Ricardo “Ricky” Ríos, COO of Commercial Equipment Finance, Inc. ( “CEFI”) since 2018, has been appointed President and COO, effective October 1, 2024. Ricardo Rios Sr., who has served as CEFI’s President since its inception in 2009, will continue his instrumental role as CEO and Chairman of the Board.

In support of the appointment of CEFI’s new President, Rios Sr. commented, “Throughout his 13 years with CEFI, in his many roles, Ricky has demonstrated the ability to accelerate growth while implementing operational efficiencies and innovation. The combination of his experience and strategic vision makes this a purposeful appointment to continue CEFI’s trajectory into an era of success, digitalization, and expansion.”

Among other achievements during 2024, CEFI’s landmark year has seen it move into new and expanded office headquarters, celebrate 15 years of successful operations, execute its second securitization, and launch its cloud-based loan origination system and electronic chattel vaulting solution while reporting record YTD originations.

Commercial Equipment Finance International (CEFI) provides essential use equipment leasing and financing solutions ranging from $25,000 to $2,500,000 to small, medium, and global businesses based in Puerto Rico, the Continental United States, and US Virgin Islands. Since inception, CEFI has financed over $900 million to 2,500 companies.