ELFA is experiencing a welcome surge in membership, adding 64 new members this year as of press time, which pushes membership levels to the highest level since 2008. From large banks and captive finance companies to independent operators and service providers who work with members, companies increasingly see the value of ELFA membership and the professional community we represent.
Among our membership, some trends are emerging. Independent equipment finance companies in particular have gained ground, driven by private capital and investors who see opportunity in the $1.3 trillion market. As some banks have scaled back amid tighter regulations and a renewed focus on core deposits, independents have filled a gap in the equipment finance market. This is just another example of how ELFA members find opportunities during periods of change or uncertainty, often with the help of ELFA’s information, education, and community resources.
We extend a warm welcome to all of our new members. Here, we introduce five of them.
Alliance Equipment Finance
While it was only launched in January, Alliance Equipment Finance (AEF) brings a depth of experience and resources to the big-ticket sector of the equipment finance market. The company was created with the strategic support of Alliance Funding Group (AFG), which was founded in 1998 and which originated more than $3 billion in leased assets over a wide range of industries. AEF is also supported by Lightbrook, which brings exceptional experience in sourcing external capital and asset-backed securitization. The company has seven seasoned executives who all work remotely, each bringing their own area of expertise to the mix.
“I like to tell people, everybody in our organization has a shovel and is hard at work—no one is standing and leaning on a shovel,” says president and CEO Randy Hicks. “If you're not originating, you're underwriting. And if you're not underwriting, you're doing some other operation or documentation task. It’s a very busy time.”
Hicks says it was time for an entity that leveraged the vast expertise and backend resources of its backers to focus on big-ticket transactions, even with uncertainty in certain industries, which he says can lead to opportunities for new entrants like AEF. “Tariffs are still working their way through the economy, impacting sectors like manufacturing,” he says. “But there is still demand for both replacement and growth Capex [capital expenditures]. We’re here to serve those customers.
Joining ELFA was a natural move for AEF, Hicks adds. He has been a part of member organizations for much of his 35-year career in the industry and sees the organization as an important source of industry and trend information. “ELFA is the premier industry organization, advocate, and knowledge hub for the industry,” he says. “It’s a combination of the industry awareness that it fosters, as well as the personal and professional relationships that you don't get any place else. I can't think of another space, frankly, that I would rather be a part of.”
Equipment Finance by Walt
Equipment Finance by Walt was founded by Walt Dzielsky, a veteran of Ford Motor Credit since 1967. In 2017, Dzielsky decided to try his hand at being an independent and his business thrived.
Since then, Equipment Finance by Walt has grown from a locally focused equipment finance company to a powerhouse that has done business in 45 states—roughly 40% of its business comes from outside its Great Lakes region. The company was acquired by John Demma, president, last year, and is positioned for growth based on a key imperative: Provide banks with reliable returns. As a result, the company isn’t pushing banks for deals. In fact, Demma and his teams encourage lenders to only fund the deals that are a good fit for them.
“In many cases, banks are worried about higher losses with third-party originators. We’re doing things to mitigate that and encourage them to ‘cherry-pick’ the deals that are right for them [to fund],” he says. “We want them to have far better returns from our type of business.”
Demma and his team also approach their relationship-building with customers in a similar way. In fact, most of the company’s new business comes from referrals, either from current customers or vendors, he says. Because the company has its own warehouse line—an attribute that is common among ELFA members, but not as much among some of his competitors—Equipment Financing by Walt can also be faster and more flexible in making deals.
Throughout his career, Demma has worked for organizations that have been ELFA members, and he has especially appreciated the rich industry data the organization provides. He says the data “became a superpower for me” when he was at a previous bank, launching a new equipment finance division. The bank was small at the time and, even though he did not have a portfolio history, he used ELFA data to illustrate the potential in equipment finance and to benchmark his progress along the way as he launched the new division. “It was just incredibly helpful to me,” he says.
