Todays Date: 4/20/2014

Pawnee Leasing News, Press Release and Equipment Leasing Article Archive

About Pawnee Leasing

Pawnee Leasing Corporation is a small-ticket equipment leasing company specializing in providing business equipment leases up to $75,000 for "B+" credit profiles, $35,000 for Start-Up and B credit profiles, and up to $20,000 for "C" credit profiles. Founded in 1982, we originate all of our leases through an independent network of lease brokers and conduct business in all of the lower 48 states of the U.S. We are active members and leaders in several industry trade associations including the National Association of Equipment Leasing Brokers (NAELB) and the National Equipment Finance Association (NEFA).


Thursday, March 13, 2014

Chesswood Announces Results for 2013 - Record pretax earnings of $19.7 million

Chesswood Group Limited (the "Company" or "Chesswood") (TSX:CHW) announced today its results for the year ended December 31, 2013.

The Company’s income before taxes was $19.7 million for the year, compared to $16.6 million in 2012, an increase of 19%.

“This year was another milestone year for Chesswood. Pawnee generated record earnings, we launched Windset Capital in October, our new U.S. based working capital business, while Case Funding and Acura Sherway posted excellent results which also improved over the prior year” said Barry Shafran, the Company’s President and CEO.

Chesswood paid dividends of $8.1 million in 2013, compared to $7.2 million in 2012.

Financial Highlights (in CDN $000's, except EPS) For the Year Ended December 31
    2012         2011    
Income before Taxes, Fair Value Adjustments, debenture issue costs & unrealized foreign exchange   $19,881   $15,838
Net Income  $10,905   $8,989
Adjusted EBITDA(1)  $21,588   $17,953
Earnings Per Share - basic  $0.96   $0.80
 

(1) - See "Non-GAAP Measures" below.

Other News – Debenture, Northstar Leasing and Windset Growth

On December 16, 2013, Chesswood announced it had completed its offering of $20.0 million aggregate principal amount of 6.50% convertible unsecured subordinated debentures.The Debentures have been listed on the TSX under the symbol CHW.DB.

On February 3, 2014, Chesswood announced that it had purchased of all of the outstanding shares of Northstar Leasing Corporation, a long-standing non-prime commercial equipment finance company, located in Barrie, Ontario. Chesswood now has a North-American small ticket platform and can offer its products and services to brokers and their customers, regardless of which country they operate in. Northstar has decades of experience and management believes that this experience coupled with Pawnee’s expertise, will allow the businesses to leverage the strengths of one another.

During February, Chesswood injected an additional U.S.$1.75 million into Windset Capital Corporation to fund growth in its working capital loan portfolio. In conjunction with this additional investment, Pawnee's syndicate of lenders approved amendments to the current banking agreement that provide Windset with access to an additional U.S.$5.0 million of capital from Pawnee's credit facility.

These financing activities reflect the stronger than expected originations of Windset, since its launch in late 2013.

Non GAAP Measures
References to Adjusted EBITDA are not recognized measures under International Financial Reporting Standards and do not have standard meanings. Accordingly, these measures may not be comparable to similar measures presented by other issuers.

Please refer to the Company’s Management Discussion and Analysis for the three months and year ended December 31, 2013 for additional information concerning this measure and a reconciliation of this measure to the Company’s consolidated net income for the period.


Monday February 3, 2014

Chesswood Announces the Purchase of Northstar Leasing

TORONTO, February 3, 2014 – Chesswood Group Limited (“Chesswood”) (TSX: CHW) is pleased to announce that it has completed the purchase of all of the outstanding shares of Northstar Leasing Corporation (“Northstar”), a long-standing non-prime commercial equipment finance company, located in Barrie, Ontario.

The entire Northstar team will remain with the Company and apply their expertise in support of Chesswood’s growth in Canada. Chesswood is a major competitor in this market in the U.S. through its wholly owned subsidiary Pawnee Leasing Corporation.

“We are excited by the opportunity to join Chesswood and to lead its growth in the Canadian market” said Bruce Collingwood, Northstar’s Chief Financial Officer.

“We are thrilled to now have a North-American small ticket platform. Chesswood can offer its products and services to brokers and their customers, regardless of which country they operate in” said Barry Shafran, Chesswood’s President and CEO. “Northstar has decades of experience and we believe that this experience coupled with Pawnee’s expertise, will allow the businesses to leverage the strengths of one another” added Shafran.

Chesswood paid $10.4 million, in cash, for the shares of Northstar. Northstar has gross receivables of approximately $16.0 million.


Wednesday December 4, 2013

Chesswood Group Limited Announces $20 Million Bought Deal Financing

TORONTO, December 4, 2013 – Chesswood Group Limited ("Chesswood Group" or the “Company") (TSX: CHW) announced today that it has entered into an agreement with a syndicate of underwriters co-led by National Bank Financial Inc. and RBC Capital Markets and including Cormark Securities Inc. and Canaccord Genuity Corp. (the “Underwriters”) pursuant to which the Company will issue, on a “bought-deal” basis, subject to regulatory approval, $20,000,000 aggregate principal amount of convertible unsecured subordinated debentures (the “Debentures”) at a price of $1,000 per Debenture (the “Offering”). The Company has granted the Underwriters an over-allotment option to purchase up to an additional $3,000,000 aggregate principal amount of Debentures at the same price, exercisable in whole or in part for a period of 30 days following closing of the Offering, to cover over-allotments. The Company intends to use the net proceeds from the Offering to fund acquisitions, to fund growth in the finance portfolios of the Company’s operating subsidiaries and to pay down debt of the Company and/or its operating subsidiaries.

The Debentures will bear interest from the date of issue at 6.50% per annum, payable semiannually in arrears on December 31 and June 30 in each year, commencing June 30, 2014. The Debentures will have a maturity date of December 31, 2018 (the “Maturity Date”).

The Debentures will be convertible, at the holder’s option at any time prior to the close of business on the earlier of the business day immediately preceding the Maturity Date and the business day immediately preceding the date specified by the Company for redemption of the Debentures, into common shares of the Company (“Common Shares”) at a conversion price (the “Conversion Price”) of $21.25 per Common Share, being a conversion rate of 47.0588 Common Shares for each $1,000 principal amount of Debentures. The Conversion Price and conversion rate will be subject to customary adjustment provisions.

The Debentures will not be redeemable before December 31, 2016 (the “First Call Date”). On and after the First Call Date and prior to December 31, 2017, the Debentures will be redeemable at the Company’s option at par plus accrued and unpaid interest, provided that the volume weighted average trading price of the Common Shares during the 20 consecutive trading days ending on the fifth trading day preceding the date on which notice of redemption is given is not less than 125% of the Conversion Price. On and after December 31, 2017, the Debentures will be redeemable at the Company’s option at any time at par plus accrued and unpaid interest.

Subject to any required regulatory approval and provided no event of default has occurred and is continuing, the Company has the option to satisfy its obligation to repay the principal amount of the Debentures, in whole or in part, due upon redemption or at maturity by delivering that number of freely tradable Common Shares obtained by dividing the principal amount of the Debentures to be redeemed or which have matured by 95% of the current market price on the date of redemption or maturity, as applicable.

Closing of the Offering is expected to occur on or about December 16, 2013. The Offering is subject to normal regulatory approvals, including approval of the Toronto Stock Exchange. The Debentures will be eligible for sale in all provinces and territories of Canada, other than Quebec by way of a supplement to the Company’s existing short form base shelf prospectus dated November 27, 2013 and via private placement in the United States to “Qualified Institutional Buyers” pursuant to Rule 144A of the U.S. Securities Act of 1933.


Monday November 4, 2013

Chesswood Announces Results for Q3 2013 and Dividend Increase
Year Over Year Earnings Growth Continues

TORONTO, Nov 4, 2013 – Chesswood Group Limited (the “Company” or “Chesswood”)(TSX:CHW) announced today its results for the third quarter and nine months ended September 30th, 2013.

The Company’s income before taxes and unrealized gains was $5.0 million for the quarter and $15.0 million for the nine month period, compared to $3.8 million and $11.8 million respectively, in 2012. “Our results in the third quarter reflect the long-term growth Pawnee has been generating, as well as the more recent growth at Case Funding and Acura Sherway” said Barry Shafran, the Company’s President and CEO.

“We are very pleased that our results enable us to once again provide our shareholders with an increase in our monthly dividend, from $0.06 per share to $0.065 per share, for an increase of 8.3%” added Mr. Shafran.”While we have seen a rise in competitive pressure in the U.S. this quarter, we are very comfortable providing this latest increase in dividends to our shareholders” said Mr. Shafran.

The dividend will be payable to shareholders of record at the close of business on November 30, 2013 and will be paid on December 15, 2013.

 

(1) - See "Non-GAAP Measures" below.

Non GAAP Measures
References to Adjusted EBITDA are not recognized measures under International Financial Reporting Standards and do not have standard meanings. Accordingly, these measures may not be comparable to similar measures presented by other issuers.

Please refer to the Company’s Management Discussion and Analysis for the three and nine months ended September 30, 2013 for additional information concerning these measures and a reconciliation of these measures to the consolidated net income for the period.


Wednesday October 2, 2013

Chesswood launches WINDSET CAPITAL CORPORATION
Small Business Working Capital Lender to Provide
Large Underserved Market with Timely Access to Capital

TORONTO, October 2, 2013 – Chesswood Group Limited (“Chesswood”) (TSX: CHW), announced today that it has launched its new working capital loan business, WINDSET CAPITAL CORPORATION (“WINDSET” or “WINDSET CAPITAL”), headquartered in Salt Lake City, Utah. WINDSET will provide working capital loans to tenured small businesses throughout the United States.

