North Star Leasing announced that 2020 was a record-setting year in the 41-year history of the equipment leasing company. It set all-time highs 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 levels, its prior annual high-funding level. Additionally, total funding in the fourth quarter 2020 set a record, while North Star Leasing processed over 6,600 applications totaling $236 million during the year.
“In the midst of the most volatile and unpredictable years 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.
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. 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 list compiled of the equipment leasing and finance industry.
"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 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."