GE Capital Sees Growth in Equipment Finance
GE Capital’s Equipment Finance business, a long-time provider of wholesale and retail financing for equipment manufacturers, said it is establishing a business development group, led by 28-year GE Capital veteran Jim Kelly. He adds this new role to his existing responsibilities as managing director of GE Capital’s Vendor Finance business.
The group will focus on establishing new vendor and dealer financing programs, enabling manufacturers to capitalize on the programs’ benefits for their equipment distribution channels. Kelly’s dedicated team includes industry veterans who have deep domain expertise in the manufacturing, information technology (IT), office imaging (OI), truck transportation and healthcare industries.
“The equipment markets in the U.S. are beginning to grow again, which presents opportunities for us,” said Diane Cooper, CEO of Equipment Finance and a GE company officer. “As manufacturers refocus on their core capabilities and plan to expand their businesses, they may be looking to partner with a finance company that has extensive experience creating full-scale financing programs to reach and support their commercial customers.”
With more than $36 billion in lease and loan transactions since 2007, GE Capital’s Equipment Finance business manages over 40 manufacturer financing programs that span 10+ industries, including transportation, construction, IT, OI, golf and turf, healthcare and manufacturing. It maintains relationships with approximately 200,000 business customers through its network of dealers and distributors, and evaluates more than 1,000 financing applications daily.
Kelly has been the managing director of GE Capital’s Vendor Finance business since 2009. Previous positions include general manager, North America for Corporate Lending, Corporate Financial Services and managing director and general manager of Energy Commercial Solutions for GE Energy Financial Services in Stamford, CT.
He started his career in 1985 through GE’s Financial Management Program. Kelly has held positions in finance, sales, marketing, business development and general management, both internationally and domestically.