Mobile Version 2021 - Volume 29 - Issue 4
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AACFB President's Message

By Carrie Radloff, CLFP

I love the holidays. Family, friends, shopping, decorating, and music. Every year I look forward to breaking out my favorite Christmas CD, A Charlie Brown Christmas by Vince Guaraldi Trio. This CD (yes, I realize I’m aging myself) is extra special to me as it was gifted to me many years ago by the late Chris Walker when he worked at GreatAmerica. Nothing brings me into the holiday spirit more than a little jazz piano! 

The holidays are a busy time for the finance industry. We are all pushing hard to get deals funded before year-end for those ever-so-popular Section 179 tax deductions. The economy is experiencing healthy growth and despite the supply chains issues we are all dealing with, business is strong in most industries. As I work on my 2022 goals and forecast, I’m reminded of a recent article I read in the Monitor authored by AACFB Broker Member and fellow CLFP, Theresa Kabot. One of the questions she poses to indirect originators (IOs) is how we stay relevant to our customers and vendors with the increases in digitization and automation. How do we as IOs embrace these changes and develop strategies to keep us competitive? That topic and several others will be covered in our upcoming AACFB 2022 Annual Conference to be held May 11-13, 2022, at the Sheraton in Charlotte, North Carolina. There is no better way to educate yourself, get tips to improve your business, and have the opportunity to network with hundreds of industry professionals than attending the AACFB conferences. We have a full slate of educational sessions covering topics on business forecasting, sales, technology platforms, operations/credit/underwriting, and more. We are so excited to welcome Kendra Ramirez back to give us valuable tips on marketing, social media, and digital presence. Kendra was a presenter at our 2017 Annual Conference in Memphis and received rave reviews. Later in 2022 we will host the AACFB Commercial Financing Expo at the M Resort in Las Vegas September 7-8. 

We look forward to seeing you at both events in 2022!

On behalf of the AACFB Board and staff, I want to wish everyone a healthy and happy holiday season and a prosperous 2022! Cheers!

 
Sincerely, 


Carrie Radloff, CLFP
AACFB President
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AACFB 30th Anniversary Celebration
 
This year marks 30 years since the National Association of Equipment Leasing Brokers (NAELB), now AACFB, was officially incorporated back in 1991 and the association is celebrating the milestone all year long. 
 
This month we want to honor all of the AACFB/NAELB past presidents who dedicated their time, talents, and expertise to grow this association and make it the amazing resource that it is today.
 

 
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2022 AACFB Annual Conference - Registration is LIVE
 

 REGISTRATION IS OPEN!

 
Make plans now to join us May 11-13, 2022, at the Sheraton Charlotte located in the Uptown district of Charlotte, NC!
 
Our amazing planning committee has been working hard for months to develop an engaging agenda, outstanding networking opportunities, and a whole lot of fun!
 
We have an excellent group rate of $175 per night at the upscale Sheraton Charlotte. Make your reservations early before the block is full.
 
 
 

 

 

 
  
 

SAVE THE DATE!

 

 
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AACFB Welcomes New Members

 

A big welcome goes out to all of our new members. Anyone wishing to contact a member can locate their information in the AACFB online directory.


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AACFB Benefit Spotlight

  

AACFB Members can get discounted restaurant certificates all year long with our Restaurant.com partner program.



Visit the Members Only Section at www.aacfb.org under Benefits - Savings.
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Front and Center

By Leslie Brown, CLFP


 
This installment of Front & Center focuses on new AACFB board member Kalah Sprabeary. Commercial Break correspondent Leslie Brown recently sat down with Kalah virtually to find out more about her, her background, and her journey. Click Here to view their chat.
 

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Usury 101: The Mystique and the Mistakes

By Kenneth C. Greene, AACFB General Counsel


 
 
The law of usury is literally as old as the Bible. The basic concept is quite simple, even if the implementation is not. 
 
Way back in the day, Christianity considered interest a sin.
 
“If you lend money to one of my people among you who is needy, do not treat it like a business deal; charge no interest.” - Exodus 22:25
 
Of course, that is not the law in these “United” States. Critically, the law of usury is not uniform throughout the country, as so little is these days. Each state has its own set of rules, and the Bible has little or nothing to do with it anymore.
 
A dissertation on the usury laws would tax any reader’s patience, and might be my Requiem Mass. Instead, I thought I’d relay some of the questions I’m most frequently asked about usury, and attempt some answers:
 
Q: What is the usury rate for a loan?
 
A:  Everyone’s favorite lawyer answer – it depends. Of course, it does. As I mentioned, the usury laws differ from state to state. And, within each state, the laws vary depending upon the nature of the transaction, the parties to that transaction, and a host of other factors. So, the answer to Question Number 1 is . . . . it depends. The interest cap for non-exempt lenders is ten percent in California. Keep in mind that every state is different, but I will be using California as an example throughout this article.
 
Q: What are the penalties for usury?
 
A: Unsurprisingly, this also depends on the state. But, as a general proposition, the lender on a usurious loan is subject to forfeiture to the borrower of all interest paid on the loan, not just the usurious part, and payment to the borrower of damages. In fact, in California, the court may award treble damages, or three times the amount of interest collected in the year before the borrower sues. In addition, in states like California, the Department of Financial Protection and Innovation may issue a cease-and-desist order, suspend or revoke your California Finance License, order restitution to the borrower, order payment of fines or penalties, or some combination of the above. This is one of the best reasons for obtaining a CFL license as it generally exempts licensees from usury claims.
 
Q: Can usury be criminal?
 
A: Absolutely. In some states, like California, a lender who willfully received interest in violation of the usury laws may be found guilty of loan sharking, which is a felony punishable by imprisonment for up to five years. Not a good business model. 
 
Q: Is anyone or any transaction exempt from usury?
 
A: As mentioned above, CFL licensees are exempt from usury claims. In addition, many states have exemptions based on the size of the transaction. For instance, in California, commercial loans greater than $300,000 at the time they are created, or where the borrower has assets of at least $2,000,000 at the time the loan is created, are exempt from usury claims. To qualify for this exemption, the borrower must not be an individual, the lender and borrower must have a pre-existing relationship, and the loan must be for business, not primarily for personal, family or household purposes. 
 
Many states have some variation on that theme, based on the premise that large, sophisticated companies engaged in large dollar transactions have the resources to hire counsel to protect themselves. 
 
