Message from Credit

Posted on by Frank Penkala

Every once in a while funny stuff happens at work, even in the leasing business. Yesterday I conferenced a rather unexpressive client in over the phone, connecting with the voicemail of a credit manager, to do a verbal confirmation of equipment delivery — usually the last step in completing a file and starting the lease. Here is the email I received this morning:

Hi Frank:  I got the voice message from you and Charlie. It made my day.  Your “instead of a grunt, can you put that into a sentence?” was absolutely hilarious. Then his part about “well the battery didn’t work” was great. I didn’t know whether to erase or post it on u-tube. Anyway it does count as a verbal delivery. Nobody could fake that.

Thanks for the laugh.

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Doom and Gloom? Where?

Posted on by Frank Penkala

So, we are providing lease financing for a new dermatology clinic in Vancouver; funding digger derrick and bucket trucks that will be working for BC Hydro; leased new servers to an engineering company in Calgary; approved an older lowboy trailer for a new equipment rental company in Alberta. Every day brings new opportunities. Seems like a healthy upswing in progress, but not hearing about it in the media. Probably doom and gloom is a better sell?

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Leasing Services in Alberta – Our Poster Boy

Posted on by Frank Penkala

Fred’s little Alberta based oil and gas drilling rig moving business is now generating considerable revenue, with decent profitability.  It has been an interesting ride with him over the past three years.  Starting as a modest water hauling operation, our humble leasing service funded a fleet of trailers, trucks and associated equipment to help Fred’s company grow its operation.

It is the same old story.  It took ten years of sweat to become an overnight success, and now that he’s there, Fred has to fight off at least three banks that suddenly “love the business”.

Here’s a list of things that helped Fred succeed:

1) Detailed financial statements that included five years of comparative figures, prepared by a reputable firm of Chartered Accountants.

2) Wiley recruitment of the right people, at the right time, to meet the demand as it grew.

3) Buying good used equipment at a great price in a ‘down’ market (2009).

4) Careful evaluation of the monthly leasing cost against the revenue that could be generated by a particular piece of equipment.

5) A supportive, understanding and practical wife working in the business.

6) Cojones. (Ka-hone-eez). Big ones.

Congrats Fred, you’ve arrived.

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Equipment Leasing: Sometimes It *Really!* Works

Posted on by Frank Penkala

It is a pleasure working with people who have the determination (guts, gumption, skill, luck) to succeed, regardless of the perceived economic climate.

I am starting to see year-end statements for a few companies who are not only surviving, but really, really thriving.  Congrats to you hardy souls. 

 It is nice to know that we played a small part in the success.

Finding funding during challenging times speaks to the diversity the leasing industry can offer growing companies.  While our pricing was not the cheapest, we got the job done.  Our clients acquired the equipment they needed, at rock-bottom prices, to meet rising market demand in the recovering resource sectors.

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