More than ever before, small business owners in the United States find that banks either will not consider them for working capital loans or the process of applying for a bank loan may take too long and the outcome is less than certain.

“To meet the rapidly growing demand by small business for timely access to capital, in an environment where many banks simply will not transact, we have launched WINDSET CAPITAL. WINDSET will leverage off of the equipment finance business expertise of our subsidiary, Pawnee Leasing Corporation, and use its experience, processes and broker channel to offer this new product to small businesses throughout the U.S., further expanding our footprint in specialty finance in the U.S.” said Barry Shafran, Chesswood’s President and CEO.

WINDSET CAPITAL can provide businesses with at least two years of time-in-business with working capital loans up to $250,000, approved within one working day and funded within three business days, or less. Many U.S. banks can no longer afford to consider loans under $250,000 due to their high internal administration and regulatory costs.

While the working capital loan market that WINDSET joins is a newer market that sprung from the financial crisis, the significant demand for this product has been clearly demonstrated, as billions of dollars of loans have been originated since 2008.


Tuesday July 30, 2013

Chesswood Announces Results for Q2 2013
Income before taxes and unrealized gains increases
by more than 25% for the three and six-months ended June 30th

Chesswood Group Limited (the "Company" or "Chesswood") (TSX: CHW), announced today its results for the second quarter and six-months ended June 30, 2013.

The Company’s income before taxes and unrealized gains was $5.3 million for the quarter and $10.0 million for the six-month period, compared to $4.2 million and $8.0 million, respectively, for the same periods in 2012. “Our earnings for the quarter and for the first half of 2013 are records for Chesswood and reflect the growth we are enjoying in all of our businesses and the ongoing efforts of our outstanding operating teams.” said Barry Shafran, the Company’s President and CEO.

“Pawnee continues to post outstanding results, our legal finance business, Case Funding, posted its third straight quarter of profitability in only its eighth quarter since its start-up while Acura Sherway finished well ahead of its 2012 results.” added Shafran.

 

(1) - See "Non-GAAP Measures" below.

Non GAAP Measures
References to Adjusted EBITDA are not recognized measures under International Financial Reporting Standards and do not have standard meanings. Accordingly, these measures may not be comparable to similar measures presented by other issuers.

Please refer to the Company’s Management Discussion and Analysis for the three and six months ended June 30, 2013 for additional information concerning these measures and a reconciliation of these measures to the consolidated net income for the period.


Tuesday April 30, 2013

Chesswood Announces Results for Q1 2013
Income before taxes and unrealized gains up by more than 20%

Chesswood Group Limited (the "Company" or "Chesswood") (TSX: CHW), announced today its results for first quarter of 2013, ended March 31st, 2013.

The Company’s income before taxes and unrealized gains was $4.7 million for the quarter, compared to $3.8 million in the first quarter of 2012. “Chesswood has posted another excellent quarter and we’re thrilled to get off to a strong start in 2013” said Barry Shafran, the Company’s President and CEO.

“Each of our operating businesses posted results ahead of the same quarter last year, with Pawnee Leasing and Case Funding each attaining meaningful milestones. Pawnee had an excellent quarter of originations that resulted in another record quarter for new business, while Case Funding recorded its best results to date and posted another profitable quarter” added Shafran.

Financial Highlights (in CDN $000's, except per share amounts) For the Three-Months Ended March 31.
    2013         2012    
Income before Taxes and Unrealized Gains  $4,676   $3,834
Net Income  $2,994   $1,901
Adjusted EBITDA(1)   $5,207   $4,444
Earnings Per Share – basic  $0.26   $0.17
 

(1) - See "Non GAAP Measures" below.

Non GAAP Measures
References to Adjusted EBITDA are not recognized measures under International Financial Reporting Standards and do not have standard meanings. Accordingly, these measures may not be comparable to similar measures presented by other issuers.

Please refer to the Company’s Management Discussion and Analysis for the three months ended March 31, 2013 for additional information concerning these measures and a reconciliation of these measures to the consolidated net income for the period.


Monday, March 18, 2013

Chesswood Announces Year-End Results for 2012
Pretax Income increases by 27% to $16.6 million

Chesswood Group Limited (the "Company" or "Chesswood") (TSX: CHW), announced today results for its year-ended December 31, 2012.

Chesswood posted its third consecutive year of record earnings before taxes in 2012. These earnings also reflect new milestones in portfolio size for the Company's largest business, Pawnee Leasing Corporation.

“We’re very proud to have achieved record profitability once again, driven primarily by another year of growth in our financial services businesses” said Barry Shafran, the Company’s President and CEO. “Pawnee Leasing and Case Funding each posted strong gains in their results over last year, while our Canadian automotive business had another year of steady earnings” added Shafran.

Chesswood paid dividends of $7.2 million in 2012, compared to $6.6 million in 2011.

Financial Highlights (in CDN $000's, except per share amounts) For the year ended December 31st.
    2012         2011    
Adjusted EBITDA(1)   $17,953   $15,632
Income before Tax  $16,627   $13,066
Net Income  $8,989   $6,509
Earnings Per Share – basic  $0.80   $0.59
 

(1) - See "Non GAAP Measures" below.

Non GAAP Measures
References to Adjusted EBITDA are not recognized measures under International Financial Reporting Standards and do not have standard meanings. Accordingly, these measures may not be comparable to similar measures presented by other issuers.

Please refer to the Company’s Management Discussion and Analysis for the years ended December 31, 2012 and 2011 for additional information concerning these measures and a reconciliation of these measures to the consolidated net income for the relevant period.


November 8, 2012

Chesswood Announces Results for Q3 2012 - Strong Growth in Earnings Continues

Chesswood Group Limited (the "Company" or "Chesswood") (TSX: CHW), announced today its results for the third quarter of 2012, ended September 30, 2012.

The Company’s income before taxes and fair value adjustments totaled $3.6 million in the third quarter of 2012, compared to $2.7 million in the third quarter of 2011. "We’re pleased by another quarter of very strong results, as our growth continues to translate into increased earnings. Our third quarter and year-to-date earnings are up by more than 40% over 2011" said Barry Shafran, the Company’s President and CEO.

 

(1) - See "Non-GAAP Measures" below.

Non-Executive Chairman Stepping Down; Will Continue to Provide Strategic Advice
The Company also announces that Edward Sonshine has informed the Board of Directors that he is stepping down as Non-Executive Chairman and as a Board member due to the time demands of his other corporate positions.

Mr. Sonshine has served as a director and as Non-Executive Chairman since Chesswood’s predecessor company first became public. Mr. Sonshine continues to be Chesswood’s largest shareholder, and now becomes a strategic advisor to the Board of Directors. Fred Steiner, who is also a significant shareholder of Chesswood and has also served as a director since Chesswood’s predecessor company first became public, is assuming the position of Non-Executive Chairman. Mr. Steiner has been chair of the Chesswood’s Audit Committee for several years and has been actively involved in Chesswood’s strategic planning.

"On behalf of the Board, I want to thank Ed for his many years of leadership. We look forward to the continuing benefit of his strategic advice as he takes on the role of advisor to the Board" stated Mr. Steiner.

Non GAAP Measures
Adjusted EBITDA is not a recognized measure under generally accepted accounting principles and does not have a standard meaning. Accordingly, this measure may not be comparable to similar measures presented by other issuers.

Please refer to the Company’s Management Discussion and Analysis for the three and nine months ended September 30, 2012 for additional information concerning this measure and a reconciliation of this measure to the Company’s consolidated net income for the period.


July 25, 2012

Chesswood Group Limited Announces Renewal and Expansion of Pawnee Credit Facility

Chesswood Group Limited ("Chesswood") (TSX: CHW) announced today that Pawnee Leasing Corporation ("Pawnee"), Chesswood’s largest operating business, renewed and expanded its credit facility, for a term of four years, expiring in July 2016. The existing credit facility was due to mature in September 2013.

"Pawnee’s lenders have once again demonstrated their support of our growth by renewing and expanding Pawnee’s credit facility for another four years" said Chesswood’s President and CEO, Barry Shafran. "Our credit facility has been increased once again, to US$85 million from US$55 million while the accordion feature of our loan agreement has been increased to US$115 million from US$85 million" added Shafran.

Chesswood has once again contributed an additional US$2.0 million of capital to Pawnee, in conjunction with the renewal, to further support Pawnee’s continued growth. Pawnee’s portfolio has grown by more than 30% since the last renewal of its banking agreement in September 2010.

Pawnee’s syndicate, once again led by JPMorgan Chase, also includes KeyBank and BBVA Compass. The terms and conditions of the renewal facility are substantially similar to the last credit agreement.


Friday, May 4, 2012

Chesswood Announces Increase in Dividend and Earnings

Chesswood Group Limited (the "Company" or "Chesswood") (TSX: CHW), announced today that its monthly dividend will increase from $0.05 per share to $0.055 per share, effective with the dividend for the month of May, payable in June.

The Company also released its first quarter results for 2012. "We’re very pleased to have started the year with a strong quarter that reflects improvement over this same quarter in the prior year" said Barry Shafran, Chesswood’s President and CEO. "We generated improved earnings notwithstanding the effects of carrying the expenses of our start-up legal finance business, which was not part of our first quarter in 2011" added Shafran.

The Company's audited consolidated financial statements for the years ended December 31, 2011 and 2010 have been filed with the related management discussion and analysis. The 2010 financial statements relate to Chesswood Income Fund (the "Fund"), which was converted from a trust structure into the Company, effective as of January 1, 2011.