How do I avoid a usury claim?
 
A: Here are a few simple tips:
 
  1. If you learn of a usury violation, correct it promptly. If you erroneously charge excess interest, send a notice correcting the error, and return the excess interest.
  2. Include a “usury savings clause” in your documents. These clauses acknowledge the possibility that a court may reclassify the transaction as usurious and provides that the parties agree to modify the agreement if so. Beware, though, that, depending upon the facts and circumstances, the courts may or may not uphold or enforce such a provision.
  3. Know your state’s usury laws. Not as simple as it seems, but, as they say, an ounce of prevention . . .
 
Q: What should I do if someone sues me for a usurious loan?
 
A:  Call a lawyer. Not just any lawyer, but someone who truly understands the intricacies of usury law. Usury claims are no joke. You have to defend yourself.
 
ABOUT THE AUTHOR
Kenneth C. Greene is an attorney based in Westlake Village, California. He has been representing lessors, brokers and others involved in the leasing and finance industry for almost 40 years. His practice entails documentation, licensing, compliance, litigation, and bankruptcy. He is currently General Counsel to the American Association of Commercial Finance Brokers as well as an Advisory Board member of Leasing News. 
 
This article is presented by the Law Office of Kenneth Charles Greene. All copyrightable text, the selection, arrangement, and presentation of all materials (including information in the public domain), and the overall design of this presentation are the property of the Law Office of Kenneth Charles Greene. All rights reserved. Permission is granted to download and reprint materials from this article for the purpose of viewing, reading, and retaining for reference. Any other copying, distribution, retransmission, or modification of information or materials on this site, whether in electronic or hard copy form, without the express prior written permission of Kenneth C. Greene, is strictly prohibited. 
 
The materials available from this article are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use of and access to these materials does not create an attorney-client relationship between the Law Office of Kenneth Charles Greene and the user or viewer. The opinions expressed at or through this site are the opinions of the individual author.   
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Increase Sales by Getting Back to Basics

By John Chapin

 
 
The greatest in any field of endeavor have always been great at the basics. Vince Lombardi, the great Green Bay Packers coach, said football comes down to two things: blocking on offense and tackling on defense, and his great Packer teams spent 80% of their time on those in practice. Red Auerbach, who coached the Boston Celtics to eight consecutive championships, had his players practice free-throws and shots from very short distances over and over again. Bruce Lee, Pavarotti, Tiger Woods, and all the other greats have always known the importance of focusing on and mastering the basics in order to be successful. The same is true in selling. When it comes to sales and selling, there are certain key basics to follow that ultimately lead to sales success. 
 
The 5 Basics to Sales Success
 
Basic Principle 1: Have a daily plan and get that plan done. 
In addition to annual, monthly, and weekly goals, you need a goal and plan for daily activity. How many sales, proposals, and prospects do you need and how many calls and contacts do you need to make each day to get those? Whatever that goal is, your objective is to not only hit but exceed that goal, even if it’s only by one or two calls. By the way, you should be prospecting every day. It keeps you sharp and consistent.
 
Basic Principle 2: Spend 80%, or more, of your prime hours on key sales activities. 
The three activities you should be spending the majority of your time on during the workday are: prospecting, presenting, and closing. That’s it. Everything else should be delegated or done during off-hours. Yes, things will come up during the day that you need to handle. That said, if you’re focused on these three activities and adamant that you will do as much of them during the workday, avoiding procrastination and other time wasters, you’ll rarely have to worry about your sales numbers.
 
Remember: Sales IS a numbers game. Yes, relationships and the quality or those relationships are important but to have the number of relationships you need, you have to be talking to lots of people. It’s simple, the more people you talk to, the more business you will do. Even a blind pig finds corn if it digs enough. If you talk to enough people during the day, you’ll eventually run into someone who says, ‘I need what you have’ or ‘I know someone who needs what you have.’
 
Basic Principle 3: Get great at selling.
After activity, making enough calls on qualified prospects, developing great sales skills is the second most important principle. If you are highly skilled at knowing what to say and do in all sales situations, your sales will skyrocket, assuming you’re making the necessary calls. The better you know how to get to a prospect, get their attention and keep it, match solutions, listen, present, handle objections, close, etc., the more effective you’ll be and the more sales you’ll make. 
 
The fastest way to get great at selling is to one: make sales a study, and two: do what the top salespeople do. Become a student of selling, be a sponge, read, listen to, and watch anything you can on the subject of selling. Invest in good books, audio, or other programs, from actual top salespeople and trainers who have ‘been there, done that,’ and go through the material thoroughly. Next, find the top salespeople in your company, your industry, and in other industries. Call them on the phone, e-mail them, or otherwise get in touch with them and ask them what makes them successful. It’s simple, if you do the same things as top salespeople, you will get the same results.
 
Basic Principle 4: Get back to personal communication and build relationships.
In-person is still the best way to contact people and stay in touch. With all the technology at our disposal there can be a tendency to use it too much. In-person communication has been replaced by e-mails, text messages, video conferencing, and other less-personal communication. Make more in-person cold calls and visits to customers to say “hello,” drop off the proposal instead of mailing or e-mailing it, and to follow up in person instead of trading voice messages. You should also be sending hand-written thank-you notes, birthday cards, holiday cards, and anniversary cards. Your objective is to have more personal contact at a time when your competitors are calling less and being less personal. At the end of the day, it’s all about people and relationships. You have to connect with people on a personal level and stay in communication and continue to build the relationship.
 
Basic Principle 5: Work hard and smart.
We talked a bit about working smart when we talked about finding the top salespeople and doing what they do. Success leaves clues. You don’t want to reinvent the wheel and you don’t have to, simply find out what makes the top salespeople the top salespeople and do what they do. You also want to use best practices in your industry. Look for ways to work more efficiently. 
 
In addition to working smart, you have to work hard. It takes time to make the necessary initial calls and follow-up calls. You may have to make more calls and work more hours in order to find the prospects and make the sales. In addition, every day you have to work hard on your mental attitude, on keeping negatives out, on staying motivated, on building your network, and on everything else that your selling career involves.
  
