With a new year comes a fresh round of proposed Federal and States legislation, and with it the Annual Strategy Meeting of the Innovative Lending Platform Association.

One year after merging with the Coalition for Responsible Business Finance (CRBF), the ILPA is dedicated to shaping the future of the small business lending industry; specifically the burgeoning online lending marketplace that greatly benefits small business across the country by improving access to capital.  

To ensure a healthy regulatory environment for online lenders, ILPA members work diligently to help legislators understand the implications that their proposed regulation may have on the small business lending marketplace. Some of the proposed legislation included;

At the State level:

  • Proposals to limit APR which could have dramatic implications for small business access to capital.

At the Federal level:

  • Established lending doctrine “True Lender” and “Valid When Made” legislation, which work to determine how loan rates and terms are transferred from the originator to the secondary market purchaser, have come under fire due to a recent decision by the Second Circuit Court of Appeals in Madden vs. Midland Funding.

Read more about this decision and how it could greatly limit small business access to affordable funds here in an article by Scott Stewart, CEO of the ILPA.

Another item discussed during the annual meeting was one cornerstone of the ILPA named the “Smart Box.” The “Smart Box” is a borrower disclosure document that allows borrowers to understand and compare the costs and fees of their loan proposals.

About the ILPA:

The Innovative Lending Platform Association (ILPA) is a leading trade organization representing a diverse group of online lending and service companies serving small businesses. United by a shared commitment to the health and success of small businesses in America, the ILPA is dedicated to advancing best practices and standards that support responsible innovation and access to capital for small businesses.


Gig Harbor, WA, October 25, 2017 – Mintaka Financial, LLC. announced today that Co-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 Mintaka Financial includes strategic development, capital formation, and developing a network of affiliate partners who originate transactions. David is also the founder and CEO of Orion First Financial, LLC (Seattle, WA) a loan and lease servicing company which provides underwriting, contract servicing and collection services to banks and independent financial institutions. Prior to establishing Orion he was president, CEO and a member of the Board of Directors of Financial Pacific Leasing Company. Dave 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 National 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.

About Mintaka Financial

Mintaka Financial LLC, located in Gig Harbor WA, was established in December 2004, as a commercial finance company specializing in serving the needs of small businesses across the United States. Mintaka provides equipment leases and loans, originated through a limited group of independent small business finance companies that share ownership in Mintaka. These companies are specialists in small business credit service, selected to participate in the Mintaka program based on their experience and reputation in the industry, and their dedication to building long term relationships with their small business clients. To learn more about Mintaka, please call (888) 705-8778, ext. 1097 or visit www.mintakafinancial.com.

Paul Marcoe and Quentin Cote accepting the ELFA Operations and Technology Excellence Award at the Operations and Technology Conference in Charlotte, NC 9/11-13/17.

We are pleased to announce that Mintaka has been honored with the Equipment Leasing and Finance Association’s 2017 Operations and Technology Excellence Award!

The fully connected platform for our independent partner originators, known as Hunter, was built on Tamarack’s Salesforce.com Lease/Loan Accelerator and includes a lease scoring, pricing, decision and documentation engine that is 100% API driven.

The Operations and Technology Excellence Award identifies and recognizes equipment leasing and finance companies who’ve developed and implemented innovative uses of technology or creative business processes to –

  • Improve operations
  • Enhance customer experience
  • Enter new markets
  • Build overall ROI


More information about the award and a list of previous winners is available at www.elfaonline.org/about/awards/OTE.

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 Mintaka Financial must be heard in Washington DC and promote the equipment finance industry’s continued well-being and its vital role in fostering small business growth.

May 15th through May 18th David Schaefer (CEO) and Quentin Cote (EVP) of Mintaka Financial; along with Zack Marsh (CFO) and Joe Collins (SVP) of Orion First 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.

Mintaka 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 Mintaka is committed to advocating 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.

GIG HARBOR, WA. May 3, 2017 – Mintaka Financial announced today that TEAM Funding Solutions has joined as an origination partner. TEAM Funding joins 10 other small business lending organizations that comprise the Mintaka Financial equity stakeholder group.

“Mintaka Financial is pleased to have TEAM Funding Solutions joining the ranks of our Mintaka Partners. We look forward to their contribution to the funding products Mintaka offers and to the potential to attract new small business profiles,” stated Quentin Cote, SVP of Mintaka Financial. “The commitment to their customers, demonstrated by the sincere manner in which they discern unique situations, and small business funding needs, makes them an ideal addition to our Mintaka family.”

“Our mission is simple––listen to the stories of those who need funding in order to get a true understanding of the business owners and their unique situations,” added Ted Reynolds, President of TEAM Funding. “By joining the Mintaka Partner program we will be able to expand our capabilities as an Originator, ultimately allowing us to grow as an organization and better support small businesses across the country.”


About TEAM Funding

TEAM Funding Solutions is an independently owned direct capital source, dedicated to funding equipment leases exclusively for the Broker Community. Founded in 1992, TEAM Funding recognized that many good business owners were being turned down by traditional banks. Today, TEAM fulfills a unique sector in the leasing industry by approving leases for business owners with challenged credit or those wanting to finance equipment for new business ventures. More information about TEAM Funding Solutions can be found at teamfundingsolutions.com.

About Mintaka Financial

Mintaka Financial, located in Gig Harbor, WA, was established in 2004 as a commercial finance company specializing in serving the needs of small businesses across the United States. Mintaka Financial is a direct small business lender that originates commercial loans through a limited group of independent small business finance companies that share ownership in Mintaka. These companies are specialists in small business credit service, selected to participate in the Mintaka program based on their experience, reputation in the industry, and their dedication to building long term relationships with their small business clients. For more information regarding Mintaka Financial, visit mintakafinancial.com.