Leasing News

Kit Menkin’s Leasing News

Monday, March 18, 2002 www.leasingnews.org

Independent, unbiased and fair news about the Leasing Industry

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Headlines----

Bank of the West Becomes California’s Fourth Largest Bank*

Minimum Leasing Association Dues Comparison

Monday---Odds and Ends

Where are Jim Lahti and Richard Galtelli?

Jeffrey Taylor---lease CPA---New Tax Laws--

CitiCapital Launches Vendor FastFinance

Silicon Valley---Mired in Recovery

### Denotes Press Release

* parent of Bank of the West Leasing

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Transaction Creates $34-Billion Western Banking Organization;

Bank of the West Becomes Fourth-Largest California Bank

SAN FRANCISCO and LOS ANGELES, / -- BancWest Corporation, a subsidiary of BNP Paribas, announced today that it has completed its acquisition of United California Bank from UFJ Bank Ltd. of Japan. United California Bank is the largest Los Angeles-based bank with assets of $10.5 billion and 115 branches throughout California.

United California Bank will be merged into Bank of the West, a BancWest subsidiary. Later this year, its branches will be fully integrated into the branch system of Bank of the West, more than doubling its California presence.

The acquisition solidifies BancWest's position as one of the premier western financial services franchises. BancWest now has $34 billion in assets and serves 1.5 million customers from more than 350 branches in California, six other Western states, Guam and Saipan. Bank of the West will have $15 billion in deposits within California, ranking fourth in bank deposit market share in the nation's most populous state.

"In terms of business lines and geography, United California Bank is a perfect fit," said BancWest Chairman and Chief Executive Officer Walter A. Dods, Jr. "United California's strong presence in Southern California complements Bank of the West's existing network in Northern California, the Pacific Northwest, New Mexico and Nevada."

Don J. McGrath, president and chief operating officer of BancWest and president and chief executive officer of Bank of the West, said the transaction "puts our company into southern California on a scale to compete successfully. It also adds to our market share in the northern and central regions of the state. We'll be able to offer our brand of community banking and superior service to customers from San Diego to San Francisco."

About United California Bank

United California Bank ( www.unitedcalbank.com ) is the product of last year's merger of Sanwa Bank California and Tokai Bank of California. The parent company of United California Bank is UFJ Bank Ltd., which was created in Japan in January in the merger of The Sanwa Bank, Limited and The Tokai Bank, limited.

About BancWest

BancWest Corporation ( www.bancwestcorp.com ) is a bank holding company with assets of $34 billion following completion of the above acquisition. It is headquartered in Honolulu, Hawaii, with an administrative headquarters in San Francisco, California. Its principal subsidiaries are:

-- Bank of the West which, prior to this acquisition, had 193 branches in Northern and Central California, Oregon, New Mexico, Nevada, Washington state and Idaho, and -- First Hawaiian Bank, with 56 branches in Hawaii, two in Guam and two in Saipan.

About BNP Paribas

BNP Paribas ( www.bnpparibas.com ) is a world leader in banking and financial services, offering retail banking and financial services (consumer credit, leasing, e-brokerage, insurance, car fleet management, etc.) to millions of individual customers and corporations mainly in France (2000 branches), Europe, the United States, Mediterranean basin and Africa. Headquartered in Paris, France, it has one of the most extensive international networks in the world with offices in 87 countries. Active in all major financial centers, and providing services to large corporations and institutions, BNP Paribas enjoys key positions in Corporate and Investment Banking, Private Banking, Asset Management and Securities Services. With total assets of $735.8 billion (EUR 825.3 billion) and shareholders' equity of $21.9 billion (EUR 24.6 billion) at December 31, 2001, BNP Paribas is the Number 1 listed bank in France and Number 2 listed bank in the Euro zone.

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Minimum Leasing Association Dues Comparison

				Association for Governmental Leasing and Finance	Eastern Association of Equipment Lessors		Equipment Leasing Association		Mid-America Association of Equipment Lessor	National Association of Equipment Leasing Brokers		United Association of Equipment Leasing
Broker		up to $3m		$650	$300		$1,200		$300	$295		$445
	Funder		up to $10m	$650		$800		$1,200	$300		$750		$1,725
	Service		1-5 empl.	$650		$800		$1,500	$300		$600		$600

Basic dues to join the six non-profit equipment leasing associations.