Financial Highlights (in CDN $000's, except EPS) For the three months ended March 31st.
    2012         2011    
Income before Taxes, Fair Value Adjustments   $3,623   $3,270
Net Income  $1,901   $1,705
Adjusted EBITDA(1)  $4,286   $4,025
Earnings Per Share - basic  $0.17   $0.16
 

(1) - See "Non-GAAP Measures" below.

The amount of any dividends payable by the Company are determined at the discretion of the board of directors of the Company, are evaluated on an ongoing basis, and may be revised subject to business circumstances, from time to time.

Non GAAP Measures
References to Adjusted EBITDA are not recognized measures under International Financial Reporting Standards and do not have standard meanings. Accordingly, these measures may not be comparable to similar measures presented by other issuers.

Please refer to the Company’s Management Discussion and Analysis for the three-months ended March 31, 2012 for additional information concerning this measure and a reconciliation of this measure to the consolidated net income for the relevant period.


Monday, March 19, 2012

Chesswood Announces Year-End Results for 2011
Pretax Income of $12.6 million

Chesswood Group Limited (the "Company" or "Chesswood") (TSX: CHW), announced today results for its year-ended December 31, 2011.

Chesswood posted another year of record earnings before taxes in 2011. "We earned $12.6 million before taxes this past year, driven by the continued doubledigit growth of Pawnee's portfolio and strong overall portfolio performance" said Barry Shafran, the Company's President and CEO. "Our business model, which withstood the toughest economic climate in decades, is now showing its strength in a time of growth, as well" added Shafran.

The Company's audited consolidated financial statements for the years ended December 31, 2011 and 2010 have been filed with the related management discussion and analysis. The 2010 financial statements relate to Chesswood Income Fund (the "Fund"), which was converted from a trust structure into the Company, effective as of January 1, 2011.

Financial Highlights (in CDN $000's) For the year ended December 31st.
    2011         2010    (1)
Income before Taxes, Fair Value Adjustments of
Other Liabilities (and Distributions in 2010)
  $12,622   $9,603
Net Income (Loss)(1)  $6,509   ($2,650)
Adjusted EBITDA(2)  $14,949   $13,148
Earnings Per Share/Unit – basic(3)  $0.59   $0.41(4)
 

(1) - The adoption of International Financial Reporting Standards ("IFRS") resulted in the deduction of the Fund's distributions and a fair value adjustment of its units, amongst other changes, to the Fund's 2010 results.

(2) - See "Non-GAAP Measures" below.

(3) - The earnings per share and earnings per unit have been calculated based on the number of shares of the Company or trust units of the Fund outstanding, as applicable, plus the number of shares or units(as applicable) that would have been outstanding assuming the exchange of the Class B and Class C shares of Chesswood US Acquisitionco Ltd. (which are exchangeable by the holders at any time without the requirement to pay any further amounts).

(4) - For comparative purposes, the Fund’s trust units have been treated as equity throughout the year and related fair value adjustments have been made to reflect equity treatment, although the trust units were not considered equity securities for purposes of IFRS.

The common shares of the Company began trading on the Toronto Stock Exchange on January 4, 2011, under the symbol "CHW". Concurrently, the Fund’s trust units were delisted.

Non GAAP Measures
References to Adjusted EBITDA are not recognized measures under International Financial Reporting Standards and do not have standard meanings. Accordingly, these measures may not be comparable to similar measures presented by other issuers.

Please refer to the Company’s Management Discussion and Analysis for the years ended December 31, 2011 and 2010 for additional information concerning these measures and a reconciliation of these measures to the consolidated net income for the relevant period.


Tuesday, November 8, 2011

Chesswood Announces Results for Q3 2011
Portfolio and Earnings Growth, Litigation Finance Launch

Chesswood Group Limited (the "Company") (TSX:CHW), announced today its results for the third quarter of 2011, ended September 30,2011.

The Company’s income before taxes and fair value adjustments totaled $2.7 million in the third quarter of 2011, compared to $2.3 million in the third quarter of 2010. "Our third quarter reflected the continuation of the trend of the first two quarters of 2011, with growth and strong performance in Pawnee’s portfolio" said Barry Shafran, the Company’s President and CEO.

The Company’s largest business, Pawnee Leasing Corporation, posted another successive quarter of growth in its portfolio, which now exceeds US$125 million for the first time. Net charge-offs during the quarter were also modest at US$1.1 million, contributing to the strong results.

"In addition, this was the first full quarter for Case Funding Inc., Chesswood’s litigation finance business, which began building its portfolio in late June. Case Funding originated approximately $700,000 in finance receivables for the quarter as our team builds toward critical mass that complies with our underwriting guidelines" added Shafran.

Financial Highlights (in CDN $000's) For the Three Months Ended September 30th.
    2011         2010    (1)
Income before Taxes, Fair Value Adjustments on
Swaps and Other Liabilities
  $2,726   $2,325
Net Income (Loss)(1)  $1,098   ($450)
Adjusted EBITDA(2)  $3,233   $3,299
 
Financial Highlights (in CDN $000's) For the Nine Months Ended September 30th.
    2011         2010    (1)
Income before Taxes, Fair Value Adjustments on
Swaps and Other Liabilities
  $8,715   $7,395
Net Income (Loss)(1)  $3,880   ($1,930)
Adjusted EBITDA(2)  $10,602   $9,646

(1) - The adoption of International Financial Reporting Standards ("IFRS") resulted in the deduction of Chesswood Income Fund's distributions and a fair value adjustment of its units, amongst other changes, to it's 2010 results.

(2) - See "Non-GAAP Measures" below.

Non GAAP Measures
Reference to Adjusted EBITDA is not a recognized measure under Canadian GAAP and IFRS and does not have a standard meaning under Canadian GAAP and IFRS. ccordingly, these measures may not be comparable to similar measures presented by other issuers.

Please refer to the Company’s Management Discussion and Analysis for the three and nine months ended September 30, 2011 for additional information concerning this measure and a reconciliation of this measure to the Company’s consolidated net income for the period.


August 15, 2011

Chesswood Announces Results for Q2 2011
Portfolio Growth and Low Delinquencies Continue to Generate Strong Results

Chesswood Group Limited (the "Company") (TSX:CHW), announced today its results for the second quarter of 2011, ended June 30, 2011.

The Company’s income before taxes and fair value adjustments on interest rate swaps and other liabilities totaled $2.7 million in the second quarter of 2011, compared to $2.8 million in the second quarter of 2010. "This year, our second quarter also includes the one-time deduction of $425,000 of acquisition costs on the closing of the purchase of Case Funding, in June" said Barry Shafran, the Company’s President and CEO.

The Company’s largest business, Pawnee Leasing Corporation, posted another quarter of growth in its portfolio, which exceeded US$120 million for the first time in its history. The performance of the portfolio continued to reflect the strong underlying credit profile of its lessees and their guarantors, with net charge-offs for the quarter returning to levels not seen since 2006.

"We’re very pleased by the truly excellent performance of Pawnee, which reflects years of hard work and our successful entrance into the B+ market, back in September 2008" added Shafran.

Financial Highlights (in CDN $000's) For the Three Months Ended March 31st.
    2011         2010    (1)
Income before Taxes, Fair Value Adjustments on
Swaps and Other Liabilities
  $2,719   $2,820
Net Income (Loss)(1)  $1,077   $862
Adjusted EBITDA(2)  $3,344   $3,464
 
Financial Highlights (in CDN $000's) For the Six Months Ended March 31st.
    2011         2010    (1)
Income before Taxes, Fair Value Adjustments on
Swaps and Other Liabilities
  $5,989   $5,070
Net Income (Loss)(1)  $2,782   ($1,480)
Adjusted EBITDA(2)  $7,369   $6,347

(1) - The adoption of International Financial Reporting Standards ("IFRS") resulted in the deduction of the Fund's distributions and a fair value adjustment of its units, amongst other changes, to the Fund's 2010 income.

(2) - See "Non-GAAP Measures" below.

Non GAAP Measures
Reference to Adjusted EBITDA is not a recognized measure under Canadian GAAP and IFRS and does not have a standard meaning under Canadian GAAP and IFRS. Accordingly, these measures may not be comparable to similar measures presented by other issuers.

Please refer to the Company's Management Discussion and Analysis for the three months ended March 31, 2011 for additional information concerning this measure and a reconciliation of this measure to the Company's consolidated net income for the period.


June 13, 2011

Chesswood Closes Purchase of Case Funding
Expands Presence in Specialty Finance Market

Chesswood Group Limited (the "Company") (TSX: CHW), announced today that it closed its previously announced transaction for the purchase of Case Funding Inc.("Case Funding") after the close of business on Friday June 10.

While there is limited information on the size of the market, litigation finance in the U.S. is estimated by some media and industry experts to exceed $1 billion at any point in time. The increasing costs of litigation and the delays in the process that are often encountered have propelled the growth of this industry.

"Our entry into this growth market with an experienced team will allow us to begin building our portfolio immediately. While we have committed US$6 million to the intial portfolio build out, the timing and amounts of the capital contributions will be determined based on our goal of building a long-term sustainable business" said Barry Shafran, President and CEO of the Company.