HD Hyundai Construction Equipment North America
While the Hyundai brand is well known for consumer automobiles, HD Hyundai Construction Equipment North America is a construction equipment powerhouse. Established in 1991, this sector of the business focuses on sales, distribution, and support of more than 200 dealer locations across the U.S. and Canada. From heavy equipment like excavators, articulated dump trucks, and wheel loaders to material handling, service, and parts, Hyundai’s construction business generated $637 million in revenue last year.
The company’s financing unit works with authorized dealers and their clients to finance purchases—a process that has seen significant change in recent years. The goal, of course, is to create seamless experiences that are fast and efficient. HD Hyundai Construction Equipment North America works with a panel of lenders, including First Citizens, Wells Fargo, PEAC, Mitsubishi, DLL, and others to give customers more financing options.
“We’re very excited about how artificial intelligence and technology are reshaping the equipment finance landscape,” says Deanna Chung, Finance Lead at HD Hyundai Construction Equipment North America. She says the goal is always to make better decisions faster. Working with TRNSACT as its third-party technology vendor, the company has been able to make the credit application process more efficient and improve customer experience. “Every deal is time-sensitive for our customers,” she adds.
Chung says that the company joined ELFA to build relationships, as well as to learn and share about the industry. “We joined ELFA to gain broader access to financing partners and to stay informed on evolving regulatory requirements in the equipment finance industry,” she says. In addition, Chung says that the association’s valuable education and training opportunities, including its webinars and conferences are important sources of information and discussion about industry trends.
“We believe that financing plays a vital role in supporting equipment sales and customer growth,” she says. “By working closely with our partners and with the support of ELFA, we're committed to developing innovative financing solutions that make it easier for dealers and customers to access the equipment they need to succeed.”
Kaaj AI
Today, customers demand frictionless transactions in everything from personal purchases to business-to-business transactions. Founding team members Utsav Shah and Shivi Sharma bring a mix of lending and rich artificial intelligence (AI|) experience from organizations like American Express, Uber, Cruise, and Varo Bank, Kaaj AI blends deep experience in technology, AI, fintech, and credit and fraud risk to help equipment leasing and finance companies serve small businesses more profitably. The venture capital-backed company was launched last year.
“Equipment leasing and finance is a huge, $1.3 trillion industry, but a lot of processes in the space are still very manual and archaic. We saw a huge opportunity in bringing the value of AI and automation to the industry,” says Shivi Sharma, the company’s president.
Kaaj AI solutions include automated parsing of application forms, instant small business identity verification, bank and financial statement analyses, and an AI-generated credit memo, among others. The company can help automate the credit workflow from beginning to end, giving both Kaaj customers and their end customers a better, faster, and more accurate credit processing experience to unlock more affordable funding for small and midsize businesses. Sharma says that customers increasingly want “one-click transactions.” Kaaj uses AI and automation to extract data from the thousands of pages of supporting documents that may accompany a credit application and automate processes to help equipment leasing and finance companies meet quicker turnaround time to end users and a “magical experience,” she says.
Located in the heart of Silicon Valley, Sharma says that ELFA membership gives her team an opportunity to better learn the needs of companies that provide equipment leasing and finance services and build relationships. “ELFA brings all the players in the space and industry together,” Sharma says. She is enthusiastic to see more women get involved in the industry and attended her first annual convention last year. “It’s like a huge family—friends and competitors. Everyone was so welcoming. I immediately felt like I belonged in this space and wanted to really build something for this industry and grow with this ecosystem.”
S&T Bank
In addition to being a new ELFA member, S&T Bank may also be one of the newest entrants into the equipment finance sector, adding that service in September 2025. The regional bank, which serves an area that includes Philadelphia, Pittsburgh and out to Cleveland and Columbus, Ohio, the bank has a large commercial and corporate client base, but did not offer a full array of equipment finance products. When Callan Wilcox, Senior Vice President and Corporate Banking Market Leader, joined S&T two years ago, he saw the potential to expand the equipment finance offerings to better serve the bank’s customers. Additionally, S&T sees the opportunity to leverage equipment finance as a wedge product to drive new customer growth.
