2017-07-26 06:29:53
ELFA’S BUSINESS COUNCIL STEERING COMMITTEES (BCSCs), which represent the five key business sectors of the association membership, met in Washington, D.C., in May as part of the Capitol Connections congressional outreach program. Read about the committees’ activities below, and plan to attend the Business Council luncheons at the 56th ELFA Annual Convention in Orlando on Tuesday, Oct. 24. Don’t miss this chance to network with your colleagues and discuss industry sector trends.
Captive and Vendor Finance BCSC
This committee represents ELFA member companies that provide vendor financing programs, either as a subsidiary of a manufacturer or an independent, third-party organization. Th e committee is composed of 15 members, drawn roughly equally from captive organizations and third-party independents and banks.
Throughout the first half of 2017, the committee conducted regular conference calls to discuss the current business climate and the outlook for this sector going forward. Th is input is valuable to association staff—and members of the committee itself—as the association develops needs-based programming designed for member companies operating in this space. With a few exceptions in certain market sectors, most committee members reported a cautiously optimistic approach to the first half of the year in terms of originations and credit quality.
At its May meeting in D.C., the group conducted the following business:
● Reviewed ELFA’s membership retention and recruitment goals for the year.
● Reviewed the goals and objectives of the association’s grassroots public policy program, focusing on targeted contribution levels for members of the BCSC.
● Debriefed the successful Best Practices Roundtable conducted in Chicago in April.
● Made preliminary plans for the Captive and Vendor Finance Business Council luncheon at the ELFA Annual Convention in Orlando.
● Reviewed the upcoming summer elections, which will be held to replace BCSC members whose terms expire at the end of 2017.
For more information, contact Committee Chair Mike Sweeney (michael.sweeney@everbank.com) or staff liaison Bill Choi (bchoi@elfaonline.org).
Contest Recognizes Membership Recruitment
This spring the ELFA Membership Committee challenged each BCSC to recruit as many new members as possible in a two-month period. ELFA would like to extend a big thanks to all the BCSC members that successfully recruited a new member in 2017 and applaud the Service Providers Business Council for recruiting the most members on a percentage basis. Congratulations!
Financial Institutions BCSC
Composed of 16 members, this committee represents bank-related organizations and other financial institutions involved in single transactions over $5 million. During the committee’s May meeting in Washington, D.C., the group discussed the following:
● The committee has made it a top priority to advance the understanding of the equipment leasing and finance industry among university and college faculty and students. They have been doing this by delivering the Guest Lecture Program (GLP), a comprehensive PowerPoint presentation designed to provide the basics and demonstrate why equipment finance is a viable option in the financing/banking industry. To date, two committee members have presented the GLP. Five members are in the process of setting up six lectures this year with a committee goal of presenting 10 GLPs in 2017. To access the GLP, please visit www.leasefoundation.org/academics/GLP/.
● The committee debriefed the successful Bank Best Practices Roundtable, which was held in April in Chicago. Thirty-four members attended the 2017 roundtable and actively discussed hiring and retaining talent, equipment finance and the bank parent relationship and eDocs and eChattel. Input on how to improve the format and content of the roundtable was also discussed.
● A subcommittee of members has been formed to plan the upcoming Financial Institutions Business Council luncheon to be held at the ELFA Annual Convention.
● An additional subcommittee is also in the process of reviewing session proposals for the Annual Convention.
For more information, contact Committee Chair Michael Romanowski (mromanowski@cobank.com) or staff liaison Julie Benson (jbenson@elfaonline.org).
Independent Middle Market BCSC
This committee engages independent finance and multiline finance companies involved in transactions between $250,000 and $5 million, either individually or through lines. At its May meeting in D.C., the committee members:
● Shared their experiences and insights from Capitol Connections. Members agreed that participating in the program is a highly valuable activity for individual members and the industry as a whole.
● Shared their experiences meeting with their local members of Congress in their home districts to educate lawmakers about the positive impact of the equipment finance industry and their companies.
● Reviewed their spring membership outreach campaign, in which committee members invited prospective members to join the association. As a follow-up to that effort, the committee is conducting a member- retention outreach effort this summer.
● Discussed progress toward the goal of completing five Guest Lecture Program presentations in 2017.
● Identified a subcommittee of members to plan the Independent Business Council luncheon to be held at the ELFA Annual Convention.
● Discussed the summer BCSC elections, which will be held to replace BCSC members whose terms expire at the end of 2017.
For more information, contact Committee Chair Connie Eimers (connie@vfgusa.com) or staff liaisons Amy Vogt (avogt@elfaonline.org) and Richard Shanahan (rshanahan@elfaonline.org).
Service Provider BCSC
Th is committee is composed of a diverse mix of industry specialists who provide a variety of services to the members of the other four Business Councils.
At its May meeting in D.C., the committee discussed a variety of initiatives, including emerging talent, the Guest Lecture Program, LeasePAC, the upcoming ELFA Annual Convention and new member recruitment. During its meeting, the Service Provider Business Council was awarded first place in new member recruitment. This effort was led by Donna Christensen from CSC and all committee members participated in this effort.
Th e committee had record attendance at Capitol Connections this year. Representatives from ELFA organizations had meetings with more than 200 Senate and House offices. Topics covered in these meetings included tax and financial services matters that are critically important to ELFA and its members. Keynote speakers at the event painted a clearer picture of the current political landscape and discussed some of the challenges the industry currently faces in greater detail.
“I really enjoyed my time at Capitol Connections in D.C.,” said committee member Jesse Johnson from LeaseTeam. “Spending time with House and Senate members gives you a greater insight on how our political system works.”
For more information or to participate in any of the committee’s initiatives, contact Committee Chair Jeff Dicosola (jdicosola@gaig.com) or staff liaison Paul Stilp (pstilp@elfaonline.org).
Small Ticket Business Council
Th is committee engages companies primarily involved in transactions that are less than $250,000, either individually or through lines. At its May meeting in D.C., committee members:
● Shared their experiences and insights from Capitol Connections, attended by a record 10 committee members. Overall, members think the program is worthwhile and believed their visits with congressional representatives and staff provided value.
● Heard an update from the membership liaison regarding ELFA’s recruitment efforts and the contributions of the Small Ticket BCSC.
● Reviewed the status of ELFA’s LeasePAC goals to date and the strategies the various companies employ to raise contributions.
● Discussed participation in ELFA’s Beige Book and its relevance to the small-ticket industry. Th e committee agreed involvement is important and the information is useful.
● Established a review committee to help ELFA review session proposals for the forthcoming 56th Annual Convention.
● Discussed the Guest Lecture Program and established a goal to deliver five Guest Lecture presentations in 2017. A number of committee members volunteered.
● Established a planning committee to prepare for the BCSC luncheon at the 56th ELFA Annual Convention in October.
● Addressed the importance of the Foundation and the quality and accessibility of the research being produced. Continued strong support of the Foundation was encouraged.
● Discussed the upcoming BCSC elections, which will be held to replace BCSC members whose terms expire at the end of 2017.
For more information, contact Committee Chair David Normandin (david.normandin@hanmi.com) or staff liaison Ed Rosen (erosen@elfaonline.org).
Vote in the BCSC Elections
We encourage your participation in the Business Council Steering Committee elections. Nominations for the 2018 BCSCs were accepted through July 31. Voting will take place Sept. 8–25. Find details at www.elfaonline.org/BCSCElections or contact Ed Rosen at erosen@elfaonline.org or 202.238.3428.
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