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.
Gig Harbor, WA – Quentin Cote, EVP, Mintaka Financial has been elected to serve a two-year term on the Equipment Leasing and Finance Association’s Small Ticket Business Council Steering Committee. Quentin has spent his career in the specialty finance sector, lending to, investing in, and building small business finance companies. As EVP of Mintaka, Quentin is responsible for increasing origination capabilities, corporate development activities, and is helping with capital markets activities.
The Small Ticket Business Council Steering Committee is one of five primary constituent bodies at ELFA. The committees are an integral part of ELFA’s operations, providing critical input on the direction of the association and serving as a bridge between the membership and the Board of Directors and staff. The committee members are elected by the Business Council membership for a term of two years on a staggered basis.
The Small Ticket Business Council Steering Committee represents financial services organizations primarily involved in transactions under $250,000, either individually or through lines. The committee analyzes the needs of companies in its segment and recommends to the Board how to meet those needs.
About Mintaka Financial
Mintaka Financial LLC, located in Gig Harbor WA, is 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. http://frail-action.flywheelsites.com/
The Equipment Leasing and Finance Association (ELFA) is the trade association that represents companies in the $827 billion 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. Follow ELFA on Twitter @ELFAonline.
Gig Harbor, WA, September 15, 2016 – Mintaka Financial LLC, announced today that Quentin Cote has joined the Leadership team as Executive Vice President. Mr. Cote brings over 25 years of specialty finance leadership to the Mintaka Financial team. His roles at Mintaka will include overseeing growth through its multi-channel funding programs, strengthening partnerships, and furthering development efforts.
“Quentin is an invaluable addition to the Mintaka Financial team, as his diverse executive expertise will be of great value to our organization,” says David T. Schaefer, CEO of Mintaka Financial. “In his new role as EVP, Mr. Cote will continue our multi-faceted growth initiatives through the lens of both funding and channel partnerships. I am very excited for the future of Mintaka with Quentin overseeing these crucial elements related to our success.”
“Small business is the backbone of the American economy, and I am honored to join a team with such a focus on its prosperity. Through my career I’ve worn many different hats in the financial sector and the chance to work with Mintaka Financial is going to be an exciting new chapter,” commented Quentin Cote. “I am especially excited to help Mintaka and our partners meet and surpass their organizational growth goals.”
As a Senior Financial Executive, Quentin has deep experience in private investing, specialty finance, structured finance, and capital markets. He has worked as an executive advisor on issues of capitalization and corporate development, and is experienced in team-building as well as portfolio construction and asset management.
Summit Commercial Finance partners with Mintaka Financial to better serve their small business credit customers.
GIG HARBOR, Wash., July 22, 2015 — Mintaka Financial LLC, announced today that Summit Commercial Finance has invested in Mintaka Financial, joining the company with 11 other leading commercial finance firms as an equity stakeholder.
“Mintaka Financial is pleased to have Summit Commercial Finance on our team as we continue to expand our commercial finance products to small businesses across thecountry. Summit has long been a recognized leader in the equipment finance industry andour shared vision for empowering small businesses to thrive by delivering sustainable, viable lending solutions makes for a fitting partnership.” said David Schaefer, CEO of Mintaka Financial.
“A core value at Summit Commercial Finance is to align with prominent organizations and people. Mintaka Financial’s employees and equity partners help us achieve this objective and present a great opportunity for Summit to expand our platform delivering superior solutions for our customers.” said Scott Forrest, Founder & CEO of Summit Commercial Finance.
Founded in 1998, Summit Commercial Finance provides customized equipment financing and leasing options to U.S. companies across a wide range of industries. More information about Summit Commercial Finance can be found at summitcommercialfinance.com
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 Financial is a direct small business lender that originates commercial loans through a limited group of independent small business finance companiesthat 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