ABOUT THE AUTHOR
John Chapin is a motivational sales speaker, coach, and trainer. For his free eBook: 30 Ideas to Double Sales and monthly article, or to have him speak at your next event, go to www.completeselling.com John has over 33 years of sales experience as a number one sales rep and is the author of the 2010 sales book of the year: Sales Encyclopedia (Axiom Book Awards). You can reprint provided you keep contact information in place. E-mail: johnchapin@completeselling.com.
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The 6 Key Areas to Prepare for Underwriting an SBA Loan and Equipment Lease

By Paul Bosley


 
The process of underwriting SBA loans, equipment leases, and equipment financing agreements has evolved significantly since the pandemic began a year ago. The purpose of this article is to share our observations of the 6 key factors considered by analysts in the underwriting process. It is a rare occurrence that applicants are strong in all areas, so the process is subjective in many respects weighing the following key considerations. 
 
1. What is Your Personal Credit Score? 
 
A 700+ credit score is a safe minimum standard. By looking closely at your credit report, lenders can gauge how well you pay your bills and if you have comparable credit. If an applicant is a homeowner with a house mortgage that is current, an analyst can determine if the applicant is or has serviced comparable credit. Lenders also consider your available credit compared to your current level of debt which is used to calculate your debt-to-income ratio. This ratio is calculated by comparing your annual family income to your current annual debt payments. Some lenders calculate a global debt-to-income ratio which adds the estimated annual debt payment of the loan or lease to your current annual debt payments.
 
2. What in Your Background will Lead to Your Future Success? 
 
Underwriters first look for work experience and/or education in the industry you are applying to secure financing. Previous or current ownership and/or management experience within the industry is especially highly valued. Next, portable skills learned from positions outside the industry including finance, sales, marketing, and management are then considered if you have not previously worked in the industry. Finally, educational degrees in the field or a related field are also considered. In short, creating a resume to highlight and customize your strengths is an important element in securing a loan approval. 
 
3. How Much is Your Equity Injection so You will have “Skin in the Game?” 

Typically, SBA loan applicants must invest at least 10% of the project total cost and rarely are applicants required to invest more than 30% of the total project cost. The total project cost of SBA loans typically includes all monies needed to successfully launch any business including three months of working capital. With equipment finance agreements and equipment leases, the equity injection for a new business is typically 20% of the total equipment and soft costs of the total amount being requested. The deposit requested for an existing business can be as little as one lease payment in advance. 
 
4. Do You have a Secondary Source of Income? 
 
Are you keeping your job? Are you married and will your spouse continue to work? These are critical concerns when the underwriter is calculating the debt coverage ratio. In the best case, your family income can support your current personal debt and the ratio exceeds 1.25. If the lender is using a global debt, the estimated repayment of the loan or lease is added to the denominator. As a result, many applicants applying to launch a new business opt to keep their current employment and hire management until the business becomes profitable and can replace the owner(s) income. In the worst case, the owner(s) only income will be the projected annual income from the new business which makes securing an approval difficult unless the applicant(s) have significant liquid assets listed on their personal financial statement. 
 
5. In What Industry is Your business? Is it a Franchise? 

In today’s post COVID environment, securing financing for RV parks and campgrounds are more easily approved while fitness centers and restaurants face an uphill challenge. Established franchisors offer the best chance for applicants to secure financing because the franchisor has established a track record of success which is reported in their annual franchise disclosure document (FDD). Launching a new, non-franchise business is difficult, but not impossible, to secure financing unless the owner(s) have a very strong industry related background. For example, our company recently arranged the financing of a climbing studio owned by a climbing instructor currently working in our Armed Services. 
 
6. What is Your Collateral? 

SBA loans more than $350,000 require the owner(s) to use the business and their personal and/or commercial real estate as collateral up to the loan amount which is discounted on a liquidated collateral basis. Collateral is required at the option of lender for all SBA loans under $350,00. The equipment used to operate any business is highly discounted when valuing collateral for an SBA loan. Alternatively, the equipment being financed using equipment leases and equipment finance agreements serve as the collateral for the transaction. It is important to point out that collateral is a 2nd form of repayment so it is rarely the main consideration of any lender because they are focused on approving applicants that they believe will be successful in repaying the loan or lease. 
 
ABOUT THE AUTHOR
Paul Bosley is the Managing Member of Health Club Experts.com dba Business Finance Depot. paul@businessfinancedepot.com ; (800) 788-3884; www.businessfinancedepot.com 
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Commercial Lenders Can Grow Their Market by Understanding How B2B Sales Are Changing

By Robert Preville

The COVID-19 pandemic has quickly and drastically altered the status quo of the B2B equipment buying process in many ways. Presented with unprecedented limitations on travel and in-person sales visits, B2B buyers and sellers adopted digital tools such as electronic document signatures, ecommerce sales and selling through video and live chat at a high level. 
 
By understanding these changes and seeking a deeper understanding of the equipment sourcing, purchasing, and financing workflows for both buyers and sellers, commercial lenders have an opportunity to reach a market in need of financing options that are a better fit for the way these large transactions happen.
 
B2B Equipment Buying is Changing
 
The B2B equipment sales process has long held to traditional sales channels such as in-person visits, showroom, and convention-hall sales presentations. When the pandemic took those outlets away, the industry adapted by turning to some of the same convenient sales tools that consumer buyers have come to expect online.
 
In a March 2021 survey of B2B decision makers, researchers at McKinsey & Company found that the omnichannel sales approach—a mix of in-person, remote, and self-serve e-commerce sales—is taking hold in B2B sales. And while many have long assumed that the large capital outlay of equipment purchases would never migrate to e-commerce, the pandemic has begun to reverse this. McKinsey found that 20% of B2B buyers would be willing to spend more than $500,000 in a fully remote/digital sales process. And 11% of all B2B buyers would spend more than $1 million.
 
McKinsey predicts that hybrid sales representatives—individuals who interact with buyers through a mix of video, phone, apps, and occasional in-person visits—will be the most common sales role in the B2B marketplace going forward. Eighty-five percent of firms in McKinsey’s survey who have hybrid sellers expect this to be the most common sales role in their organization over the next three years.
 
Better Awareness of Financing Can Boost Sales
 
Commercial lenders who take the time to deeply understand the way that these changes are proliferating in the industry have an opportunity to serve both buyers and sellers by proactively presenting financing information at all points of sale and continuously throughout the buyer journey. This is especially true in equipment sales.
 