About Case Funding
Case Funding offers two principal products. Advances are offered to qualified plaintiffs that are in need of cash flow prior to the finalization of the outcome of their case. These advances, with an average advance totaling approximately $10,000, are the more common product offering in the marketplace today. Case Funding also offers litigation attorneys access to working capital loans to support a basket of cases that are in progress, subject to Case Funding’s underwriting criteria which includes legal assessments of their cases and credit research and scoring on the borrower. Both products are subject to conservative maximum advance rates based on Case Funding’s estimate of settlement proceeds in the case of plaintiffs, and legal fee income in the case of attorneys.

The Company expects to invest approximately US$1.6 million in support of Case Funding’s operating costs for the first year, while building critical mass in its portfolio. Typical advance and loan terms range from one to three years depending on the nature of the customer and the underlying case collateral. Plaintiff advances tend to be shorter in duration than attorney loans. Both products offer superior risk-adjusted returns while cash flow can be uneven in the early stages of portfolio growth.

As previously announced, the purchase price for Case Funding was US$1.0 million, of which US$950,000 was satisfied through the issuance to the vendors of 116,438 Company common shares based on the Company’s market average trading price, volume adjusted for the 10 days prior to execution of the purchase agreement, of $7.94.


Thursday, June 9, 2011

Chesswood Announces Results for Q1 2011
Income before Taxes and Fair Value Adjustments Increases by 37%

Chesswood Group Limited (the "Company") (TSX: CHW), the successor to Chesswood Income Fund (the "Fund"), announced today its results for the first quarter of 2011, ended March 31, 2011.

The Company’s income before taxes and fair value adjustments on interest rate swaps and other liabilities totaled $3.3 million in the first quarter of 2011, compared to $2.4 million for the Fund, in the first quarter of 2010, an increase of more than 37.5%.

"Our first quarter of 2011 was another strong one, as we once again posted improved results compared to the prior year, and the prior quarter" said Barry Shafran, the Company’s President and CEO. "Our results were driven by the continued strength of Pawnee’s business, with portfolio growth of almost 5% for the first three months of the year, combined with our lowest net charge-off quarter in more than two years" added Shafran.

Financial Highlights (in CDN $000's) For the Three Months Ended March 31st.
    2011         2010    (1)
Income before Taxes, Fair Value Adjustments on
Swaps and Other Liabilities (and Distributions in 2010)
  $3,270   $2,351
Net Income (Loss)(1)  $1,705   ($1,928)
Adjusted EBITDA(2)  $4,025   $2,883

(1) - The adoption of International Financial Reporting Standards ("IFRS") resulted in the deduction of the Fund's distributions and a fair value adjustment of its units,amongst other changes, to the Fund's income for the first quarter of 2010. In 2010, the Fund reported Net Income of $825,000 for Q1.

(2) - See "Non-GAAP Measures" below.

Non GAAP Measures
Reference to Adjusted EBITDA is not a recognized measure under Canadian GAAP and IFRS and does not have a standard meaning under Canadian GAAP and IFRS. Accordingly, these measures may not be comparable to similar measures presented by other issuers.

Please refer to the Company’s Management Discussion and Analysis for the three months ended March 31, 2011 for additional information concerning this measure and a reconciliation of this measure to the Company’s consolidated net income for the period.


Thursday, June 2, 2011

Chesswood Group Limited To Enter The Litigation Finance Industry
Case Funding to Join Chesswood’s Specialty Finance Portfolio

Chesswood Group Limited ("Chesswood") (TSX: CHW) is pleased to announce that it has signed a binding agreement with the shareholders of a New York based litigation finance company (the "Current Company"), that will, subject to closing, launch Case Funding Inc. ("Case Funding") as a provider of litigation financing to plaintiffs and attorneys throughout the United States.

The entire team of the Current Company will join Case Funding and will combine their litigation finance experience with Chesswood’s specialty finance expertise and financial resources, to build a growth-oriented litigation finance business.

Chesswood has committed to providing at least US$6 million in capital to Case Funding, from its existing cash resources.

"The litigation finance market is a large underserved market that has been growing rapidly over the last decade" said Barry Shafran, Chesswood’s President and CEO. "The industry expertise of Case Funding’s team coupled with our risk management discipline, offers Chesswood a great opportunity to expand its portfolio in specialty finance and enjoy healthy risk-adjusted returns" added Shafran.

The transaction is expected to close before June 30, 2011.

The agreement provides for a purchase price of US$1.0 million, of which US$950,000 will be satisfied through the issuance to the vendors of 119,647 Chesswood common shares based on Chesswood’s market average trading price, volume adjusted for the 10 days prior to execution of the Agreement, of $7.94. The agreement also provides for the future conditional acquisition by Chesswood of the Current Company, based on its net cash position following certain wind-down milestones being met, for a maximum purchase price of U.S.$1.8 million to be satisfied through the issuance to the vendors of Chesswood common shares at the same issue price used for the purchase of Case Funding.


Monday, March 21, 2011

Chesswood Announces Record Results for Fiscal 2010
Net income increases by 127% to $7.0 million

TORONTO, March 21, 2011 - Chesswood Group Limited (the "Company") (TSX: CHW), the successor to Chesswood Income Fund (the "Fund"), announced today results for the Fund, for its year-ended December 31, 2010.

The Fund's income before taxes and unrealized foreign exchange or swap amounts totaled $13.4 million in 2010, compared to $5.2 million in 2009, an increase of more than 150%. For the fourth quarter, income before taxes and unrealized exchange and swap amounts was $3.9 million, compared to $1.8 million for the fourth quarter of the prior year.

"The Fund had an outstanding, record year of earnings and an excellent fourth quarter" said Barry Shafran, the Company's President and CEO. "The year marked many significant milestones for our business. At the start of the year, our convertible debenture holders converted the debentures to equity, eliminating the only corporate debt we had. In July, the Fund raised $5.2 million in an over-subscribed rights offering. In September, Pawnee Leasing, our largest operating business, renewed an enhanced credit facility that added a strong new banking partner and increased capacity for the business. We saw four successive quarters of downward movement in Pawnee's main portfolio marker of accounts over 31 days past due, and we increased our monthly distribution three times during 2010."

Financial Highlights (in CDN $000's) For The Year Ended December 31,
    2010         2009    
Income Before Taxes, Unrealized
Foreign Exchange & Swap Amounts
 $13,445   $5,172
Net Income  $6,977   $3,065
Adjusted EBITDA1  $15,120   $6,886
Distributable Cash  $9,513   $3,866
Total Distributions  $4,704   $2,764

   1 - see "Non GAAP Measures", below.

Effective January 1, 2011, pursuant to a plan of arrangement under the Business Corporations Act (Ontario), the Fund was converted from a trust structure into the Company, a dividend paying corporation. Holders of the Fund's trust units received common shares of Chesswood Group Limited on a one-for-one basis. All of the members of the Board of Trustees of the Fund and the Board of Directors of the Fund's administrator have continued as the directors of the Company, and senior management of the Fund have continued as senior management of the Company.

The common shares of the Company began trading on the Toronto Stock Exchange on January 4, 2011, under the symbol "CHW". Concurrently, the Fund's trust units were delisted.

On January 18, 2011, the Company increased the monthly dividend to $0.05 per share compared to a monthly distribution of $0.045 per unit paid by the Fund prior to its conversion. Monthly dividends will remain at this level until such time as the board of directors may determine that a change is appropriate.

Non GAAP Measures
References to Adjusted EBITDA and Distributable Cash are not recognized measures under Canadian GAAP and do not have standard meanings under Canadian GAAP. Accordingly, these measures may not be comparable to similar measures presented by other issuers.

Please refer to the Fund's Management Discussion and Analysis for the year-ended December 31, 2010 for additional information concerning these measures and a reconciliation of these measures to the Fund's consolidated net income for the period.


Tuesday, January 4, 2011

Chesswood Income Fund Converts To A Corporation

Taxation Levels in 2011 Expected to Remain Similar to 2010

TORONTO, January 4, 2011 - Chesswood Group Limited (the "Company") (TSX: CHW) is pleased to confirm the closing of the previously announced conversion of the trust structure of Chesswood Income Fund (the "Fund") to the Company, a dividend paying corporation, effective January 1, 2011, pursuant to a plan of arrangement under the Business Corporations Act (Ontario).

Holders of the Fund’s trust units will receive common shares ("Common Shares") of the Company on a one-for-one basis.

All of the members of the Board of Trustees of the Fund and the Board of Directors of the Fund’s administrator are continuing as the directors of the Company. Senior management of the Company will remain unchanged.

Trading of the Common Shares on the Toronto Stock Exchange will commence at the opening of the market on January 4, 2011 under the symbol "CHW". Concurrently, the Fund’s trust units will be delisted.

The Company’s level of taxation in 2011 is generally expected to be the same as the level of taxation for the Fund in 2010.

The Fund was paying a monthly distribution of $0.045 per trust unit. It is expected that the Company will pay monthly per share dividends equal to the monthly per trust unit distributions paid by the Fund. The amount of any dividends payable by the Company will be at the discretion of the board of directors of the Company, will be evaluated on an ongoing basis, and may be revised subject to business circumstances and expected capital requirements depending on, among other things, the Company's earnings, financial requirements for its operating entities, growth opportunities, the satisfaction of applicable solvency tests for the declaration and payment of dividends and other conditions existing from time to time.

About Chesswood Group Limited
As the successor to the Fund, the Company is a financial services company with operating businesses in both Canada and the U.S., including the commercial leasing business carried through its Pawnee Leasing Corporation subsidiary & automotive dealership business carried on by Sherway LP.

Contact:
Barry Shafran
Chesswood Group Limited
416-386-3099

This press release contains forward-looking statements that involve a number of risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Many factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.


