Third Party Nation
David Schaefer, Chairman of ELFA and CEO of Mintaka Financial and Orion First, discusses the shift in equipment finance towards leveraging the core strengths of third party service providers to boost business.
As a leader in both an equipment finance company, Mintaka Financial, and a third party lease and loan portfolio servicing company, Orion First, David witnesses the shift first hand and urges finance company leaders to consider its benefits for their business.
“There’s a bit of a renaissance going on. Equipment finance companies are focusing more narrowly on what they do best and reassessing how they do everything else.”
2017 Martini and Cigar Recap
Orion First was honored to host its annual Meet and Greet event, The Martini and Cigar Bar at the Equipment Leasing and Financing Association's (ELFA) 56th Annual Convention.
Held in the JW Marriot Hotel’s Primo Garden, this gathering of leasing and finance profesionals offered an intimate setting for guests to mingle, sip martinis and enjoy a selection of fine cigars.
It was great to see everyone and we look forward to seeing you again next year!
David Schaefer New Chairman of ELFA Board
David T. Schaefer Elected
New Chairman of the Board of the ELFA
Gig Harbor, WA - Orion First announced today that Founder and Chief Executive Officer David T. Schaefer has been sworn in as the 2018 Chairman of the Board of the Equipment Leasing and Finance Association (ELFA). The Chairman and the new Board members were recommended by ELFA’s Nominating Committee and approved by a vote of the general membership.
“As a long-time participant and contributor to the ELFA, I am honored and excited to take my turn as the Chairman of the Board and pilot the Association for 2018,” commented Schaefer. “I await the responsibility of guiding the Association and helping to prepare our sector of the financial industry for upcoming shifts like, securing the next generation of leasing/finance professionals, managing the increasingly volatile challenge of online data security, and continuing to promote informed financial regulatory legislation by educating lawmakers.”
With over 35 years of experience in commercial equipment finance industry, David has held numerous senior management roles for treasury, operation, information technology, accounting and portfolio management. David’s leadership position with Orion includes his direct participation in providing advisory services to banks, commercial equipment finance companies and equipment manufacturers regarding portfolio acquisitions, debt placement, loan/lease administration and portfolio management. Prior to establishing Orion he was president, CEO and a member of the Board of Directors of Financial Pacific Leasing Company. Dadve also founded Checkmate Certified Collections In 1975, a consumer and commercial collection agency.
David previously served on the ELFA Board of Directors and Executive Committee, and has also been the chairman of LeasePAC, the industry’s only federal political action committee. David served on the Board of Directors of the United Association of Equipment Lessors, now the Nation
al Equipment Finance Association. He chaired the Small Ticket Business Council of the ELFA in 1999 and 2000. He obtained his CLFP certification in 1996 making him one of the industry’s earliest Certified Leasing & Finance Professionals. David currently serves on the Gig Harbor YMCA Advisory Board and the Tacoma Pierce County Habitat for Humanity Finance Committee.
About ELFA
The Equipment Leasing and Finance Association (ELFA) is the trade association that represents companies in the $1 trillion equipment finance sector, which includes financial services companies and manufacturers engaged in financing capital goods. ELFA members are the driving force behind the growth in the commercial equipment finance market and contribute to capital formation in the U.S. and abroad. Its 580 members include independent and captive leasing and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as manufacturers and service providers. For more information, please visit www.elfaonline.org.
2017 SBLF Recap: Enhancing Leadership Skills Through Self-Awareness in the Mile-High City
A quick recap of the SBLF 2017
Orion thanks everyone who was able to attend the 2017 Small Business Lending Forum in Denver, CO.
This summer's event was a great success and the change in venue was a breath of fresh mountain air for many conference goers. Given the proximity of all conference events to the beautiful Hilton Denver Inverness, the 2017 forum provided an enhanced level of intimacy permitting a greater ease of networking throughout the event.
Find Out More About The Small Business Lending Forum
NEFA Newsline July/August Issue Article from Orion First
Operations Platforms: Creating Competitive Advantages
Orion’s Joe Collins is a featured guest author in the current July/August issue of the NEFA Newsline magazine, on the importance of building an efficient lending operations platform.
In this article Joe Collins, SVP Business Development covers three vital pieces of a full-cycle lending operation, and demonstrates how they, when paired with lean internal process and experienced staff, bring additional value to any operations platform.
ORION FIRST ANNOUNCES NEW OFFICE SPACE IN GIG HARBOR, WA.
Gig Harbor, WA - Orion First, located in Gig Harbor, WA, announced today that they have moved to a new office location in Gig Harbor. The move is a result of Orion’s efforts to properly as a growing servicing company in the thriving Small Business Lending Industry. The new location will provide greater room to take on additional team members and boasts the space necessary to house Orion’s best in class IT infrastructure.