Survey data from the Equipment Leasing and Finance Association shows that 63% of B2B equipment buyers prefer to finance equipment purchases. At KWIPPED, we conducted our own survey of equipment sellers participating on our online B2B equipment marketplace. Our research showed that only 9% of equipment sellers actively present and promote financing options. This reluctance stemmed from a perception that the lending process is cumbersome, past experience with low approval rates, or high interest rates and a general desire to avoid losing control of the sales process to a third-party lender.
 
By closing this gap between the buyers’ demand for financing and the suppliers’ reluctance to deliver it, commercial lenders can find new customers, while also helping companies on both sides of equipment transactions. But it’s not enough to just put your name out there as a lender and call it a day. The key to closing more loans lies in providing actionable information to buyers and sellers at the most important parts of the purchasing process.
 
Understand Sales at a Granular Level
 
Broad statistics such as those from McKinsey that show the growth of digital tools in B2B sales are helpful at a high level, but it’s still important to dig deeply into the processes that drive sales in the industry you are targeting. And sometimes the best way to learn is to try something new and then study its reception with your customers. Through some of our own trial and error experiences dealing with both equipment buyers and sellers, it became clear to us that there are multiple possible points of sale in the typically complex B2B equipment buyer’s journey, including:
 
  • Ads and other inbound marketing channels
  • Website/ecommerce
  • Custom quoting
  • Emails and texts
  • Product spec sheets
  • In stores
  • Tradeshows
 
What we learned from our data and from many phone conversations with our customers was that although digital tools like an equipment financing website plug-in for example, are gaining ground in equipment sales, most B2B transactions still follow a more traditional quoting process. The quotes may be delivered through new and digital channels—but the expertise, collaboration, and personal touch from the sales representative is still critical to sales conversion rates. This helped us see the importance of designing quote integration tools to make it easy for sales reps to include estimated monthly finance payments and links to a digital application with every quote. The point here is that the better we understand the buyer’s journey, the better we can align innovative tech solutions with their modern behaviors and expectations. As B2B buyers become increasingly comfortable with e-commerce, it will be important for any successful financing solution to follow them into that digital future, just as financing options like Afterpay have gained ground in consumer e-commerce transactions.
 
Another significant learning lesson is that making the financing process as seamless and transparent as possible for buyers and sellers can help produce more loans, and more sales. One big pain point for buyers is the financing application process itself, which has traditionally been considered tedious and intrusive. Our financing process utilizes up to three competing lenders at a time. We learned very quickly that no buyer wants to be contacted by three different lenders to answer redundant questions—and our lenders have told us they’d prefer to not to have to gather this information themselves. So, we restructured our process to include a single internal point of contact between buyers and lenders, which has been a great improvement for both and resulted in significantly higher conversion rates. 
 
We also learned that buyers want honest and transparent communication about all of the costs related to their financing transaction. We saw conversion rates rise when we required monthly financing quotes to include all costs, including shipping, processing fees and any other “hidden” costs that might surprise the buyer if presented later in the deal. This is a big part of building trust with customers.
 
The future of B2B sales will include an increasingly diverse array of virtual and digital tools for helping buyers and sellers to interact. Commercial lenders are an essential part of B2B sales, and successful lenders will always be asking, “How can I reach the buyer at the most influential points of their purchasing process?” Lenders shouldn’t be shy about finding ways to put financing estimates in front of buyers as early in the process as possible. 
 
The key to success is to always be asking questions about how sales are happening in the markets you serve. And remember, the pandemic has greatly accelerated the speed at which new digital tools are being adopted across many industries. Sales workflows are changing rapidly. The more you know about how your customers are selling today, and about how they are likely to be selling tomorrow, the better you’ll be able to serve your target market.
 
ABOUT THE AUTHOR 
Robert Preville is the founder and CEO of KWIPPED, a tech company specializing in  B2B equipment sales solutions, and which developed APPROVE, a B2B equipment financing SaaS solution. He is a member of the Equipment Leasing and Financing Association’s Technology Innovation Work Group. Learn more at approvefinancing.com. 
 
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Transitioning to NMLS

By Ken Greene

       

I would hope that by now everyone is aware that the California Department of Protection and Innovation (DFPI), formerly the Department of Business Oversight (DBO), has mandated that all new applications for CFL licenses be processed through the National Multistate Mortgage License System (NMLS). More importantly, all existing licensees must transition their license to the NMLS on or before December 31, 2021.

I have heard from many clients that they are having an incredibly tough time navigating the system and getting their licenses transitioned. I myself have run into a number of seemingly insurmountable roadblocks. I have been asked to put together some guidelines to assist those of you that need to do this. Due to the number of steps and variables involved in each filing, I have yet to find a way to marshal all of the information into a step-by-step primer. What I intend to do with this article is provide general advice for completing the transition process, as well as links to information generated by the DFPI and the NMLS, some of which are easier to follow than others.

In the general advice category, my first, and perhaps most important admonition is to get started now. This does not seem like it should take that long, and, in my opinion, it shouldn’t, but, in fact, it does. It could take you a week or longer to get this done. So don’t delay any longer.

My second bit of advice is to utilize the NMLS help hotline at 855.665.7123. You may have to listen to some horrible Muzak while you hold for 15 minutes, but it is worth the wait. The NMLS staff appear to be well aware of the infirmities of their system and are very patient and willing to help you navigate the maze.

Here is something of a checklist. Links to the complete instruction guides will follow:

Company (MU1) Form

  1. The first thing you have to do is obtain an NMLS company account through the use of a Company Account Request Form.
  2. Unless you already have an NMLS account (as a mortgage broker or from another state). Select “No” to the question “Does your company currently have a record in NMLS?”
  3. Enter the CAPTCHA code and click “NEXT.”
  4. Select the “State: Non-Depository” checkbox.
  5. Complete the Company Information and Location sections.
  6. Complete the Contact Employee Information section.
  7. Complete the Formation Information section.
  8. Complete the contact information of Account Administrators.
  9. Complete the Submitter section and click “Accept.”
  10. Review the COMPLETED Company Account Request and click “Submit.”
  11. Upload a copy of IRS documentation identifying your EIN. IMPORTANT: They will only accept the original SS-4 letter from the IRS, or, if you do not have that, a 147C letter. If you need the 147C letter, call the IRS Business and Specialty Tax Line at 800.829.4933. They usually get that to you within a few days.
  12. Upload the Secretary of State documentation that identifies the state where you are registered as a business. It is alternately referred to as a Certificate of Good Standing, Certificate of Existence, or Certificate of Status.
  13. When you upload the documents, do it as one pdf or it will be rejected.
  14. Next section, select “State: Non-Depository.”
  15. Fill in the Contact Employee Information form.
  16. Skip the Federal Agency box unless applicable.
  17. Complete the forms for the account administrators.
  18. Complete the submitter section.
  19. Review and submit.

