eLease Equipment Leasing

May you live in interesting times.   I am wishing that sometimes I didn’t live in the largest credit crisis in history and then other times I feel blessed to navigate my business in a hard economic cycle.In our business we see entrepreneurs use credit lines as well as term financing without thinking what happens if the bank calls my loan?  I really never thought about either until our bank cut one of our credit lines and gave us 30 days to pay it off.  eLease had the ability to pay off the loan but what if we didn’t?  Would the bank seize your assets and worse yet what if your bank was taken over by the FDIC?  As an entrepreneur you could really find yourself in a tough spot.Over the last 3 months we have received a few calls from customers who utilized their banks prior to us and had their lines of credits not renewed.  Although we would like to help we can’t.   It makes it very apparent to me how important people utilize their credit.  If these customer had used eLease we would not and could not call that note.Although we are a lender we are also a borrower and I am forever changed for the dealing the TARP taking bank who left us not at the alter but at the reception.  May you live interesting times.  Yes we do!

Everywhere on the news talks about small business lending recovering but from my vantage point more and more banks are abandoning small business and moving to the 5 million plus space.  There is surely less demand out there but for the small business that needs a loan/lease there are few options and FASB looking to change mark to market is very scary.We had our banker in our office today and we spoke about the Accounting lobbyists and what it means for our space.  I am very concerned this is 1933 all over again.  A major lender is abandoning the small business space and 3rd party originations which is US Bancorp.  They are the nations 3rd largest bank, took TARP, and are leaving entrepreneurs abandoned.I have not been writing the last few months but will become very vocal about my views on entrepreneurs, lending, and the America I love.