Utica Leaseco formed an affiliate company, Utica Equipment Finance, which will offer equipment-based term loans and leases to companies throughout North America and will be led by co-founder Ed Stolarski as president of the new company.
“Customers and referral partners have been asking for an integrated platform to serve customers who are between bank credit products and Utica Leaseco’s current collateral-based product offering,” said David Levy, president of Utica Leaseco. “We believe Utica Equipment Finance will fill that gap by creating a one-stop-shop and seamless end-to-end customer experience. We have high regard for Ed Stolarski and welcome him to the Utica team.”
Stolarski has over 30 years of equipment and corporate finance experience, including sales leadership roles with GE Capital and as co-founder of Nations Equipment Finance.
“We see an exciting opportunity to help businesses across the full credit spectrum address their equipment finance needs,” said Stolarski. “Providing a single point of entry for the application process, with prime through subprime equipment finance options, creates a much simpler and faster experience for customers.”
Utica Equipment Finance will be based in Michigan and Connecticut and provide credit-based loan and lease options from $500,000 to over $25 million to companies throughout the United States and Canada. Products will include capital and true leases, along with secured equipment loans for companies looking to improve cash flow by refinancing long-lived equipment assets.
For over 13 years, Utica Leaseco has been providing resources to help high-risk companies better manage cash flow and preserve capital through creative funding approaches such as capital leases, true leases sale/leaseback transactions, secured loans and debtor-in-possession financing.