NORTH STAR LEASING ACHIEVES RECORD FUNDING IN 2020
Company sets record for year, quarter, and month
BURLINGTON, VT – North Star Leasing announces that 2020 was a record-setting year in the 41-year history of the equipment leasing company, with all-time highs set in annual, quarterly, and monthly funding.
Buoyed by a $10 million December – the company’s top funding month ever – North Star Leasing closed the year on a remarkable run, exceeding 2019 funding volume, it’s prior annual high-funding mark. Additionally, total funding in Q4 ‘20 set a record, while North Star Leasing processed over 6,600 applications totaling $236m during the year.
“In the midst of the most volatile and unpredictable year in our history, North Star Leasing’s team achieved significant corporate milestones in 2020 and I could not be prouder of how our team worked together to help our customers, vendors, partners, and each other through a very difficult period while delivering unprecedented results,” said Dan Feeney, North Star Leasing CEO.
On March 31, 2020, People’s United Bank upsized the Revolving Credit Facility to $80 million. In October, North Star Leasing captured No. 119 on the Monitor Daily 100+ ranking, its first placement on the prestigious list compiled of the equipment leasing and finance industry. During the year, North Star Leasing added several new employees who saw the opportunity that North Star Leasing presents in the equipment financing industry to reach their career goals while other funding sources were contracting.
North Star Leasing saw significant growth throughout its diverse portfolio including the brewing and distilling industry, manufacturing and production, landscaping, vocational equipment, and heavy equipment sectors. Long a direct funder to the foodservice and hospitality industries, North Star Leasing redoubled its commitment to its customers in that space, launching a customized COVID-19 Deferred Payment Plan in March that allowed businesses to modify their leases, no questions asked.
“As we analyze our record-breaking year, we see strong indication that businesses are poised to explosively rebound from the challenges encountered in 2020 caused by COVID-19,” said Feeney. “We are highly motivated to continue to provide our customers and vendors with the necessary tools and products to jumpstart this great nation as we rebound together from a most tumultuous 2020. One of our better decisions was to offer modification plans to our customers in early March as we all tried to figure out the impact of the pandemic. Our customer and vendor base were very thankful for the help at such a critical time of unknowns.”
About North Star Leasing Company
Founded in 1979, North Star Leasing is a provider of equipment financing solutions for businesses in a variety of industries. For the past 41 years, North Star Leasing has focused exclusively on helping businesses grow and expand by providing lease financing for mission-critical equipment. North Star Leasing is a direct funder and takes a personalized approach to each application. www.northstarleasing.com
About Copley Equity Partners
Copley Equity Partners is a private investment firm that partners with established lower middle-market businesses. Copley invests in companies across a broad range of sectors and is comfortable in both majority or minority ownership positions. Copley invests out of an evergreen, single-family office, capital base making the firm agnostic to the standard private equity fundraising cycle. Copley’s patient and flexible capital base allows the firm to focus on providing each portfolio company significant support post-investment. www.copleyequity.com