The Equipment Leasing Association has a $400 application fee.

Full comparison available at : http://www.leasingnews.org/DuesComparison.htm

Equipment Leasing Association:

http://www.leasingnews.org/associations.htm

Related equipment leasing associations are located at: http://www.leasingnews.org/associations2.htm

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Monday---Odds and Ends

CIT Blocking Leasing News e-Mail—sent him e-mail via AOL

Sneaky. I'm impressed and approve. I have a copy being sent to my home
address and I pull it in through here. I figured leasingnews.org will be
added to the Firewall soon. And when they catch the AOL address, I'm sure
it will be blocked out. Hmmm. How many Excite, Hotmail, OneBox accounts do
you have? LOL

( Name With Held---a CIT “department manager” )

( You are right on. These email addresses are all free and very easy to obtain.

Quite a out-dated attitude by CIT upper management as if employees

are immature, not able to consider other opinions, or worse yet, won’t

learn what is happening in their own company. What do they have to hide

by blocking Leasing News email? Editor )

-----

Bruce Kropschot recommended this book.

Leasing for Dummies

http://www.amazon.com/exec/obidos/ASIN/0764553704/qid%3D1016411987/ref%3Dsr%5F11%5F0%5F1/104-5395322-4415965

First Federal Jerry Bishop Appearing in Las Vegas ( Live! )

Eastern Association of Equipment Leasing and United Association of

Equipment Joint Leasing Conference

( also at the National Association of Equipment

Leasing Conference in Orlando )

Thank you for the title "Dealing Man"-being a regular visitor to Las

Vegas I accept that title with honor.

Yes I will be doing my small part in the NAELB Show in Orlando April 11-14, and Las Vegas May 2-5.

Actually my theme may be "the similarities between surviving five days in Las Vegas, to surviving long term in the leasing business. I am compiling the odds now and may have a surprising announcement soon-Stay Tuned !

Jerry Bishop, CEO

First Federal Leasing

jerry@firstbankrichmond.com

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Commercial Money Center

All the e-mail to readers at Commercial Money Center now comes back.

The company is closed. Leasing News is trying to find out whether they

have filed bankruptcy, are planning to file bankruptcy, and the outcome

of claims from lessee, vendors, brokers and other creditors.

---

My e-mail address has changed from "dmpower@mediaone.net" to

"dmpower@attbi.com". Keep up the good work -- your newsletter is very

interesting, informative and entertaining.

Dan Power

1 King Philip Path

Hingham, MA 02043-3954

Phone: 781-749-2195

E-Mail: dmpower@attbi.com

(Thank you. Very much appreciate letting us know about the old address.

Many readers assume we will find out about their old address, but that

is not the case. Plus when we get mail back, it is from the carrier, without

who the mail was original intended for. If you change your address, please

let us know the old address to delete. Editor )

----

Jim Merrilees

Guess who left a voicemail message about attending the MAEL Invitational? ***

Wonders if I am flying him out "all expenses paid". Mentions he has a

Chicago office and should probably consider attending.

Best regards,

Clyde D. Cady

President

Facility Capital

333 West Wacker Drive

Suite 1750

Chicago, IL 60606

cdcady@facilitycapital.com

www.facilitycapital.com

312.541.6000 phone

312.541.1275 fax

312.399.9335 mobile

Members ELA & MAEL

( Wow, you are paying for his flight, too!!! Dinner and wine included!

What a promotion to attract new members? . Editor )

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18th Annual Golf Invitational & Warm Up

The MidAmerica Association of Equipment Lessors (“MAEL”), ELA’s largest regional affiliate, will be hosting it’s 18th Annual Golf Invitational on May 20, 2002 at Harborside International Golf Center in Chicago, Illinois. Harborside is crafted in the links tradition of treeless, windswept English, Scottish and Irish seaside courses and is located 16 minutes south of the loop. With two championship courses reserved at Harborside, there is space for 320 golfers. The “storm-proof” lakeside clubhouse can accommodate up to 400 people for the reception and dinner. We expect participation this year to be at capacity, which is up from last year’s 254 golfers and 290 for dinner and reception. Our after dinner speaker will be announced in the very near future.