“We reached the point where a move was vital to meeting the strategic goals and initiatives we have laid out for Orion,” commented David Schaefer, CEO of Orion First. “It has been a long time coming, but this move will help us reach the next tier of scalability in order to continue providing the level of world class service our clients expect.”
Over the past year, Orion had expanded its previous office from 4,000 to 5,000 square feet to include the leasing group Mintaka Financial. The new location will nearly double the usable space to 8,000 square feet, allowing the company to keep up with expected growth forecasts and bolster greater synergy between all teams. The new, expanded location offers modern workstations, an additional conference room, and a more attractive and generous environment in which to accommodate their customers and partners.
Orion will now occupy the upper level of the building located at:
5403 Olympic Drive NW, Suite 200
Gig Harbor, WA 98335
Orion Execs Lobby with the ELFA at Capitol Connections in Washington, DC
The State of Washington is the 10th largest state by dollar amount of equipment financed in the U.S., and finances $26.78 billion in capital equipment annually. As the 1st session of the 115th Congress begins, groups like the Equipment Leasing & Financing Association, and lending institutions like Orion First must be heard in Washington DC and promote the finance industry’s continued well-being and its vital role in fostering small business growth.
May 15th through May 18th David Schaefer (CEO) of Orion First, along with Zack Marsh (CFO), Joe Collins (SVP), and Quentin Cote (Product Manager) journeyed to Washington, DC to lobby for American small business and the lending institutions that support it.
While in the Capitol to discuss regulatory reform and explain the looming potential for adverse effects it poses on the American economy:
- Dave met with senior staff of the Senate Finance Committee, House Ways & Means Committee, Senate Banking Committee and the Consumer Financial Protection Bureau
- Joe met with Congressman Fred Upton (R-MI), staff of Senators Debbie Stabenow (D-MI) and Brian Schatz (D-HI), and staff of the office of Congresswoman Debbie Dingell (D-MI) and Congressman Mike Bishop (R-MI) and Dave Trott (R-MI)
- Zack and Quentin met with US Representative Derek Kilmer (D-WA), and key staff from the offices of US Representatives Adam Smith (D-WA), Rick Larsen (D-WA), and David Reichert (R-WA) as well as staff from the offices of US Senators Patty Murray (D-WA) and Maria Cantwell (D-WA)
On the docket for this session of Congress are two issues that have the potential to negatively impact the American small business lending industry and, by extension, small businesses across the country.
- Firstly, small business access to affordable credit will be threatened by Section 1071 of Title 10 of the Dodd-Frank Wall Street Reform and Consumer Protection Act - requiring financial institutions to inquire if the applicant is “woman-owned,” “minority-owned,” or a “small business.”
- This will negatively burden lending institutions by requiring the credit grantor to gather the information and keep it segregated from the underwriting process, thereby creating additional expenditures for staff, technology and firewalls inside their companies. These additional and unnecessary expenses must be passed on to borrowers or ultimately force both small and large lenders out of business and decrease access to affordable capital for small businesses. This is an example of government interference which adds costs with little to no value, unfairly burdening smaller lending institutions.
- Secondly, the current proposed tax reform would limit interest deductibility associated with financing of equipment acquisitions, to finance a lower corporate tax rate. With approximately 68% of all money invested in U.S. businesses coming from financing with loans, leases and lines of credit, this change could dramatically harm investment in American business and stunt economic growth. It is especially harmful to small and capital constrained companies as they have fewer options to raise capital through the equity markets as larger publicly traded corporations do. This one size fits all policy harms small businesses at a time when an effort should be made to support small business investment in equipment and job growth.
Orion First is committed to the overall health and prosperity of the small ticket equipment finance industry–and the small business lending marketplace as a whole. To promote the vitality of these industries Orion is a dedicated advocate for wise and informed legislation in Washington, DC. Without individuals and organizations looking out for the best interests of markets such as these, many American small business owners could face undue burdens. Our goal is to champion initiatives that are advantageous while fighting against the enactment of cumbersome legislation that could, ultimately have a detrimental effect on small businesses across our country.
Bank/Alternative Lender Partnership Summit 2017 - 15% Discount with Sponsor Code FSM400
As this year’s Platinum Sponsor, Orion First is able to offer an exclusive discount code to our guests who would like to attend the conference.
At this conference, we’ll take a deeper look at partnership strategy for banks and alternative lenders, especially in the small business lending space. The agenda consists of both bankers and alternative lending professionals who provide a wide range of experienced voices to weigh-in on the many challenges facing both sides of the industry.
- Hear from a diverse speaking faculty, in an intimate setting, as they provide unique insight into the changing regulatory landscape, including what will happen with the impending OCC Fintech Charter.
- Take part in candid discussions to get the answers to your partnership challenges from industry experts, veteran banks, and cutting-edge thought leaders at the Strategic Partnership Summit for Banks and Alternative Lenders.