“Our existing clients want to do more business with us because we're their bank,” Wilcox says. “We have some very large clients that were placing large sums of equipment financing elsewhere because we didn't have the capability to do it.” Now, customers say they’re more comfortable doing business with S&T because they know their bankers and it’s a regional bank. Even in a short time, the equipment finance offering has opened new opportunities for the bank, according to Wilcox.
Because of the industrial nature of many of the bank’s clients, much of the equipment financed so far is in sectors like construction, manufacturing, and other industrial areas. “We focus on the long-life asset—the yellow iron kind of thing. If you can kick it with your foot and it hurts, we probably want to finance it,” he quips. However, the bank also finances other types of equipment used by medical centers and educational institutions.
As S&T has been building its equipment finance business, Wilcox says a colleague from another bank, who has been an important source of information and guidance, recommended joining ELFA. He was immediately drawn to the opportunities for his team and him to learn—both formally from ELFA’s training programs and informally through information-sharing and networking with other equipment finance professionals. “I want to be in a room with people that know more than me, so I can use them as a sounding board,” he says.
Kudos to the ELFA Membership Committee!
In 2025, the Membership Committee partnered with the ELFA Membership Department to advance the association’s recruitment and retention efforts. Thanks to the committee’s support, ELFA not only met but also surpassed its membership goals for the year.
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A special thank-you to the 2025 committee for their commitment and contributions:
Randy Haug, Chair
Julie Benson, Staff Liaison, ELFA
Anita Colvin, U.S. Bank
Mark Farlin, LEAF Commercial Capital Inc.
Amy Gestal, Huntington Technology Finance
Brent Hall, Alliance Funding Group
Stephanie Hall, Apex Commercial Capital Corp.
Dominic Janney, Canon Financial Services, Inc.
Aaron Jensen, Farm Credit Leasing
Xiang Ji, Toyota Industries Commercial Finance, Inc.
Lilibeth Martinez, Assurant
Doug Nielsen, Wintrust Specialty Finance
Keara Piekanski, Oakmont Capital Services
Mark Scardigli, Trio Capital Solutions
Colleen Shelby, instaCOVER, a subsidiary of One80 Intermediaries
Harrison Smith, Eldridge Capital Management
Katie Sumner, Summit Funding Group, A First Financial Bank Company
Justin Tabone, EverBank Vendor Equipment Finance
Do you know of a company that would benefit from ELFA membership? Please email your recommendation to Julie Benson, VP of Membership Marketing at jbenson@elfaonline.org.
ELFA Welcomes New Members
Membership with ELFA is on the rise and the association is excited to announce its 2025 new members! ELFA has never been stronger and the addition of these member organizations reflects the strength and diversity of the equipment finance industry. Please join us in welcoming these companies:
Alliance Equipment Finance, LLC
APM Leasing LLC
Ascensor Consulting LLC
Axiom Payment Systems, Inc.
BB Logistics, LLC
Bodman PLC
Broadleaf Financial Group
Caddie Valuation Group, LLC
Computershare Communication Services
CrowdStrike Financial Services
CXtec
DataMerch LLC
Dean Machinery International, Inc.
E-magine Capital llc
Empire Asset Finance
Equipment Finance by Walt
Experian
Finance Factory
First Security Finance
Five Star Leasing, LLC
Fleischer, Suglia, Dopke & Domowitch, P.C.
Flushing Bank
Global Equipment Partners
Harbor Point Equipment Finance, LLC
HD Hyundai Construction Equipment North America Inc.
Headway Capital, LLC
Hilco Equipment Finance
Hovde Group, LLC
Hyundai Auto Lease Offering, LLC
Initium SoftWorks (ISW)
Jigyasa Analytics LLC
Kaaj Technologies
KBRA
KFH Capital Investment Company
Libertas Funding LLC
Masuda, Funai, Eifert & Mitchell, Ltd.