Wednesday, October 20, 2010

NEFA Announces 2011 Executive Committee and Board of Directors

The National Equipment Finance Association (NEFA) announced the 2011 Executive Committee and Board of Directors. Elections were held at the NEFA Annual Business Luncheon, which was held during the recent 2010 NEFA Fall Funding Symposium in Atlanta.

Executive Committee

Board of Directors

"The NEFA allows equipment leasing professionals the opportunity to be part of a culture that encourages learning, leadership, and a sharing of ideas and best practices," said incoming NEFA President Chris Enbom, CLP, of Allegiant Partners, Inc. "I look forward to working closely with the 2011 Executive Committee and Board of Directors to grow our membership base and continue to expand upon our already outstanding educational and networking opportunities."


October 18, 2010

Chesswood income fund announces increase in monthly distributions

TORONTO, October 18, 2010 - Chesswood Income Fund (the "Fund") (TSX:CHW.UN) is pleased to announce an increase in its monthly distributions to $0.045 per unit commencing with the October distribution. This is the Fund’s third distribution increase in 2010.

The distribution will be payable to unitholders of record at the close of business on October 31, 2010 and will be paid on November 15, 2010.

In accordance with the Fund’s distribution policy adopted in August 2008, the trustees of the Fund set monthly distribution levels on a quarterly basis.

As previously announced, Chesswood has contributed US $2 million of additional capital to Pawnee, in conjunction with the new credit facility, to further support Pawnee's growth.

About Chesswood Income Fund
Chesswood Income Fund is a financial services trust with operating businesses in both Canada and the U.S.

For more information visit www.ChesswoodFund.com.


September 27, 2010

Chesswood Income Fund announces renewal and expansion of pawnee leasing corporation's bank credit facility

TORONTO, September 27, 2010 - Chesswood Income Fund (the "Fund" or "Chesswood") (TSX:CHW.UN) announced today that Pawnee Leasing Corporation ("Pawnee"), the Fund's largest operating business, renewed and expanded its credit facility, for a term of three years. The existing credit facility was due to mature in May, 2011.

"We're very pleased that Pawnee's lenders have once again demonstrated their support of its growth by renewing and expanding Pawnee's credit facility for another three years" said Chesswood's President and CEO, Barry Shafran. "Our credit facility has been increased to US$55 million while the accordion feature of our loan agreement has been increased to US$85 million from US$65 million" added Shafran. Pawnee utilized US$37 million under its credit facility, as of the end of August.

Pawnee's new facility syndicate, once again led by JPMorgan Chase, also includes KeyBank and BBVA Compass. The terms and conditions of the renewal facility are substantially similar to the last credit agreement, and provide for the upcoming conversion of the Fund.

As previously announced, Chesswood has contributed US$2 million of additional capital to Pawnee, in conjunction with the new credit facility, to further support Pawnee's growth.

About Chesswood Income Fund
Chesswood Income Fund is a financial services trust with operating businesses in both Canada and the U.S.

For more information visit www.ChesswoodFund.com.


July 22, 2010

Brian Schonfeld, CLP - Regional Marketing Manager

Corporate Communications

We have always heard the axiom "The Customer is Always Right", meaning of course one is taught that their business should be run with customer satisfaction in mind. We create our business model to focus company attention on communicating with the customer and making sure they feel like an important part of our business, and their input is valued.

How much attention though is given to your employees, the ones interacting with your customers and presenting your company? Do they feel like they are part of the company culture, or just observing it? Do you ever solicit their input, or just give them marching orders? At the end of the day, are you paying as much attention to your company's internal communications as external? If not, maybe you should. A study by the consulting firm Watson Wyatt concluded that "Effective employee communication is a leading indicator of financial performance" (Watson Wyatt & Company, "Connecting Organizational Communication to Financial Performance – 2007/2008 Communication ROI Study" http://www.watsonwyatt. com). Taking the time to invest a little time and energy focusing on internal communications with your staff can be well worth it.

The business environment has changed significantly since our parents' generation; especially the last several years dealing with the current economic recession we are in. Employees are working longer hours with more responsibility, and probably with far fewer raises or promotions than in years past. With the current high unemployment rate, it is only natural for management to take their employees for granted - knowing now is one of the easiest times in recent history to replace them. Employees who feel marginalized and that their input is being ignored are more likely to show up and just "earn a paycheck". Managers need to recognize the importance of communication and interaction with their employees. Employees who feel like they have a voice and are a valued member of the team are more likely see the company as an extension of themselves and treat their job accordingly. Knowing the company cares about them will lead them to care about their job and the work they are doing.

The first thing a manager or owner must do to evaluate the status of internal communications in their company is do a communications audit. After all, you can't fix a problem you don't know about. At a larger company, this might consist of hiring an outside consultant to come in and meet with employees to identify their problems or concerns. A smaller organization however can probably get away with posting a simple comment box in a public place. One of the most common criticisms that employers will find after their communication audit is that they don't encourage upward as well as downward communication. Employees feel like their opinion is not only never solicited, but ignored if ever offered. They have created the idea of a manager who just sits behind his or her desk and issues orders, one who does not really know or care about their employees.

One way to deal with this criticism is to avoid communicating solely by e-mail; which only perpetuates this stereotype. Instead, take the time to communicate face-to-face with your employees. Instead of just shooting off a quick e-mail, take a minute and swing by their desk to chat briefly with them. Make them feel like they are a valued part of the organization, and their input and suggestions are considered. You might be surprised by what they come up with, but even if not the effort will still yield benefits. Having your employees feeling as if they contributed will foster an increased sense of loyalty. As ancient Chinese philosopher Lao Tzu stated: The wicked leader is he who the people despise, the good leader is he who the people revere, the great leader is he who the people say, "We did it ourselves".

When taking time to meet with employees, don't just rely on your companies regularly scheduled meeting times (sales meeting, company lunches, etc) and just discuss business issues. Make the time to meet with your employees when there are no pressing issues - just get to know them personally. An employee who feels his boss is not just a manager but also a friend will almost always go out of their way to make sure they don't let their boss down. When meeting with employees to discuss internal communication issues, if possible hold individual or small meetings. Employees tend to feel more comfortable and open in smaller settings.

When formulating an internal communication plan, it is also important to keep the company grapevine in mind. Just like nature abhors a vacuum, employees detest not knowing what is going on. If you are not communicating with your employees and providing them with accurate information, then they are assuredly getting it from somebody else inside the company. And chances are the information they receive by the water cooler won't be entirely accurate.

The bottom line is that you, as the manager or owner of your company, need to make sure you are getting out from behind your desk and off your BlackberryTM to get know the people who are working for you. An employee who feels connected and valuable is a much greater asset to your company than one who is simply earning a paycheck.


July 1, 2010

Chesswood Rights Offering Over-Subscribed by 56%

TORONTO, July 1, 2010 - Chesswood Income Fund (the "Fund") (TSX:CHW.UN) announced today that its rights offering was more than 56% over-subscribed, so that it raised the maximum gross proceeds possible of $5.28 million. As a result, 1,320,799 Fund units are being issued at an exercise price of $4.00 per unit.

"We appreciate the tremendous support of our unitholders," said Barry Shafran, President and CEO. "Subscribing for more than the maximum amount possible reflects their confidence in Chesswood. It's also noteworthy that there was broad support for the offering from across our unitholder base."

Net proceeds from the offering will be used to support the growth of the Fund's Pawnee Leasing Corporation ("Pawnee") subsidiary, as well as for general corporate purposes.

As a result of issuances of Fund units under the rights offering and the exercise of previously granted options and restricted units, the Fund has 9,250,854 Fund units outstanding in addition to exchangeable shares (issued as part of the consideration to acquire Pawnee in 2006) entitling the holders to acquire 1,478,537 Fund units.

The Fund's transfer agent is in the process of distributing Fund units to participants in the rights offering, either directly or through their brokers.

About Chesswood Income Fund
Chesswood Income Fund is a financial services trust with operating businesses in both Canada and the U.S.

For more information visit www.ChesswoodFund.com.


May 10, 2010

Gary H. Souverein, President & COO
Pawnee Leasing Corporation 800-864-4266, ext. 222

Pawnee Leasing Corporation introduces B+ credit leasing product .

Fort Collins, CO, May 10, 2010 - Pawnee Leasing Corporation has introduced a competitive B+ Credit leasing product to all of its approved broker sources effective May 10, 2010. The new B+ product complements Pawnee Leasing's leadership position serving the third party channel in the Start-up and B Credit markets.

"As is our operating style, we have been methodically entering this space for several years with individual third party sources to affirm our underwriting and servicing processes. As we expected, our tenured risk management and collections model is ideally suited to accommodate and service these credit profiles." said Gary Souverein, Pawnee's President and COO.

Souverein adds, "In speaking with so many of our sources, the industry disruption has left this market severely underserved as traditional banks, commercial finance and "A" leasing companies have migrated upstream in credit. We believe there's significant opportunity to originate high quality credit at attractive risk-adjusted margins. Our brokers have voiced a high demand for this product and we are excited to add further value to these relationships."

Pawnee Leasing Corporation, providing lease financing in the lower 48 states since 1982, purchases small-ticket "Start-Up" and "B" Credit transactions exclusively from a national network of brokers/lessors. For more information please contact Gary H. Souverein, at 800-864-4266. www.pawneeleasing.com

Pawnee Leasing Corporation is a Chesswood Income Fund company traded on the Toronto Stock Exchange - TSX - CHW.UN - www.chesswoodfund.com


February 26, 2010

Paul Phillips, Regional Marketing Manager
Pawnee Leasing Corporation 800-864-4266, ext. 248

Two Out of Three Approvals Never Closed in 2009...

