentations. I never thought I’d have access to people like that.” Indeed, it was the people at ELFA that made the greatest impact on Cress—and not just speakers like Croessman , but the industry peers who would later become his close friends, business partners, and mentors.

And mentors really matter to Cress.

Rinaldi was pivotal not just in getting Cress in the door at ELFA, but also in encouraging him to be more active within the organization. Cress took on a number of key leadership roles and became active in groups like the Captive and Vendor Finance Business Council Steering Committee. Then, in 2015, Rinaldi called him again. “He’d just been elected Board Chair and asked me to join the Board with him,” Cress recalls. At the time, the hottest ELFA topic was how to tackle the greying of the industry and attract the next generation of equipment-finance leaders. The task for Cress and the Board therefore became to foster the kind of environment that could help more emerging leaders feel welcome in the industry.

Cress (far right) participated in the “Ask a Leader” panel at ELFA's Emergence 2024 event.

Cress was active in the creation of the elements of what now make up ELFA’s Inclusion Committee, such as the Women’s Council and the Emerging Talent Advisory Committee (ETAC), for which he later served as Board liaison. “ETAC was particularly important to me because of its mission to support emerging professionals in their career development,” Cress explained. “It’s not just about making people feel welcome but also helping them create their own networks with people at similar career levels. It’s that stickiness that really keeps people in the industry and drives retention.” Some of the former emerging leaders Cress once worked with him on the Board—including Vice Chair Nate Gibbons.

Cress is also passionate about ELFA’s advocacy work. It’s actually something he used to take for granted. “Advocacy was always something ‘someone else’ was handling,” Cress explains. But that changed after attending his first Capitol Connections event in 2011—when he discovered that ‘someone else’ was him. “We had this amazing opportunity to talk to representatives about big issues impacting our industry, and they were really interested in what we had to say,” he said. “I realized it’s actually us—the individual members of our industry—who can have the greatest sway in impacting policy.”

Cress (center left) joins fellow ELFA members on the Speaker’s Balcony in the U.S. Capitol during the 2018 Capitol Connections.

He recalls having a conversation with a congressional staffer about bonus depreciation when her boss walked by and asked what they were discussing. The congressman, who was on the other side of the issue at the time, nodded along as Cress outlined ELFA’s position. The next day, Cress saw him on TV parroting the same talking points. “I turned to my wife Tammy and said, ‘hey, that was me!’ It was then that I really saw the power we have to educate policymakers and impact policy, and I was hooked,” he continued.  Cress’s passion led him to become a regular attendee at the annual Capitol Connections events and to lead LeasePAC, ELFA’s political action committee.

“Advocacy is the most important thing we do as an association,” Cress said. And, with the last election delivering a substantial reordering in Washington, Cress thinks it’s only going to become more important. From potentially repealing Section 1071 of Dodd-Frank to extending and expanding the 2017 Trump-era tax cuts, the year ahead is filled with issues that are vital for the future of equipment finance. “Windows open and windows close,” Cress explained, “and when it comes to some of our industry’s top priorities, the window has just been kicked wide open. We’ve got an opportunity here and we have to make the most of it.” He pointed to the recent reorganization of ELFA’s advocacy team under Andy Fishburn as a positive step toward solidifying the association’s position in Washington and across the country. “I want to see us really ramp up our efforts on the Hill, with the new administration, and in state capitals everywhere. That’s going to be my top focus as Board chair. But this does not just fall on Andy’s shoulders. It’s on all of us to get involved by doing things like attending Capitol Connections and scheduling in-district visits with our lawmakers. That’s what really moves the needle,” Cress explained.

Regardless of what happens in Washington, Cress sees plenty of potential for ELFA in the year ahead, and he’s excited about collaborating closely with ELFA President and CEO Leigh Lytle to move the association forward. “Leigh’s got a powerful vision and I want to use my position to help her execute on some of her key priorities. I’m a big fan of hers.” It’s a sentiment that appears to run both ways. “James is the right leader for this pivotal moment in our association and industry,” Lytle said. “His deep industry knowledge and forward-thinking mindset will be invaluable as we focus on ‘investing forward’ during this exciting time of change.”

Cress shared this photo of his dog, Teddy, on the recent ELFA Engage app pet photo contest. “Ted helping me with some NPV calculations,” he quipped.

In the year ahead, when Cress isn’t leading his team at Flex Financial or traveling to ELFA events around the country, he’ll be enjoying life in southwest Florida with his wife Tammy and their dog Teddy. Married for nearly 30 years, the couple are preparing for an exciting new chapter as they await the arrival of their first grandchild.

As he looks ahead to this next chapter—both personally and professionally—Cress reflected on the importance of mentoring and giving back to the next generation. “I’m excited about the tremendous opportunities ahead for our dynamic industry and what Leigh, the members, and I can accomplish together,” Cress concluded. “It is a privilege to build upon the strong foundation established by the remarkable leaders who have come before me, and I’m grateful to all the mentors who have invested in me and given me opportunities to lead. Now, I want to pay that forward to the next generation of leaders.”