Case Study: Why One Business Owner Switched Their Financing Needs to Essex – and Why They Say They’ll Never Go Back

*This post is from CMB partner Essex Lease. Visit them for flexible lending solutions.

The Business

A family-owned trucking business in the aggregate industry in Central Alberta.

The Challenge

As a long-term customer at a major bank, this business had never missed a payment – so they were surprised when the bank suddenly called in their loan.

This left them scrambling to secure a new financial partner, ending up at another large, traditional bank.

Unfortunately, things weren’t much better at the new bank either. The business was growing increasingly frustrated by the limitations imposed on their operations. They felt that financing equipment with the bank came at the cost of their autonomy and control. They weren’t just getting a loan – they were also being told how to run their business.

It was around this time that the business owner met Ross Sten, CEO of Essex Lease Financial. The two had an instant rapport – Ross was just so much easier to talk to than the bank managers they’d gotten used to dealing with.

After some bad advice from an accountant caused their financial year-ends to no longer match up, rather than reach out to the business to ask them about it, the bank suddenly shut all their accounts down. That was the last straw. The business quickly transferred all their equipment financing to Essex.

Despite the bank making many attempts to win them back, this business has no intention of ever returning to a traditional bank partner and all of their equipment is now purchased through Essex.

The Essex Approach

One of the best tools the sales team at Essex was able to offer the business was the Asset-Based Lending Line of Credit (ABLoC), which allowed them to secure credit against free and clear assets.

As a seasonal business, cash flow can be tight during certain periods of the year. The ABLoC has taken a tremendous amount of stress off, allowing the business to better manage their cash flow.

This newfound flexibility has even allowed them to be more selective about the customers they choose to work with, giving the business breathing room to take on the right contracts with the right people.

The Results

Not only does this business now use Essex Lease Financial for all of their financing needs, they even regularly recommend Essex to other businesses.

“I have recommended Essex to other companies in a tight spot because I know Essex is there to work with you, not take your equipment. The trust is so important in business. When that’s broken, when you’re treated as dishonest, it harms the business and the relationship. Everyone I dealt with at Essex treated us with respect and understanding and were easy to work with. I trust Essex, which is why I choose to work with them instead of a traditional bank.” -Business Owner

Essex Lease Financial works hard every day to build trust and rapport with our clients so they can secure the financing they need to make the most of their opportunities.

If you’re ready to work with the financing experts that offer exceptional services, and a dedicated, personal touch, contact Essex today to get started!