The MAEL Invitational will be preceded by the 4th Annual Warm Up Golf Weekend with mid-day tee times reserved on May 18th at Ruffled Feathers Golf Club in Lemont, IL and on May 19th at The Course at Aberdeen in Valparaiso, IN. Sponsorship opportunities are available for all events. Arrive on Friday the 17th or Saturday the 18th, enjoy two or three great rounds of golf and plan your Year 2002 Chicago business appointments for the 21st and/or 22nd. Reserve your place today to participate in our industry’s largest golf related networking opportunity. Hotel accommodations have been blocked for your convenience at Holiday Inn Chicago Mart Plaza, 30 North Orleans Street, Chicago, Illinois 60654 (312) 836-5000 (reservations should be made prior to April 1st). During the day, non-golfing companions/spouses can sample Chicago’s fine cultural and shopping environment and evenings are free for entertaining and socializing. Register on-line @ www.mael.org or e-mail events@mael.org for further information.

Members and non-members are invited.

Where are Jim Lahti and Richard Galtelli ?

BancPartners, formerly First Commercial Leasing

Larry Mathews President/ Chief Operating Officer

BancPartners Leasing welcomes Larry Mathews as President and Chief Operating Officer. Larry brings 24 years of banking experience to BancPartners. Prior to joining BancPartners, Larry was Chairman/CEO of The Bank in Birmingham, Alabama, and Vice Chairman of The Bancorporation where he managed thirty offices in Alabama and Florida, oversaw the development and marketing of new deposits and operating systems, and developed officer and director incentive plans. Larry received an MBA from the University of Alabama in 1981, and a BS Finance degree in 1975. He was a member of Beta Gamma Sigma-Business Honorary. Larry proudly serves as Board Member of the Alabama Symphonic Association and Prescott House.

Jim Lahti is still in the main picture on the website along with

Richard Galtelli : http://www.bancpartners.com/

On one page, Rick Gatelli has his picture and is listed as Vice-President-COO,

with news that a private label community/regional bank program is about

to be launched. ( announcement made the previous week ).

Neither he or Rick Gatelli have their picture in: “Our People”.

Where are Jim Lahti and Rick Gatelli?

_______________________________________________________________

Quote from the Article

“I personally think that it doesn’t do a whole heck of a lot for a small leasing company or a company that doesn’t acquire a lot of assets.

”I'm also disappointed that they dropped proposed increases in Sec 179 at the last minute.”

Plus details from Section 101 and 102 of the passed bill----

New Tax Laws

http://executivecaliber.ws/sys-tmpl/door/

( Website address: Leasing Financial newsletter also available )

EDITORIAL by Jeffrey Taylor

I love Congress. I watch them intently and learn a lot about how they manipulate outcomes so that both parties can look good.

Republicans want to look good for big business and Democrats want to look good for everyone else.

On Friday of last week, Congress passed House of Representatives Bill 3090 (commonly referred to as H.R. 3090). George signed it on Saturday.

First introduced 6 months ago as the Economic Security and Recovery Act of 2001, it is now being called The Job Creation and Worker Assistance Act of 2002 (note: similar provisions – different name).

There were 7 different versions of this bill before it passed the Senate. The version that the House and the Senate passed on Friday shows a lot of compromise on both sides of the aisle.

Neither party ran away with the bill and George, who gets to sign it, looks good.

If you want to see the final bill Click Here and enter H.R. 3090 in the search box.

As far as our leasing industry is concerned, there are two major provisions, which may benefit leasing companies.

First, there is Section 101 – Special Depreciation Allowance for Certain Property.

As I read the provision, a corporate taxpayer will be able to deduct 30% in the first year before computing regular MACRS. For example, let’s say you have a $100,000 computer which originally would get 20% depreciation in the first year under MACRS. Now the taxpayer would get 30% or 30,000 plus 20% of 70,000 (the remaining basis) or 14% for a total tax deduction of 44%.

Old MACRS rules

Year 1 20000
Year 2 32000
Year 3 19200
Year 4 11520
Year 5 11520
Year 6 5760

Total 100000

NPV discounted at 5% in the 35% tax bracket

$30,611.07 Arrears (Dec 31, 20XX)
$32,141.62 Advance (Jan 01, 20XX)

New MACRS rules with 30% first year bonus

Year 1 44000
Year 2 22400
Year 3 13440
Year 4 8064
Year 5 8064
Year 6 4032

Total 100000

NPV discounted at 5% in the 35% tax bracket

$31,427.75 Arrears
$32,999.14 Advance

If my computations are correct the net tax savings for a corporate taxpayer in the 35% tax bracket is $816.68 ($31,427.75 - $30,611.07) per 100,000 for rents in arrears and $857.52 ($32,999.14 - $32,141.62)for rents in advance.