Individual  (MU2) Form   
 
  1. Log in to your NMLS account. 
  2. Click the “Filing” tab. Click Company (MU1) or Branch (MU3). 
  3. Click the “Create New Filing” button. 
  4. Click MU2 Forms on the left navigation panel. 
  5. All individuals to be added must have an individual account. If the company user is going to complete portions of the Individual MU2 form, click the edit icon to the left of your name, then select Attest and Submit, the last link on the left navigation panel. 
  6. If the individual is going to complete the form, click “Request Attestation.” 
  7. Once the attestation is made by the individual, you can submit the Company or Branch form.  

Submitting the Company (MU1) or Branch (MU3) Form 
 
  1. Log in to your NMLS account. 
  2. Click the filing tab. 
  3. Click Company (MU1) or Branch (MU3). 
  4. Click the edit icon. Select “Attest and Submit,” the last link on the left navigational panel. 
  5. Select the checkbox next to “I verify that I am the named person above…” 
  6. Click the “Attest and Submit” button.   

Congratulations, you are done.   

Links to NMLS resources:

This article is presented by the Law Office of Kenneth Charles Greene. All copyrightable text, the selection, arrangement, and presentation of all materials (including information in the public domain), and the overall design of this presentation are the property of the Law Office of Kenneth Charles Greene. All rights reserved. Permission is granted to download and reprint materials from this article for the purpose of viewing, reading, and retaining for reference. Any other copying, distribution, retransmission, or modification of information or materials from this article, whether in electronic or hard copy form, without the express prior written permission of Kenneth C. Greene, is strictly prohibited. The materials available from this article are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use of and access to these materials does not create an attorney-client relationship between the Law Office of Kenneth Charles Greene and the user or viewer. The opinions expressed herein are the opinions of the individual author.

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Member News


Do you have some exciting news you would like to share with the other members? Did you write a book, win an award, climb a mountain? Let us know! 

Contact Monica Harper at mharper@hqtrs.com.


 
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Industry Buzz in the Biz

CLFP Foundation Adds 41 New CLFPs

SEPTEMBER 27, 2021 – SEATTLE, WA - The Certified Lease & Finance Professional (CLFP) Foundation is pleased to announce that 41 individuals who recently sat through the 8-hour online CLFP exam, have passed.  
 
They are:
 
  1. Krishna Agrawal, CLFP – Relationship Manager, City National Bank 
  2. Parker Anderson, CLFP – Sales and Customer Advocate, Channel Partners Capital
  3. Christina Campos, CLFP – Chief Credit Officer, VP of Credit, Lease Corporation of America
  4. Chelsea Ciufo, CLFP – Assistant Vice President, Project Manager, First American Equipment Finance
  5. Sean Cokeley, CLFP – Director of Credit, Navitas Credit Corp. 
  6. Lorenzo DeStefanis, CLFP – President, Allied Capital Group, LLC
  7. Laura Dodson, CLFP – Head of Portfolio Management, Truist Equipment Finance
  8. Jennifer Dubinsky, CLFP – Director of Accounting and Finance, Orion First Financial LLC
  9. Austin Eames, CLFP – Account Manager – Regional Captive Group, Key Equipment Finance
  10. Brock Edwards, CLFP – VP, Commercial Bank Equipment Finance, Key Equipment Finance
  11. Marcus Frederickson, CLFP – Business Development, KLC Financial, Inc.
  12. Chelsea Galantini, CLFP Associate – Program Manager, First American Equipment Finance
  13. Judy Garner, CLFP – Funding Director, Navitas Credit Corp.
  14. Kaelyn Green, CLFP – AVP of Client Services, Orion First Financial LLC
  15. Luke Grittner, CLFP – Director of Sales, Channel Partners Capital
  16. Gary Hanson, CLFP – Vice President of Sales, Lease Corporation of America
  17. Bryce Hentges, CLFP – Account Manager, Channel Partners Capital
  18. Shannon Hoffman, CLFP – Documentation Assistant Team Leader, Lease Corporation of America
  19. Brylee Horning, CLFP – VP, Human Resources & Compliance, Orion First Financial LLC
  20. Trent Iverson, CLFP – Underwriting Analyst, Channel Partners Capital
  21. Sean Kilfoyle, CLFP – Vice President, Capital Markets, Key Equipment Finance
  22. Kevin McKenna, CLFP Associate – Global Management Program, DLL
  23. Carrie McKernan, CLFP – Documentation Team Leader, Lease Corporation of America
  24. Violeta Misajlovich, CLFP – Customer Service Team Leader, Lease Corporation of America
  25. Kevin Nash, CLFP – Vice President – Equipment Finance Officer, Key Equipment Finance
  26. Peter Nguyen, CLFP – Senior VP, Business Development, Strada Capital Corporation DBA Mazo Capital Solutions
  27. Douglas Pearce II, CLFP – Assistant Vice President, Key Equipment Finance
  28. Connor Petersen, CLFP – Commercial Credit Manager, Key Equipment Finance
  29. Shannon Prange, CLFP – VP Portfolio Management, Orion First Financial LLC
  30. Emiley Purvis, CLFP – Lead BPU Specialist, Key Equipment Finance
  31. Jeffrey Richeson, CLFP – Credit Manager, Smarter Equipment Finance
  32. Kimberlee Riggs, CLFP – VP of Business Development, Orion First Financial LLC
  33. David Sable, CLFP – Vice President, Program Manager, First American Equipment Finance
  34. Alison Sauter, CLFP – Vice President, Senior Manager, TD Equipment Finance, Inc.
  35. Adrienne Sharma, CLFP – Funding Manager, Channel Partners Capital
  36. Mary Sharp, CLFP – Senior Account Manager, Originations, Key Equipment Finance
  37. Mark Sheehan, CLFP – VP National Accounts & Syndications, Lease Corporation of America
  38. Travis Soto, CLFP Associate – Chief Financial Officer, Lease Corporation of America
  39. Kalah Sprabeary, CLFP – Owner & President, JADCO Holdings, Inc. dba HUB Funding Solutions
  40. Tammy Trador, CLFP – Assistant Controller, Lease Corporation of America
  41. Ryan van de Boogaard, CLFP – Commercial Vendor Leasing Manager, Key Equipment Finance
 
DeStefanis self-studied and reflected on his attainment of the designation, “The CLFP designation is the highest professional recognition in the equipment lease and financing industry. The CLFP designation represents the standard of excellence in our profession, and I am very proud to be able now to carry the CLFP prestigious title. I am grateful to the CLFP Foundation to have given me the opportunity to take my professional knowledge and skills to the next level, and I would strongly recommend anyone in the commercial financing industry that takes his/her carrier and professional development seriously, to pursue the CLFP designation and join the family!” 
 