Just one year ago, I joined Pawnee after a three-year journey as an equipment leasing salesperson for a mid-size small-ticket lease broker. When I first started in this business, I had no leasing experience and was handed a phone book with the marching orders to start dialing for dollars. That indoctrination into lease sales forced me to learn how to maximize my customer development and commission generating time. In my new role today, I'm amazed at the frequency of contact I have with brokers who are very effective in gathering applications yet unwisely spend their precious resources processing transactions instead of educating prospects and closing lease transactions.

Exactly 67% of Pawnee's approvals never close. Is that an opportunity for all of us? You bet it is! It just requires a different sales approach.

These brokers spend time getting applicants approved instead of focusing on educating, pre-qualifying, and selling their lease applicants on their likely lease offering. Likewise, I often hear from brokers "I am vendor driven, I need to get an approval". I too solicited and received all my business from vendors but I found it equally important to inform and educate my vendors of my different programs. They in turn were able to set reasonable expectations upfront with lease applicants or they contacted me to guide them to what was the most likely leasing option for their sales prospect. This dialogue inevitably helped when the customer would call the vendor and complain about pricing, the vendor understood each program and its respective terms. Generally, preselling the customer and then informing the vendor of our conversation worked best for me. I felt, "What good is an approval that won't close for the vendor or for me?"

A Pawnee lease applicant is a unique type of transaction requiring a consultative sales approach. It's not like your typical "A" commodity-priced deal. The latter is oftentimes sold after an approval is obtained. Try that with Pawnee's terms and you will be presenting only sticker shock, making your sales opportunity mission impossible!

Think of a Pawnee transaction like your first phone call for a date.

Don't: When you call for your first time say,"Hi, I'm John with XYZ Leasing and I have you approved. Your payments would be X amount each month for 36 months. Would you like to go out with me?" Sure, there may be lessees that may have no other choice and that's good enough for them, just like that person who is just glad to get asked out will say yes. But the majority of quality lessees will require more finesse.

Do: In my days of "dating" many Pawnee lessees, I took a different approach: Your greatest chance for success will be you showing them, before you pop the question, the benefits of going out on a date, or using you for their lease.

This approach certainly doesn't guarantee success. It does guarantee that you will be spending more time prospecting and closing--the two activities I found to be the most lucrative as a leasing salesperson. I never made a penny on approvals that didn't close because of the most basic objections and neither will you. So remember, next time you have a "date" with a Pawnee applicant be sure they're prepared for not only your good looks but also the few warts you may have!


February 20, 2010

Gary H. Souverein, President & COO
Pawnee Leasing Corporation 800-864-4266, ext. 222

Pawnee Leasing Corporation makes new asset and industry opportunities available to broker/lessor community.

Pawnee Leasing Corporation (Pawnee) has made available a mini-ticket program for assets and industry classes that are considered less desirable by many funding sources. "This program affords our broker/lessor network new market penetration opportunities in asset and industry classes that generally receive less attention from traditional financing sources. These less competitive market spaces allow both Pawnee and our broker/lessor to command attractive, risk adjusted margins." said Gary Souverein, Pawnee's President and COO.

The program was introduced on January 1, 2010 and encompasses a specific array of asset and industry classes including well defined pricing and lease structure within the program for transactions up to $15,000. Broker/lessors should direct inquiries for program information to their Marketing representative at Pawnee.

Pawnee Leasing Corporation, providing lease financing in the lower 48 states since 1982, purchases small-ticket "Start-Up" and "B" Credit transactions exclusively from a national network of brokers/lessors. For more information please contact Gary H. Souverein, at 800-864-4266.


January 7, 2010

Gary H. Souverein, President & COO
Pawnee Leasing Corporation 800-864-4266, ext. 222

Pawnee Leasing Corporation announces the hiring of Wayne Woolley as Vice President and Credit Manager.

Pawnee Leasing Corporation (est. 1982), a small-ticket funding source specializing in start-up business and less traditional credits up to $30,000, announced the hiring of Wayne Woolley as Vice President and Credit Manager of Pawnee Leasing Corporation.

Woolley previously was with Chrysler Financial 10 years in various senior credit management capacities. Woolley replaces retiring Credit Manager, Jerry Reeves, who has served in his capacity since 1999. Pawnee's President added, "While we will miss Jerry's influence on our credit operations, we are excited about the new credit leadership and hands-on credit experience that Woolley brings to the organization."

Woolley states, "I'm looking forward to enhancing the tenured and successful credit formula that clearly exists at Pawnee as is evidenced by the company's continued profitability through this unprecedented credit cycle."

Pawnee Leasing Corporation, providing lease financing in the lower 48 states since 1982, purchases small-ticket "Start-Up" and "B" Credit lease transactions exclusively from a national network of brokers/lessors.


January 1, 2010 - An Update From Our President

Gary H. Souverein, President & COO

Another year has come to a close and what a year 2009 has been! For even the most weathered industry veterans, the past year has been like no other. Simply put, it has been the most challenging year any of us have ever experienced. Nevertheless, the confluence of challenges has created new opportunities for those who are weathering the continuing storm. While business equipment acquisition may feel idle, many, many lessees and vendors have been orphaned by their bank and leasing relationships. There may never be a more opportune time to start prospecting for new relationships! Now more than ever, brokers are using our services as a door opener in their prospecting. "Mr. Vendor, is your primary lease company handling your start-up and "B" credit customers?" Chances are very high today that the answer is "No" and this is your entry point to a future relationship. You might have to refine your sales skills as selling Start-Up and "B" credit terms requires a different approach than that commodity "A" deal. Opportunity!

We see tremendous opportunity in 2010 with our broker partners. In the New Year, we will be expanding our footprint in our niche markets but also expanding into complementary segments in a measured fashion. We've never been more confident in our future and we're proud to say that we continue to dedicate 100% of our resources to the broker community.

So what's new you ask?

1) The "You want it, you got it" program.
A host of restricted equipment types and industries will now be considered! This will be a special promotion through March 31, 2010 to help you earn new commissions!

2) No increase in buy rates.
Enclosed are 2010 buy rate schedules which mirror the 2009 edition.

3) Modest adjustments to our Broker Guidelines including additional equipment, industry & state restrictions.

Paul Phillips (East) and Brian Schonfeld (West) remain your primary daily contacts and we encourage discussing your current business focus with them on a regular basis as they will be able to offer broad insight on how we can maximize our opportunities together. Please use them to set up conference calls especially with your sales team to discuss how we can be a more active part of their sales efforts. Take advantage of their role as your interface to improve and expand our business relationship.

Thank you again for the business relationship that we enjoy with you, our business partner. We appreciate and do recognize the relationship between broker and funder and the integral part you play in our success. Let's make 2010 a success for all of us!


January 1, 2010 - You Asked For It... You Got It!

Effective January - December 2010

Due to the overwhelmingly positive response by our broker community, we have decided to continue this program through the remainder of the year. Keep your sales force motivated in 2010 with the following previously restricted industries and collateral! As always, feel free to contact your regional marketing manager with any questions.

Industries ($1,000 - $15,000)

Accountant / CPA
Audio / Visual
Established Franchises
(50 franchisees minimum)
Janitorial/Cleaning
Power Washing
Carpet / Restoration
Tattoo & Body Piercing

 

Equipment ($1,000 - $15,000)

Air Purification
ATMs (No route operators)
Auto Paint/Dent Touch-up Systems
Blind Cleaning
Blood Analysis Equipment
Carpet/Restoration Cleaning
Climbing Walls
Concrete Curbing Equipment
Copiers
Duct Cleaning Equipment
Embroidery
Exhaust Hood Fans
GPS Locating Equipment
Gym Flooring/Mats
HVAC Systems
Inflatables
Janitorial/Cleaning
Mobile Radios
Playground Equipment
Pressure Washers
Scaffolding
Signs
Skin Care
Smoke/Fire Detection/Suppression
Spray/Bedliner Systems
Used Dry Cleaning
Used Fitness
Used Food/Beverage Service
Used Furniture
Used Laundry
Used Medical
Used Printing
Video/Arcade
Vending (No route operators)
Walk-in Coolers
 

Credit Criteria:

*Minimum One Year Time In Business Required
*3 Payment Security Deposit Required (Use 2 Payment Factor)
*48 Month Maximum Term
*Please Use Standard "B" and Start-Up Rate Schedules


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December, 2009

Gary H. Souverein, President & COO
Pawnee Leasing Corporation  800-864-4266, ext. 222

Dear Industry Friends,

If you're reading this, give yourself a pat on the back, you're a survivor! There's no question that many years from now we'll marvel about this past year and its impact on our business and the industry. We experienced mere industry cycles in the past, 2009 was a complete resetting of our industry! It has been a ravaging year on our broker customers who have had to deal with re-sizing their organizations, losing funding sources, adjusting seemingly weekly to their funding partners changing parameters, severe contraction of business equipment purchasing and overreaching uncertainty among their vendor and lessee clients. One would be challenged to script a more difficult year.

The unfortunate truth however, as we all know, is that 2009 has been a cleansing year in the equipment leasing industry. Lessees, vendors, brokers and funders with weak or unsustainable business models did not survive. On the funding side, inexperienced and irrational funding sources either retreated or are out of business. On the broker side, those brokers who more carefully aligned themselves with better rooted funders have had a better chance to weather the storm; their sales force was already accustomed to today's reality and they had built a relationship with stable funders vs. partnering with funders with the lowest price or easiest process. Relationships are critical in a time of scarce resources. Likewise, there will be greater recognition of those companies that had a long term commitment to the indirect channel. In the future, new entrants with lower prices and easier processes might not be seen, this time, as such an attractive business partner.