Orion First’s Quentin Cote will be chairing the event and serve as moderator for sessions. Quentin currently serves as EVP for Orion subsidiary, Mintaka Financial, while overseeing the SAIPH™ product for Orion First. A graduate of Dartmouth and Sloan School of Management at MIT, Mr. Cote has spent over 25 years in the finance industry.
Joe Collins will be presenting during the session:
Best Practices in Mitigating Third Party Risk in the Fintech World
Alternative finance companies can outsource servicing or do it themselves. Traditional servicers define their role to include collections and recoveries, but some lenders are taking on those tasks while leaving cash applications and systems of record functions with the servicer. This session discusses the options lenders and the banks should consider in assessing servicing requirements.
Use promo code FSM400 when registering and instantly receive 15% off your ticket.
Please feel free to share this code with your friends and colleagues.Register Here
2016 ELFA Recap
The ELFA Annual Convention draws one of the largest crowds of the year from the equipment finance industry and this year was no exception. An electric atmosphere–so commonly felt at past conventions–was present in full force once again. Attendees from around the world arrived to listen to the Keynote speakers as well as mingle with friends from past conventions.
The Whiskey and Cigar Bar meet and greet, sponsored by Orion First, was back once again for the 2016 Convention. Attendees relaxed with good company, preparing for the upcoming convention while sipping whiskeys and smoking cigars with members of the Orion Senior Leadership team.
With a venue as classy as the JW Marriott in Palm Desert, this invite-only, after hours reception had to be held at The Pointe, located in the Garden Atria, a private, beautiful alcove surrounded by the Marriott’s signature lake.
Many attendees stayed for the duration of the reception, with a total of over 100 guests enjoying this year’s meet and greet.
Before rounding out the “Welcome” day of the convention at Orion’s reception, many of the attendees participated in one of the group activities available to earlier arrivals. This year guests took part in a tennis tournament, a community service project with Habitat for Humanity, a “build-a-bike” service project, a golf tournament, and/or a charity bike ride. A great weekend for all.
Thank you, again, for attending the meet and greet. We hope to see you again next year...
Future Proofing, Regulations, and Notes From A Statesman
A Quick Recap of SBLF 2016
Featured speaker Glenn Hiemstra, founder and CEO of Futurist.com, gave an eye-opening presentation on creating the future you desire. Using examples of societal and economic changes, Glenn demonstrated the value of planning and shaping your future, today, rather than simply reacting to the changes of the present. He followed up by providing insights into how those of us operating within the business lending market space can create our desired future by investigating socio-economic trends. Here are just a few of his observations:
- Senior citizens are working later in life
- Minority business is on the rise with a large, young population
- Today’s youth are excited about business, but won’t invest as heavily in traditional brick and mortar
The discussion on Technology for Small Business Lenders went over well, with Paul Marcoe of Orion First, Kristian Dolan of Tamarack Consulting, and Steve Darsie of Scoring Solutions detailing the new commercial scorecard from Orion, SAIPH™. The knowledge and expertise in technology present on the stage was vast and varied. All three gentlemen demonstrated the features, benefits and overall value of the SAIPH™ scorecard.
This year’s panel discussion, How Will The Small Business Community Respond to New Regulations?, reviewed current and upcoming government regulation on small business lending. Presenters Andy Alper (Attorney), Ralph Petta (President and CEO of the ELFA), Chris Enbom (CEO of Allegiant Partners) and Tom Sullivan (Attorney and Executive Director of the Coalition for Responsible Business Finance) did a great job using real-world examples to illustrate particular regulatory issues our industry is currently facing.
The final presentation of the forum was from US Representative for the 6th Congressional District, Derek Kilmer. The consummate statesman, Kilmer delivered great presidential stories, honest feedback and fresh perspectives. Drawing from personal experience, Congressman Kilmer shared an update on the activity in Washington, D.C., and the value that the small business sector has in putting Americans back to work and improving our economy overall.
The business side of things came to a close as we boarded the Emerald Star for some leisurely boating through Commencement Bay and Gig Harbor. The three-hour cruise was fully-catered with a taco station and asian noodle bar flanked portside in each cabin. Tasty food was a perfect accompaniment to the complimentary beverages everyone enjoyed, all while taking in the incredible views afforded by an evening South Sound cruise.
Day two saw more great weather as we headed to Trophy Lake Golf and Casting Club for the annual scramble. While there were certainly enough great shots throughout the day to outweigh the truly terrible drives, chips and putts–only one team came out on top. Congrats to Scott, Kevin, Curtis, Zack on adding their names to the illustrious group of individuals already on the trophy. Next year, we will be bringing in PwC to draw pairings in order to ensure impartiality during the process.
Until next year, everyone please take care…
Cheers,
Team Orion