The CLFP designation identifies an individual as a knowledgeable professional to employers, clients, customers, and peers in the equipment finance industry. There are currently 1,066 active Certified Lease & Finance Professionals and Associates in the United States, Canada, India, Africa, and Australia. For more information, visit http://www.CLFPFoundation.org.
 

North Mill Enters Mid-Ticket Financing Space to $1M and Increases Application Only Program to $250K

SEPTEMBER 27, 2021 - NORWALK, CT – North Mill Equipment Finance, LLC, a leading commercial equipment lessor located in Norwalk, Connecticut, announced that it has entered the mid-ticket financing sector by offering referral agents the opportunity to finance up to $1 million for their customers through the company’s Application Plus program. Additionally, North Mill has enhanced its Application Only solution by extending the maximum amount financed from $150k to $250k. Both changes are now in effect.
 
“North Mill is in a steady state of product development and operational improvement in support of the broker channel,” said David C. Lee, Chairman and CEO, North Mill. “As an organization that considers referral partners an extension of our team, we regularly solicit their feedback. They requested we finance larger-sized transactions through both our Application Only and Application Plus programs and we responded in kind,” he said. Both enhancements, coupled with the lowering of the company’s buy rates earlier this summer, position North Mill as a one-stop-shop lender. “We expect to see relationships deepen even further with those referral partners who consider North Mill their primary go-to-lender.”  
 
North Mill offers brokers two primary financing arrangements:  Application Only and Application Plus. The former is an ideal solution for customers looking for turn-around financing that does not require considerable documentation and/or time to process. As the company’s most popular financing arrangement, the expansion to $250k will make the program that much more appealing. What has not changed are the Application Only guidelines. Simple and fast, all that’s needed upon submission are a credit application and an invoice for the equipment being financed. The increase in the Application Plus program to $1 million opens new opportunities for referral partners as they enter a market, they’ve never had access to through North Mill -- the mid-ticket financing space. Given that the company’s average deal size continues to expand and the number of Application Plus transactions continues to rise, the new parameters are expected to usher in a new set of customers seeking larger-ticket financing to acquire the capital necessary to operate their businesses. As a fully-underwritten mid-ticket program, submission requirements for North Mill’s Application Plus program remain largely the same -- documentation such as bank statements, tax returns and personal financial statements from owners are required. 
 

North Mill Sets Two Records as the Company’s Originations Reach All-Time High

OCTOBER 4, 2021 -  NORWALK, CT – North Mill Equipment Finance LLC (“North Mill”), a leading independent commercial equipment lessor located in Norwalk, Connecticut, announced today that Q3 loan and lease originations reached an all-time quarterly high of $129.1 million as September drew to a close. Reporting a steady upsurge in volume since January, North Mill continued the trend as it surpassed high-water marks attained earlier this year with new records being set for both quarterly and monthly volume. 
 
Contributing to the company’s meteoric growth rate is the recent joint acquisition of 100% of the stock of parent company Aztec Financial, LLC. An equipment finance company offering specialty contractors access to competitively priced leases and loans, Aztec was purchased by North Mill in conjunction with TF Group, Inc. (“Taycor”), a technology-driven finance provider in El Segundo, California. Aztec was previously owned by Aramsco, the largest supplier of equipment, chemicals, and consumables to specialty contractors across the US and Canada. Traditionally funded quarterly volume through North Mill’s referral network exceeded $77.0 million, in and of itself, another quarterly record for the organization. 
 
The number of transactions submitted by North Mill’s referral partners during Q3 of ’21 increased by almost 19% compared to the third quarter of 2020, while the number of funded deals rose by 38%. Average deal size grew by over 8% to $85,985 while the number of larger-sized deals in excess of $150,000 also increased, motivating factors behind the company’s strategic enhancement to the Application Only and Application Plus financing arrangements. 
 
The last month of the third quarter in and of itself represents a zenith never reached in the company’s 60-year history. September originations surpassed $29.8 million, an increase of $4.8 million from August and a 16% increase from June, the previous record-setting month for North Mill originations. Key performance indicators for September were on overdrive as the number of submitted applications, the company’s approval percentage and average deal size all trended upward. Moreover, 62% of volume generated for the month was from customers with FICO scores of 700 and above. 

Channel Recognizes Five New CLFP Designations

 
OCTOBER 4, 2021 - MINNETONKA, MN - Channel Partners Capital, LLC, recognizes five more team members who recently sat for and successfully passed the Certified Lease & Finance Professional (CLFP) eight-hour online CLFP exam. This group of individuals serve in a variety of roles across the company, each bringing unique expertise and dedication to Channel, our partners, and now to the CLFP Foundation. 
 
The newest members of the CLFP at Channel include: 
 
  • Parker Anderson, CLFP – Sales & Customer Advocate 
  • Luke Grittner, CLFP – Director of Sales 
  • Bryce Hentges, CLFP Associate – Sales & Customer Advocate 
  • Trent Iverson, CLFP – Underwriting Analyst 
  • Adrienne Sharma, CLFP – Funding Manager 
 
“We recognize the tremendous commitment, energy, and effort our CLFP candidates invested in their future and continuing their professional progression as equipment finance professionals here at Channel. It is a monumental task to prepare, sit for, and pass the CLFP exam and we greatly respect and appreciate everything each of them put into this,” said Adrian Hebig, Chief Operations Office, at Channel. “They worked together, supporting and celebrating their collective success throughout the journey – and demonstrating they are the next generation of leaders in our industry.” 
 