What's ahead? We expect portfolio's, including ours, to remain under stress. We also think that equipment demand will be muted as small businesses continue to grapple with political and economic uncertainty and weakness well into 2010.

The good news however is that there might be a smaller pie, fewer are taking slices of the pie. There's never been a better time to establish customer relationships, with lessees and vendors. There are many, many orphaned lessees and vendors; lessees have bank relationships that aren't lending and vendors have been abandoned by their primary leasing source. While these parties might not have business for you today, it's a great time to set the table with these new relationships as they are poised to do business in the not so distant future.

For Pawnee Leasing, we've never been more confident about our future. We expect to look back on 2009 as a year of market transition and the springboard towards more robust growth and broader, more significant new product offerings to the broker community in 2010.

Finally, we wish Jerry Reeves a prosperous and healthy retirement at the end of 2009. After a successful 42 year career in commercial finance, banking and the past 11 years with Pawnee, his deep experience, vision, engaging stories and uplifting personality will be missed. We welcome in his place, Wayne Woolley, who brings a fresh yet experienced, hand-on credit perspective to our operations team.

We would like to take this opportunity to thank you for another successful year and wish you and yours the best this Holiday Season. We look forward to continuing to enhance and strengthen our relationship in the New Year.

Happy Holidays from Pawnee Leasing!


November 3, 2009

Gary H. Souverein, President & COO
Pawnee Leasing Corporation  800-864-4266, ext. 222

Pawnee Leasing Corporation announces attendance and exhibition at National Equipment Finance Association Super Regional EXPO

Fort Collins, CO, November 3, 2009 - Pawnee Leasing Corporation (Pawnee) announced that it will be attending as an exhibiting funding source at the National Equipment Finance Association (NEFA) in Teaneck, NJ on November 9, 2009.

"We are looking forward to attending and exhibiting at NEFA's first east coast event since the merger of EAEL and UAEL leasing associations. We have many customers in the tri-state area always enjoy the opportunity to network with a high concentration of our customers in this one-day event. Since there has been so much disruption to the funding source landscape in the past 12 months, it is important that those remaining support both our industry association but also lend visible support to our broker/lessor customers. Pawnee Leasing Corporation is still very much in the game and growing our market footprint in the start-up and "B" credit markets." said Gary Souverein, Pawnee's President and COO.

Pawnee Leasing Corporation will be exhibiting its services as well as participating as a panelist in the afternoon "Funding Town Hall" session. Both Gary Souverein and Eastern Regional Marketing Manager, Paul Phillips will be attending the event.

Pawnee Leasing Corporation, providing lease financing in the lower 48 states since 1982, purchases small-ticket "Start-Up" and "B" Credit transactions exclusively from a national network of brokers/lessors. For more information please contact Gary H. Souverein, at 800-864-4266.


November 3, 2009

Gary H. Souverein, President & COO
Pawnee Leasing Corporation  800-864-4266, ext. 222

Pawnee Leasing Corporation announces attendance & exhibition at National Association of Equipment Leasing Brokers Western Regional Meeting

Fort Collins, CO, November 3, 2009 - Pawnee Leasing Corporation (Pawnee) announced that it will be attending as an exhibiting funding source at the National Association of Equipment Leasing Brokers Western Regional Meeting in Costa Mesa, CA on November 6-7, 2009.

"We have exhibited and attended at this annual event for many years and always find it to be exceptionally valuable to both be present and to network with many of our clients in this geographic area. Given all of the funding source changes and exits from our market space it is also a nice opportunity to reinforce Pawnee Leasing Corporation's constant support of the Association and our customer network. We are still very much in the game and growing our market footprint in the start-up and "B" credit markets." said Gary Souverein, Pawnee's President and COO.

Pawnee Leasing Corporation will be exhibiting its services as well as participating as a panelist in one of the workshops, "Ways to Become a Top Broker with Your Funding Sources". Both Gary Souverein and Western Regional Marketing Manager, Brian Schonfeld will be attending the event.

Pawnee Leasing Corporation, providing lease financing in the lower 48 states since 1982, purchases small-ticket "Start-Up" and "B" Credit transactions exclusively from a national network of brokers/lessors. For more information please contact Gary H. Souverein, at 800-864-4266.


Fall 2009 - Increase Your Closing Ratios with Pawnee Leasing!

Brian Schonfeld, CLP - Regional Marketing Manager

I 'm sure a lot of you dislike losing money. When you don't close an open Pawnee approval, that is exactly what you are doing. We all know it is more difficult to close a Pawnee deal than your typical "A" deal. We charge higher rates because our risk is higher; that's basic economics. And while there is no such thing as a 100% close rate, if you take the following steps I can almost guarantee you'll see an increase in your Pawnee closing ratio.

1. Know Your Deal Why exactly are you sending your transaction to Pawnee Leasing?
Does your lessee have solid credit, but happen to be starting a new business? Do they have good credit and several years in business, but looking to finance unusual equipment? Or are they a tenured business with credit challenges? Once you know the answers to these questions you'll have a pretty good idea what funding source will buy your transaction, and what rate you will be passing along to your customer. You can't set realistic expectations for your customer without first knowing what you're going to be selling to your funding source. Which brings me to step two:

2. Pre-Close, Pre-Close, Pre-Close
Let's face it, we've all been there. After a preliminary discussion with the lessee you think you have a great "A" deal, only to find out once you have received the application and done a little work that you're now looking at a Pawnee approval. What do you do? Do you just send the documents out to the customer and hope they don't notice the old "Pawnee Bump"? If you do, chances are you're either going to have a mad customer, or an upset funding source after the lessee calls in after their first payment saying they've been cheated by the broker. Pre-closing is the natural progression of step number one (know your deal). Once you realize your deal's parameters it is time to have a detailed conversation with lessee about the requirements of their lease. Items that should be covered include the term of the lease, monthly payment, purchase option, any fees associated with the lease, insurance requirements, personal guaranty of all owners, interim rent, and collection of payment via ACH. However, as we all know, sometimes what we tell our potential lessee goes in one ear and out the other once they hear those magic words "you've been approved", which brings me to step three:

3. The Commitment Agreement
The commitment agreement is a powerful tool in making sure your client knows exactly what they are committing to, and will therefore be less likely to stop returning your calls once they've received their documents! A commitment agreement should include all of the items we covered in step two; payment, term, fees, PG, ACH, purchase option, etc. Many brokers also collect an advance payment equal to the security deposit required with the caveat that if the transaction is not approved the funds will be returned in full; however if the lessee backs out of the transaction of their own accord, the security deposit is kept as income earned. It is also important to note that signed lease proposals with commitment checks are strong motivators to approve the requested structure, as it demonstrates this deal has not just been thrown against the wall to see if it sticks. Will every lessee sign your commitment agreement? No, but those who don't probably aren't likely to sign the final lease documents either. A good approach for hesitant lessee's is to equate the commitment agreement to a good faith estimate for your customer - most of them will be familiar with this document. Feel free to use and modify the copy of our commitment agreement available on our training CD and website (please contact your regional marketing manager if you need a copy).

4. Send us a Complete Package Nobody likes to keep calling their lessee again and again asking for different pieces of information. Each time you ask for additional information you're increasing your chance (however slightly) of your customer re-thinking their obligation and possibly backing out of the deal. So before you send your documentation package to Pawnee make sure you included all the information we'll need. Are all the documents signed in the correct place? Does the lessee's signature match his or her driver's license? Is the driver's license current? Do you have proof of insurance? Have you already submitted bank statements / or bank rating? Has your vendor and equipment been approved? If your vendor needs prefunding do you have a pre-installation agreement signed? By addressing these requirements in advance, the process will be smoother and easier for everybody involved. By using the above steps will you close every single deal you send to Pawnee? No. However, if you follow the above steps on every transaction you will see your closing ratios steadily increase, which means your business is running more efficiently and more profitably. And if you are not following these steps, what do you have to lose by trying?

Are the title and registration fees included in the lease?
No, the lessee will be responsible for paying the title and registration fees separate from the lease.

How long does it take to receive the new registration and tags?
Depending on the state requirements and how long it takes to gather the appropriate documentation, it could take 2-6 weeks.

How can I contact the title department at Pawnee Leasing?
We can be reached by email at title@pawneeleasing.com or simply pick up the phone and call Deirdre or Nicole at 800-864-4266 We are here to help!


October 13, 2009

Gary H. Souverein, President & COO
Pawnee Leasing Corporation  800-864-4266, ext. 222

Pawnee Leasing Corporation announces transition to DOLLAR$ lease operating system provided by SFFA, Inc.

Fort Collins, CO, October 13, 2009 - Pawnee Leasing Corporation (Pawnee) announced that it recently replaced its operating system to the tenured DOLLAR$ lease operating system provided by SFFA, Inc. (SFFA), of Lakewood, CO.

"We are both confident and excited to align ourselves with SFFA, perhaps one of the most experienced and specialized lease operating system providers in our industry", said Gary Souverein, Pawnee's President and COO. "The DOLLAR$ lease operating system provides us with flexibilities and customizations that support our unique underwriting niche to Start-Up and "B" credit lease applicants. It also enhances our disciplined processes and will support a more web-efficient interface with our broker/lessor customers in the coming months as we continue our installation".