Although this may not seem like a lot it should allow leasing companies with large portfolios to reduce their cost or increase profits.

And, this new law is good for the next 3 years.

I personally think that it doesn’t do a whole heck of a lot for a small leasing company or a company that doesn’t acquire a lot of assets.

I'm also disappointed that they dropped proposed increases in Sec 179 at the last minute.

I'm guessing that the people over at the lease accounting software houses like McCue, Myrddin and IFS and the pricing software houses like Ivory, TValue and Warren/Selbert are dreaming dollars for system changes and worrying if they can make the changes fast enough.

We shall see!!!

And then there is Section 102 – Carryback of Certain Net Operating Losses Allowed for 5 Year and a temporary suspension of the 90% AMT Limit.

Congress is changing the old carryback loss provision from 2 years to 5 years.

Theoretically, if a company made money 5 years ago, paid taxes, incurred losses last year, and was restricted on the carryback, they could file amended returns and get back more money.

The 90% AMT limit also limited the amount of NOL that a company could declare.

If your company is making money and you are not in AMT, you might as well skip this section and go to Starbucks for a break.

The rest of this article presents details from Section 101 and 102 of the passed bill.

TITLE I--BUSINESS PROVISIONS

SEC. 101. SPECIAL DEPRECIATION ALLOWANCE FOR CERTAIN PROPERTY ACQUIRED AFTER SEPTEMBER 10, 2001, AND BEFORE SEPTEMBER 11, 2004.

(a) IN GENERAL- Section 168 (relating to accelerated cost recovery system) is amended by adding at the end the following new subsection:

`(k) SPECIAL ALLOWANCE FOR CERTAIN PROPERTY ACQUIRED AFTER SEPTEMBER 10, 2001, AND BEFORE SEPTEMBER 11, 2004-

`(1) ADDITIONAL ALLOWANCE- In the case of any qualified property--

`(A) the depreciation deduction provided by section 167(a) for the taxable year in which such property is placed in service shall include an allowance equal to 30 percent of the adjusted basis of the qualified property, and

`(B) the adjusted basis of the qualified property shall be reduced by the amount of such deduction before computing the amount otherwise allowable as a depreciation deduction under this chapter for such taxable year and any subsequent taxable year.

`(2) QUALIFIED PROPERTY- For purposes of this subsection--

`(A) IN GENERAL- The term `qualified property' means property--

`(i)(I) to which this section applies which has a recovery period of 20 years or less,

`(II) which is computer software (as defined in section 167(f)(1)(B)) for which a deduction is allowable under section 167(a) without regard to this subsection,

`(III) which is water utility property, or

`(IV) which is qualified leasehold improvement property,

`(ii) the original use of which commences with the taxpayer after September 10, 2001,

`(iii) which is--

`(I) acquired by the taxpayer after September 10, 2001, and before September 11, 2004, but only if no written binding contract for the acquisition was in effect before September 11, 2001, or

`(II) acquired by the taxpayer pursuant to a written binding contract which was entered into after September 10, 2001, and before September 11, 2004, and

`(iv) which is placed in service by the taxpayer before January 1, 2005, or, in the case of property described in subparagraph (B), before January 1, 2006.

`(B) CERTAIN PROPERTY HAVING LONGER PRODUCTION PERIODS TREATED AS QUALIFIED PROPERTY-

`(i) IN GENERAL- The term `qualified property' includes property--

`(I) which meets the requirements of clauses (i), (ii), and (iii) of subparagraph (A),

`(II) which has a recovery period of at least 10 years or is transportation property, and

`(III) which is subject to section 263A by reason of clause (ii) or (iii) of subsection (f)(1)(B) thereof.

`(ii) ONLY PRE-SEPTEMBER 11, 2004, BASIS ELIGIBLE FOR ADDITIONAL ALLOWANCE- In the case of property which is qualified property solely by reason of clause (i), paragraph (1) shall apply only to the extent of the adjusted basis thereof attributable to manufacture, construction, or production before September 11, 2004.

`(iii) TRANSPORTATION PROPERTY- For purposes of this subparagraph, the term `transportation property' means tangible personal property used in the trade or business of transporting persons or property.