Channel congratulates all 41 new CLFP designated industry professionals who share in this accomplishment. Access the full CLFP announcement: https://clfpfoundation.org/clfp-foundation-adds-41-new-clfps/ 
The Certified Lease & Finance Professional (CLFP) designation is the preeminent credential for equipment leasing and financing professionals throughout the world who have demonstrated competency through testing of knowledge, continuing education and a commitment to their business practices and dedication to the industry. This designation was previously known as the Certified Lease Professional (CLP) designation. For more information, visit http://www.CLFPfoundation.org. 

Channel Lists Among Inc 500/5000 Fastest Growing Companies for Ninth Consecutive Year

 
OCTOBER 4, 2021 - MINNETONKA, MN - Channel Partners Capital, LLC, a full-service independent lender offering Equipment Finance and Working Capital funding solutions, was ranked among the 5,000 fastest-growing private companies in the U.S. by Inc. magazine for a ninth consecutive year in 2021. The Inc. 5000 list recognizes the nation’s most dynamic, growing small to mid-size businesses based on success over the course of a year. 
Companies on the 2021 Inc. 5000 have proven success, of course, but perhaps even more impressive is their resilience and adaptability as they faced unprecedented challenges through a global pandemic and recession this past year. This brought forward concerns for their people and livelihoods as well as managing capabilities around demand and supply chain disparities. As these companies emerge from this past year, they remain focused on caring for employees first, and continuing to manage toward accelerated growth. 
 
A complete list of the Inc. 5000, including company profiles and an interactive database that may be sorted by industry, region, and other criteria can be found at www.inc.com/inc5000. The top 500 companies are featured in the September issue of Inc., on newsstands now. 
 
“We’ve been fortunate to work with companies that realize adding additional products or credit to their funding solutions does not have to be complex or difficult,” said Brad Peterson, CEO at Channel. “We’ve been able help our partners expand the ways in which they connect with their customer and advance their credibility, process and relationships. Our approach is unique in the marketplace and fuels mutual growth; a win together partnership that truly sets us apart from our competition.” 
 
Channel's significant growth is supported by a strong balance sheet and capital structure to fund over $500 million in annual originations. Senior debt commitments from several banks and the backing of an equity sponsor with over $45 billion in assets under management allow Channel to continue its growth as one of the most financially stable independents in the industry. 
 

Maxim Commercial Capital Funded Deals in 32 States During Q3 2021

(Hard-asset based lender fulfilled strong demand across all lending programs)
 
OCTOBER 13, 2021 – LOS ANGELES, CA  – Maxim Commercial Capital (“Maxim”) saw increased demand across all lending programs during the third quarter 2021. Contractors nationwide are purchasing heavy equipment in response to a surge in infrastructure projects and the active construction industry. Entrepreneurs owning residential, commercial and industrial real estate are leveraging properties to fund immediate business opportunities, and owner-operators of class 8 trucks are upgrading and adding equipment to fulfill strong contracts. 
 
“The private lending market is normalizing now that the PPP financing program is over and COVID-19 infection rates are declining in most markets,” said Michael Kianmahd, Executive Vice President. “With most students back in school and improving vaccination rates, it’s a very different world than a year ago. We are very optimistic for a stable Q4 and busy 2022.”
 
Maxim funded numerous truck purchases for start-up and non-CDL buyers with good credit and experienced owner-operators with challenged credit during the quarter. Representative transactions included a 2018 Freightliner Cascadia with 418,000 miles purchased for $70,200 by a start-up owner-operator with an 819 FICO; a 2017 International ProStar with 390,000 miles purchased for $58,570 by a non-CDL owner with a 795 FICO and his partner, with an experienced driver with bad credit; and a 2015 Peterbilt 579 with 456,000 miles purchased for $53,374 by a newer owner-operator with fair credit.
 
Transactions for construction equipment included a $103,000 loan to a former client to purchase a 2015 Peterbilt 365 dump truck to expand his business. The borrower minimized his down payment by pledging his paid-off 2010 Peterbilt 365 dump truck as additional collateral. Other representative fundings were $39,400 loan to a Colorado-based contractor with challenged credit to purchase a 2014 Hitachi AX350 LC5 excavator, and a $105,300, 54-month loan to a start-up trucking and hauling company in Florida to buy a 2022 Kenworth T800 Tri-Axle dump truck, thereby eliminating its $3,000 weekly rental expense. 
 
“Our borrowers’ demand for financing provides a good barometer for the post-pandemic recovery,” said Behzad Kianmahd, Chairman and CEO. “They are securing strong contracts, adding employees, and investing in additional equipment to grow their businesses. We are on a mission and very pleased to help them achieve the American dream of entrepreneurship.”
 

The Equipment Finance Department of First Foundation Bank is growing again! 

NOVEMBER 1, 2021 - IRVINE, CA - After another excellent year during the pandemic of 2020, these additions, upgrades and promotions are well deserved, and all will play a major role in supporting and assuring our continued growth.  
 
Ryan Gilbert has been promoted to the position of Credit Analyst III.  Ryan joined our company in 2016 as a Credit Analyst I.  As our Credit Team and department have grown, Ryan has grown with us.  Ryan now helps to manage the workflow of our Credit Team, answer questions of other Credit Analysts helping to make sure that policies and procedures and service standards are followed.  Ryan reports to Garrett Reetz, First Foundation’s VP/Credit Department Manager.
 
Tyler Chu has been promoted to the position of Credit Analyst II.  Tyler joined our company in 2020 as a Credit Analyst I with an extensive background in small business lending.  Tyler will increase his responsibilities in support of Garrett Reetz, our VP/Credit Manager and our entire Credit Team.  
 
Stacey Thompson has had her job responsibilities in our Equipment Finance Department reassessed and realigned into a Lease/Loan Servicing Specialist II.  Stacey joined our company in 2017 as a Lease/Loan Servicing Specialist I with an extensive background in equipment finance documentation and funding.  Stacey will increase her responsibilities in support of Bree Johnson, our VP/Operations Manager and our entire Operations Team.
Nelly Caravez has been promoted to the position of Lease/Loan Servicing Specialist II.  Nelly joined our company in 2018 as a Loan Operations Assistant.  As our Operations Team and department have grown, Nelly has continued to grow right along with us.  Nelly will increase her responsibilities in support of Bree Johnson, our VP/Operations Manager and our entire Operations Team.
 