"Pawnee is a unique lease operation and our distinct advantage of not taking a "one size fits all" approach to their business allows us to be additive to their operations and customers. With over 25 years of service to the leasing industry we also especially enjoy partnering with Pawnee's experienced employee team." stated Dave Fern, SFFA's President.

Pawnee Leasing Corporation, providing lease financing in the lower 48 states since 1982, purchases small-ticket "Start-Up" and "B" Credit transactions exclusively from a national network of brokers/lessors. For more information please contact Gary H. Souverein, at 800-864-4266.


Summer 2009 - How is Pawnee doing?

Gary Souverein - President/COO

While it's been challenging, we're still going strong!
This is a question we get on a daily basis from our broker customers. It's obviously a genuine concern, as so many funding sources have been crippled in this credit cycle. For those who have been working with us over the past four years, my response has been simple: it's been challenging. Although the challenges continue, our perspective today is more confident and cautiously upbeat.

Cycle for Pawnee started back in 2005
For us, the challenges began back in 2005 when we saw the onset and then the deepening of an irrational credit cycle in the small-ticket leasing industry. Initially, ours was a competitive cycle... the irrational credit cycle seeds were being sowed. New funders were entering our market space and traditional funders were drifting into Pawnee's market to capture volume they were unable to attain in their core markets. Numerous companies, new and old alike, were doing start-ups at substantially lower than 1/2 our rates, taking on larger unit size, and in many cases taking on greater credit risk, impairing our origination volume.

Losing market share & contracting our business
When your business starts losing market share it's natural to have some doubts. Were we no longer competitive? Had the new competition figured out a better way to do our business? Would the traditional funding sources do our business as a loss leader? We asked and examined these questions on a seemingly daily asis and each time we arrived at the same conclusion: our competition was mispricing risk, and we must not follow our competition. Only time would correct their irrational business behaviors. Purposefully contracting our business was a counterintuitive decision. Our course during 2007 and most of 2008 was to more carefully originate quality credit, contracting our portfolio and reducing our overheads. To continue to grow was to misprice risk, an approach that was not, in our opinion, in the best longterm interests of Pawnee and our customers.

We benefitted by recognizing credit deterioration earlier than many
Because our portfolio was primarily comprised of start-ups, we saw weaker, less-established business enterprises begin to show stress in the back half of 2006. Rising delinquency trends in our portfolio, combined with the early stages of the housing correction, were early signals that improving portfolio quality needed to be our focus. We spent the next two years enhancing our credit profiles and eliminating industry and asset classes that were showing signs of difficulty or those we expected to be challenged in a down economic cycle. While we were retreating, many of our competitors were continuing or even accelerating their aggressive behaviors.

Correction in the industry
2008 marked a terrible year for the small-ticket broker/funder community. The recession, which was initiated by the credit crisis, had a sobering impact on our broker partners and funding peers. With almost no exceptions, our brokers were contracting their business and business flow slumped. This confluence was coupled with the retreat, departure, or demise of numerous funding sources. In the fall of 2008, in a matter of weeks every funder had made monumental changes to their credit parameters, and an unfortunate few paid the ultimate price for their unsustainable business models and went out of business. Today, the environment has stabilized somewhat, yet the effects of 2008 continue to have a significant impact on many of our broker customers.

Today and the future... growth, confidence, and cautious optimism
Today we find ourselves as wedid coming out of the 1999-2000 leasing industry cycle: as one of the few stable funding sources still solely dedicated to the broker/lessor community and our unique underwriting niche. We are growing again, albeit carefully, and anticipate taking back the market share in 2009 and 2010 that we gave up over the past two years. While portfolio performance continues to be challenging, our business model was intended to perform through down cycles -- and it has. It's been reassuring to hear from so many of our customers that, while we've made changes like all funders, Pawnee has been the most stable, reliable, and predictable funding source through this cycle.

Why you should feel confident in Pawnee
We are the central concern of our parent company, Chesswood Income Fund ("CHW"), a public Canadian income trust. CHW's board has provided unwavering support to our business and our decisions through this cycle. CHW's board didn't blink when we delivered the message that Pawnee's best strategic course was to contract; this illustrates their confidence in Pawnee at a time that every other player in our industry was rapidly growing. Likewise, we are fortunate to have a strong, stable, and premier bank partner in JPMorgan Chase NA. Finally, our employee, management, and board teams are experts in a very unique market. We have built a proven business model that provides the broker community with a market differentiating product to help you win more sales, vendor, and lessee relationships. We're confident in our future, even in these uncertain economic times and look forward to investing further in our relationship with you.


May 11, 2006

Gary H. Souverein, President & COO
Pawnee Leasing Corporation  800-864-4266, ext. 222

Pawnee Leasing Corporation announces completion of Acquisition and Initial Public Offering by Chesswood Income Fund

Fort Collins, CO, May 11, 2006 - Pawnee Leasing Corporation (Pawnee) will operate as a U.S. subsidiary of Chesswood Income Fund (Chesswood) following the successful closing of an Initial Public Offering of Chesswood, and concurrent conversion of cars4U Ltd into Chesswood, effective May 10, 2006.

"Chesswood provides Pawnee with access to the public markets, a significant opportunity that will allow us to continue growth in our core business and seek accretive opportunities that leverage our disciplined operations", said Gary Souverein, Pawnee's President and COO. "This will be a transparent event for our broker/lessor customers as our current management and employee team continue to enhance our leadership in the small-ticket start-up and "B" credit markets."

"Pawnee's excellent management team, years of consistent performance and commitment to future expansion were key elements in the successful Initial Public Offering" stated Barry Shafran, Chesswood's President and CEO.

Chesswood issued 5,778,193 trust units at C$10.00 per unit, for gross proceeds of C$57,781,930. The offering was underwritten by a syndicate of underwriters led by TD Securities Inc. and Canaccord Capital Corporation and including Blackmont Capital Inc., Wellington West Capital Markets Inc., Desjardins Securities Inc. and Genuity Capital Markets G.P. Units of Chesswood will trade on the Toronto Stock Exchange under symbol CHW.UN.

Pawnee Leasing Corporation, providing lease financing in the lower 48 states since 1982, purchases small-ticket "Start-Up" and "B" Credit transactions exclusively from a national network of brokers/lessors. For more information please contact Gary Souverein, at 800-864-4266.


June 23, 2005

Scott Woodring, Vice President of Sales & Marketing
Pawnee Leasing Corporation  800-864-4266

Personnel

Pawnee Leasing Corporation (est. 1982), a small-ticket funding source specializing in start-up business and less traditional credits up to $30,000, announced the promotion of Gary H. Souverein to President and COO of Pawnee Leasing Corporation. Souverein served as Executive Vice President of the company previously and has served in various roles for the company since 1993. After 6 years as acting President, Samuel L. Leeper will serve as CEO. States Souverein, "I'm looking forward to building upon the successful business model Sam has so greatly enhanced during his operational leadership of the company. I'm confident about Pawnee's future as we have a great management group, employee team and independent broker network that will continue our strong history of results."

Nationwide you can contact Pawnee Leasing Corporation at (800) 864-4266 or by e-mail arrow@pawneeleasing.com. Member NAELB, UAEL & EAEL.


April 29, 2005

Gary H. Souverein, Executive Vice President
Pawnee Leasing Corporation  800-864-4266, ext. 222

Pawnee Leasing Corporation announces the closing of a $57,500,000 multi-year revolving credit facility with JPMorgan Chase Bank, N.A. Gary Souverein, Executive Vice President, stated, "As our industry continues to be closely scrutinized by the credit markets, especially in recent years, we are pleased with the very positive reception afforded Pawnee Leasing within the lending community. It is a credit to our business model, dedicated employee team and important broker/lessor origination network." Ronald Schneider, Northern Regional President, stated, "This facility builds upon the long relationship Bank One has enjoyed with Pawnee Leasing and we're pleased to be able to continue supporting this highly focused and entrepreneurial firm."

Pawnee Leasing Corporation, providing lease financing in the lower 48 states since 1982, purchases small-ticket "Start-Up" and "B" Credit transactions exclusively from a national network of brokers/lessors. For more information please contact Gary Souverein, Executive Vice President or Scott Woodring, Vice-President, Marketing at 800-864-4266.


July 23, 2002

Gary H. Souverein, Vice President/Marketing
Pawnee Leasing Corporation  800-864-4266, ext. 222

Pawnee Leasing Corporation announces on-line sales training on its web site (www.PawneeLeasing.com) to assist their brokers/lessors in closing more business. States, Vice President, Gary Souverein, "So many of our brokers are small businesses and sales training unfortunately does not receive top priority in the running of a brokers business. We wanted to offer a condensed, high quality presentation that could be accessed by any lease salesperson. No longer does a leasing salesperson need to attend a costly industry conference to get the same focused industry specific training."

The 35 minute audio presentation is narrated by Gerry Egan, current NAELB president and very popular speaker at leasing industry conferences. Souverein adds, "Gerry's themes are not old school selling, they are practical, common sense approaches to small-ticket leasing and highly customer oriented. What we like about Gerry's approach is that it encourages understanding the customer vs. allowing the vendor to control the lease sales process. In Pawnee's niche of business, start-up and "B" leasing, discussing the specifics of a potential lease approval is critical to closing a Pawnee lease."

Pawnee Leasing Corporation, providing lease financing in the lower 48 states since 1982, purchases small-ticket start-up and "B" transactions exclusively from its national network of lease brokers. For more information please contact Gary H. Souverein, Vice President/Marketing at 800-864-4266 ext. 222 or by e-mail gary@pawneeleasing.com.