The Black Equipment Finance Network (BEFN), a national networking organization comprising equipment finance professionals, announced the awarding of its inaugural scholarships to two students from Historically Black Colleges and Universities (HBCUs). These scholarships mark a significant step in BEFN's mission to enhance the participation of black professionals in the equipment finance industry and to provide networking opportunities for those already working in the sector.

This scholarship program, covering the costs of study materials, test preparation classes, and the CLFP (Certified Lease & Finance Professional) Certification Exam, is part of a collaborative effort between the CLFP Foundation and Cisco Capital. It aims to provide specialized training and certification opportunities to HBCU students studying business and finance who have an interest in the equipment finance sector.

The program offers a comprehensive introduction to the equipment finance industry, including guest speakers, networking opportunities with industry professionals, CLFP training, the chance to take the CLFP exam, and potentially, the opportunity to secure an internship and/or a full-time position with a participating company in the industry.

BEFN plans to extend this initiative, with additional scholarships set to be offered in 2024. George Parker, President of BEFN, expressed his enthusiasm, stating, "We are thrilled to be a part of this excellent initiative that introduces HBCU students to the equipment finance sector. Our industry, now exceeding $1 trillion, frequently goes unnoticed by students mapping out their career paths, especially those from HBCUs and other students of color. The program initiated by CLFP and Cisco Capital is already creating significant impacts. We look forward to collaborating more with the CLFP Foundation and Cisco Capital to help create opportunities for students interested in equipment finance."

Reid Raykovich, CEO of the CLFP Foundation, also expressed gratitude for BEFN's support, noting, "The support from the Black Equipment Finance Network is immensely appreciated. Their involvement sends a powerful message to HBCU students and others, highlighting the commitment of many in the equipment finance industry to build a more robust sector. This is achieved by attracting diverse talent and raising awareness about the various opportunities available within our industry."

This initiative marks a significant step towards creating a more inclusive and diverse equipment finance industry, opening doors for talented students from HBCUs who are eager to explore and contribute to this dynamic field.