`(C) EXCEPTIONS-

`(i) ALTERNATIVE DEPRECIATION PROPERTY- The term `qualified property' shall not include any property to which the alternative depreciation system under subsection (g) applies, determined--

`(I) without regard to paragraph (7) of subsection (g) (relating to election to have system apply), and

`(II) after application of section 280F(b) (relating to listed property with limited business use).

`(ii) QUALIFIED NEW YORK LIBERTY ZONE LEASEHOLD IMPROVEMENT PROPERTY- The term `qualified property' shall not include any qualified New York Liberty Zone leasehold improvement property (as defined in section 1400L(c)(2)).

`(iii) ELECTION OUT- If a taxpayer makes an election under this clause with respect to any class of property for any taxable year, this subsection shall not apply to all property in such class placed in service during such taxable year.

`(D) SPECIAL RULES-

`(i) SELF-CONSTRUCTED PROPERTY- In the case of a taxpayer manufacturing, constructing, or producing property for the taxpayer's own use, the requirements of clause (iii) of subparagraph (A) shall be treated as met if the taxpayer begins manufacturing, constructing, or producing the property after September 10, 2001, and before September 11, 2004.

`(ii) SALE-LEASEBACKS- For purposes of subparagraph (A)(ii), if property--

`(I) is originally placed in service after September 10, 2001, by a person, and

`(II) sold and leased back by such person within 3 months after the date such property was originally placed in service,
such property shall be treated as originally placed in service not earlier than the date on which such property is used under the leaseback referred to in subclause (II).

`(E) COORDINATION WITH SECTION 280F- For purposes of section 280F--

`(i) AUTOMOBILES- In the case of a passenger automobile (as defined in section 280F(d)(5)) which is qualified property, the Secretary shall increase the limitation under section 280F(a)(1)(A)(i) by $4,600.

`(ii) LISTED PROPERTY- The deduction allowable under paragraph (1) shall be taken into account in computing any recapture amount under section 280F(b)(2).

`(F) DEDUCTION ALLOWED IN COMPUTING MINIUMUM TAX- For purposes of determining alternative minimum taxable income under section 55, the deduction under subsection (a) for qualified property shall be determined under this section without regard to any adjustment under section 56.

`(3) QUALIFIED LEASEHOLD IMPROVEMENT PROPERTY- For purposes of this subsection--

`(A) IN GENERAL- The term `qualified leasehold improvement property' means any improvement to an interior portion of a building which is nonresidential real property if--

`(i) such improvement is made under or pursuant to a lease (as defined in subsection (h)(7))--

`(I) by the lessee (or any sublessee) of such portion, or

`(II) by the lessor of such portion,

`(ii) such portion is to be occupied exclusively by the lessee (or any sublessee) of such portion, and

`(iii) such improvement is placed in service more than 3 years after the date the building was first placed in service.

`(B) CERTAIN IMPROVEMENTS NOT INCLUDED- Such term shall not include any improvement for which the expenditure is attributable to--

`(i) the enlargement of the building,

`(ii) any elevator or escalator,

`(iii) any structural component benefiting a common area, and
`(iv) the internal structural framework of the building.

`(C) DEFINITIONS AND SPECIAL RULES- For purposes of this paragraph--

`(i) COMMITMENT TO LEASE TREATED AS LEASE- A commitment to enter into a lease shall be treated as a lease, and the parties to such commitment shall be treated as lessor and lessee, respectively.

`(ii) RELATED PERSONS- A lease between related persons shall not be considered a lease. For purposes of the preceding sentence, the term `related persons' means--

`(I) members of an affiliated group (as defined in section 1504), and

`(II) persons having a relationship described in subsection (b) of section 267; except that, for purposes of this clause, the phrase `80 percent or more' shall be substituted for the phrase `more than 50 percent' each place it appears in such subsection.'.

(b) EFFECTIVE DATE- The amendments made by this section shall apply to property placed in service after September 10, 2001, in taxable years ending after such date.

SEC. 102. CARRYBACK OF CERTAIN NET OPERATING LOSSES ALLOWED FOR 5 YEARS; TEMPORARY SUSPENSION OF 90 PERCENT AMT LIMIT.