Middesk
National Creditors Connection, Inc
NCMIC Finance Corporation
Nomura Securities International Inc.
Oakwood Equipment Finance LLC
OptumBank, Inc.
ORIX USA
Peachtree Equipment Finance
Penhurst Capital LLC
Rapid Financial Services, LLC
Rayne Strategic Capital Partners, LLC
Roc Capital Holdings LLC
S&T Bank
Sanborn Capital Corporation, LLC
Silicon Valley Disposition (SVD)
Sopra Financing Software
StarPoint Commercial Asset Recovery
Starwind Equipment
Stellify Capital, LLC
Transcourt Tank Leasing Inc.
Trust2Connect
Vervent Inc.
Virsa Capital
Vision Intell LLC
Whitehall Partners Structured Finance LLC
Zadoon LLC
2025 Membership Milestones
ELFA is pleased to recognize the following companies celebrating milestone membership anniversaries in 2025. We thank all companies for your membership, and we are pleased to recognize those that have been members of the association for 20, 25, 30, 35, 40, 45 and 50 years!
Celebrating 50 Years
Daimler Truck Financial Services USA LLC
Gordon Flesch Company, Inc.
Pitney Bowes Global Financial Services
Celebrating 45 Years
Buchalter
CSI Leasing, Inc.
Celebrating 40 Years
ADP Commercial Leasing, LLC
Boston Financial & Equity Corporation
NEC Financial Services
Raymond Leasing Corporation
Siemens Financial Services, Inc.
Celebrating 35 Years
Blank Rome LLP
CWB National Leasing
Frandzel Robins Bloom & Csato, L.C.
GreatAmerica Financial Services
Ivory Consulting Corporation
North Mill Equipment Finance
Webster Capital Finance, Inc.
Celebrating 30 Years
Dexter Financial Services, Inc.
Messerli Kramer
MUFG Bank, Ltd
Taft
Volvo Financial Services
Wallwork Financial
Celebrating 25 Years
AP Equipment Financing
Capital One N/A
Compeer Financial
Equifax
Ernst & Young LLP
Executive Solutions for Leasing and Finance, LLC
Jenkins & Kling, P.C.
Pathward Commercial Finance
Rockwell Financial Group
BPCE Equipment Solutions, formerly Societe Generale Equipment Finance
VFI Corporate Finance
Celebrating 20 Years
Cadence Leasing
First Business Bank
First National Capital Corporation
GSF Advisors
Honeywell Global Finance LLC
McCarter & English, LLP
Monitor / monitordaily.com
Troutman Pepper Hamilton Sanders LLP
Eight Ways to Maximize your ELFA Membership
- If your company is an ELFA member, you may create a member profile from the ELFA website and gain access to valuable, members-only resources.
- Regular members (equipment leasing and finance companies) may participate in the Survey of Equipment Finance Activity (SEFA). All ELFA members may download a free copy of the SEFA and Small Ticket SEFA surveys. A $1,495 value!
- Subscribe to the Washington Report, a monthly newsletter that keeps members up-to-date on ELFA’s advocacy efforts before federal policymakers, regulators and standard-setting bodies.
- Access the State Tax Manual, an easily navigated reference guide designed to aid equipment finance companies in tax compliance and planning. This members-only resource provides a comprehensive state-by-state analysis of sales and property taxes.
- Help drive the association’s mission and volunteer on an ELFA committee! Check out ELFA’s Volunteer Guide to learn more.
- Dive into business intelligence on the equipment finance industry and access data and industry information in one centralized location through the Knowledge Hub.
- Subscribe to the members-only, online discussion groups: DataTalk, LeaseTalk, AcctgTalk, LegalTalk, and TaxTalk to stay connected and exchange information with your peers.
- Take advantage of ELFA’s Onboarding Series, online courses to help new hires learn the essential knowledge of the equipment finance industry. FREE to ELFA members!
Do you have any questions regarding the benefits of ELFA membership? Please contact the Membership Department at membership@elfaonline.org.