Kylie Link has joined our First Foundation Bank Equipment Finance Department Team as a Lease/Loan Servicing Specialist I.  Kylie brings experience in the service and financial needs of small businesses.  Kylie will be providing excellent customer service, while also processing title, insurance and documentation work.  Kylie will be reporting to Bree Johnson, our VP/Operations Manager. 
 
The First Foundation Bank Equipment Finance Department provides no direct lending programs and solely grows by funding relationships with independent leasing and finance companies throughout the United States.          
 

Ascentium Capital LLC Reports $390M in Third Quarter Funding Volume

NOVEMBER 2, 2021 - KINGWOOD, TX – Ascentium Capital LLC, a national commercial lender, announced continued growth during the third quarter of 2021. Financing volume increased $82 million, up 26% from the prior-year period. Strategic execution and ongoing economic recovery resulted in strong performance this quarter. 
“Ascentium remains focused on delivering an exceptional customer experience supported by operational efficiencies, service excellence and competitive financing products. These core competencies are resonating with our clients and contributing to our positive momentum going into the fourth quarter,” said Tom Depping, executive vice president and Ascentium group manager. 
 
Ascentium Capital offers specialized equipment financing and business loans to commercial entities nationwide. The company also provides customized finance programs for equipment manufacturers and distributers with simplified application procedures to help businesses in a broad array of industries including commercial vehicles, energy, franchise, healthcare, industrial, and technology.
“Quarter-over-quarter originations growth remains steady as we continue to satisfy our customers’ demands,” added David Lyder, senior vice president of Ascentium Sales and Marketing. “We are recruiting additional sales resources and refining existing products to keep pace with, and anticipate, our customers’ needs. Our top priority is helping our customers grow their businesses.”
 

Channel Closes $105MM Securitization 

DECEMBER 7, 2021 – MINNETONKA, MN - Channel announced today that it has completed its first securitization, a $105 million issuance of asset-backed notes collateralized by small business loans and advances across a diverse set of industries. 
 
The notes consist of three classes, rated A (sf), BBB (sf), and BB (sf) by Kroll Bond Rating Agency with a blended fixed annual coupon of 3.80%. The transaction also features a three-year revolving period and may be increased to $500 million. Guggenheim Securities served as sole structuring advisor and book-running manager. 
 
“We are excited to have successfully executed on our first securitization which represents an important milestone for our team and platform,” said Eli Sethre, Chief Financial Officer at Channel. “KBRA’s ratings and Channel’s track record of historically low cumulative net loss rates across economic environments demonstrate the value of our business model and ability to underwrite and manage risk. This ABS financing structure significantly improves Channel’s cost of capital, liquidity, and financing diversity, all of which are crucial to our growth and continued success.” 
 
Brad Peterson, President and Chief Executive Officer at Channel said, “We are pleased with the acceptance of Channel’s first offering in the marketplace by institutional investors. The interest shown is a significant reflection of our strong partnerships and the quality of business we originate together. Moreover, it substantiates the direction we are headed as a company, the value in our credit modeling, business analytics and technology enabled approach, and the single source benefit we uniquely bring to market through multiple products and solutions.” 
 

CLFP Foundation Adds 17 New CLFPs

DECEMBER 13, 2021 – SEATTLE, WA - The Certified Lease & Finance Professional (CLFP) Foundation is pleased to announce that 17 individuals who recently sat through the 8-hour online proctored CLFP exam, have passed.  They are:
 
  1. Patricia Boehl, CLFP – Senior Account Executive, DLL
  2. Drew Brown, CLFP – Cisco Area Sales Manager, DLL
  3. Chase Flamand, CLFP – Account Manager-Enterprise Sales, DLL
  4. Amy Gossin, CLFP – Contract Manager, Key Equipment Finance 
  5. Megan Grout, CLFP – Supervisor of CAMS and Quality Assurance Team, DLL
  6. Darlene Hookstra, CLFP – Leasing Coordinator, Lewis Tree Service, Inc.
  7. Vincent Knowlton, CLFP – Chief Executive Officer, Entegra Capital LLC
  8. Stephanie Langford, CLFP – Syndication Manager, Navitas Credit Corp. 
  9. Robert Magee, CLFP – Area Sales Manager, DLL
  10. Anthony McCormick, CLFP – Senior Business Architect, Odessa
  11. Ben McLoughlin, CLFP – Vice President of Sales, Vision Financial Group, Inc.
  12. Tom O’Connell, CLFP – Account Manager, DLL
  13. Robert Russell, CLFP
  14. Amanda Sapienza, CLFP – Vice President, Credit Manager, Nexseer Capital
  15. Alexander Shields, CLFP – Regional Vice President of Sales Equipment Finance, Byline Financial Group
  16. Kirsten Sinopoli, CLFP – Telesales Executive, DLL
  17. Evan Tuozzoli, CLFP – Vice President of Capital Markets, Nexseer Capital
Mr. Shields attended the largest online Academy for Lease & Finance Professionals to date, hosted by CEFI and stated, “Attending the CLFP Academy and taking the exam had been on my radar screen for a number of years. As an industry participant to just the sales process, the Academy tied everything together for me in an organized and in-depth way. If you know a little about a lot of different in leasing and finance, the Academy and the Exam is a must. Your knowledge base increases in depth and width.”
 
Ms. Langford also attended the CEFI-sponsored ALFP and added, “Each important arm of the equipment financing industry depends on the other to complete the full task at hand in a professional, efficient manner. Having the CLFP designation gives the various funding sources, clients, and colleagues confidence that they can trust in my deeper understanding and knowledge, professionalism, integrity, and experience as we conduct business within our industry partnerships.”
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IN THIS ISSUE
AACFB President's Message
AACFB 30th Anniversary Celebration
2022 AACFB Annual Conference - Registration is LIVE
AACFB Welcomes New Members
AACFB Benefit Spotlight
Front and Center
Usury 101: The Mystique and the Mistakes
Increase Sales by Getting Back to Basics
The 6 Key Areas to Prepare for Underwriting an SBA Loan and Equipment Lease
Commercial Lenders Can Grow Their Market by Understanding How B2B Sales Are Changing
Transitioning to NMLS
Member News
Industry Buzz in the Biz
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