(a) IN GENERAL- Paragraph (1) of section 172(b) (relating to years to which loss may be carried) is amended by adding at the end the following new subparagraph:

`(H) In the case of a taxpayer which has a net operating loss for any taxable year ending during 2001 or 2002, subparagraph (A)(i) shall be applied by substituting `5' for `2' and subparagraph (F) shall not apply.'.

(b) ELECTION TO DISREGARD 5-YEAR CARRYBACK- Section 172 (relating to net operating loss deduction) is amended by redesignating subsection (j) as subsection (k) and by inserting after subjection (i) the following new subsection:

`(j) ELECTION TO DISREGARD 5-YEAR CARRYBACK FOR CERTAIN NET OPERATING LOSSES- Any taxpayer entitled to a 5-year carryback under subsection (b)(1)(H) from any loss year may elect to have the carryback period with respect to such loss year determined without regard to subsection (b)(1)(H).

Such election shall be made in such manner as may be prescribed by the Secretary and shall be made by the due date (including extensions of time) for filing the taxpayer's return for the taxable year of the net operating loss. Such election, once made for any taxable year, shall be irrevocable for such taxable year.'.

(c) TEMPORARY SUSPENSION OF 90 PERCENT LIMIT ON CERTAIN NOL CARRYOVERS-

(1) IN GENERAL- Subparagraph (A) of section 56(d)(1) (relating to general rule defining alternative tax net operating loss deduction) is amended to read as follows:

`(A) the amount of such deduction shall not exceed the sum of--

`(i) the lesser of--

`(I) the amount of such deduction attributable to net operating losses (other than the deduction attributable to carryovers described in clause (ii)(I)), or

`(II) 90 percent of alternative minimum taxable income determined without regard to such deduction, plus

`(ii) the lesser of--

`(I) the amount of such deduction attributable to the sum of carrybacks of net operating losses for taxable years ending during 2001 or 2002 and carryforwards of net operating losses to taxable years ending during 2001 and 2002, or

`(II) alternative minimum taxable income determined without regard to such deduction reduced by the amount determined under clause (i), and'.

(2) EFFECTIVE DATE- The amendment made by this subsection shall apply to taxable years ending before January 1, 2003.

(d) EFFECTIVE DATE- Except as provided in subsection (c), the amendments made by this section shall apply to net operating losses for taxable years ending after December 31, 2000.

Jeffrey Taylor has more than 20 years of lease training experience. He is a licensed CPA and has an extensive background in leasing as an academic and broker. He received his BA from Washington University and his MBA from the University of Chicago. His international lectures have taken him to Australia, Canada, Hong Kong, Ireland, Italy, Korea, Malta, Mexico, Nigeria, Portugal and Singapore. He has been published in the Molloy Monitor, Asian Leasing Journal, Journal of Equipment Finance, Practical Cash Management, Asset Leasing Digest, E-Trucker Magazine and the Handbook of Equipment Leasing.

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( After announcing closure of their Machine Tool division, Citigroup

takes to the Internet to increase equipment leasing business. They are

also going to take out more Yellow Page telephone advertising, it

is reported. )

CITICAPITAL VENDOR FINANCE LAUNCHES FASTFINANCE®

New York, NY -- CitiCapital, a business unit of Citigroup, today announced the launch of FastFinance®, an advanced e-commerce lease origination and portfolio management system for its vendor customers. FastFinance is available to equipment vendors, dealers, and distributors which offer their customers point-of-sale financing through CitiCapital.

FastFinance helps users significantly streamline their lease origination process and offer their customers instantaneous financing when they acquire new equipment. Manufacturers and distributors using FastFinance can close sales faster by providing real-time quotes, submitting lease applications for their customers online, and obtaining immediate credit decisions. With FastFinance, users will also have access to their company’s own customer database to track customer activity.

Anthony Cracchiolo, Business Head of CitiCapital’s Vendor Finance Group for Healthcare, Energy and Electronics, said, “FastFinance is proof of our on-going commitment to put technology to work on behalf of our customers. Whatever the size of a vendor’s sales force – from 100 to 1,000 -- we can help them achieve their sales goals and become more efficient. This innovative technology gives our customers a true advantage over their competitors. They can now offer real-time financing from virtually anywhere, anytime.”

CitiCapital Vendor Finance Group is a leading provider of finance programs for manufacturers, dealers and distributors of medical technology, energy management systems, electronics equipment, and business technology.