Scott Thacker,
CEO,
Ivory Consulting

Nancy Robles,
President,
Eastern Funding

George Parker,
Co-CEO,
VenSource Capital

Eric McGriff,
Chief Risk Officer,
36th Street Capital

Julia Gavrilov,
Partner,
Moritt Hock & Hamroff

From participating in committees and winning awards, to attending the White House’s pride event, equipment financiers are truly dedicated to making a difference with diversity, equity and inclusion (DE&I). Of course, there’s still a long road ahead. Just looking at the demographic of industry executives, it’s not difficult to glean that most equipment finance companies are not run by someone from an underrepresented group. The industry may have seen more emphasis on DE&I in recent years, but it’s not yet translating to leadership roles.

THE EQUIPMENT FINANCE PERSPECTIVE
In speaking with the top nominees and winner (congratulations, Nancy Robles!) of Converge 2024’s Champion of Diversity award, as well as the winner of Converge 2023’s Champion of Diversity award (congratulations, Scott Thacker!), the general outlook on DE&I in equipment finance is very positive. Each executive points to a great amount of progress in recent years and celebrates the individuals, organizations and associations championing for it.

IS THE PRESSURE OFF?
Put simply, no. Eric McGriff, chief risk officer of 36th Street Capital, argues that DE&I is actually under pressures from two opposing angles. On one hand, the political and legal pressure is still in effect, with pushback from those who conflate DE&I with affirmative action. On the other hand, McGriff has noticed increasing pressures from customers, investors and advocacy groups to uphold and expand DE&I commitments.

How can companies balance out these opposing pressures and champion for DE&I in ways that lead to real, lasting change?

DATA, DEMOGRAPHICS AND DIFFERENCE-MAKING
George Parker, co-CEO of VenSource Capital, points out that, in an industry that measures everything, there are no real numbers on company’s employee demographics. “There’s a lack of what we do best, which is set goals and objectives and measure things, and then set strategies for changing things,” Parker says. He also emphasizes that the industry is good at organizing, discussing and making a difference. He would like to see this happen with DE&I, noting that, right now, most initiatives are at a small scale in the form of committees within individual companies or associations.

Julia Gavrilov, partner at Moritt Hock & Hamroff (MH&H), believes that the equipment finance sector is uniquely positioned to lead the DE&I charge because it covers multiple industries. The first step in doing so, she says, is ensuring that diversity, equity and inclusion are integrated in all facets of the sector. “The responsibility is not only within organizations to further DE&I efforts internally, but also within the equipment finance industry at large by way of dissemination of the importance of DE&I, along with best practices, at conferences, via webinars and various other means,” Gavrilov says.

DILIGENT DE&I WORK
For Scott Thacker, CEO of Ivory Consulting and founding chair of ELFA Equity, one of the best things someone can do to champion for DE&I is to share their story. From Monitor’s Converge to other industry conferences, Thacker has had multiple opportunities to talk about the great work he, with others in the industry, has done in order to encourage and inspire others. “Having attended both Converge events, I had two opportunities to be on stage in front of around 300 people to tell a story, and so many people came up to me to say, ‘Scott, those stories moved me,’” Thacker says. “That’s what I want to challenge other people to do. When you find yourself in a position where you can take an opportunity to tell your story, or to hear someone else’s perspective and point of view, you just may find that you are more similar than different.”

Parker takes an entrepreneurial approach to DE&I, following the fundamentals of getting involved and not succumbing to setbacks. Together with other leaders in the Black Equipment Finance Network — where he serves as president — Parker came up with five specific areas of focus to ensure members stay intentional and support advancement. These include association involvement, networking events, mentorship and professional development, collaboration and support of the industry. “It’s easy to talk about things,” Parker says. “It’s not until you volunteer and put in effort that you’re able to make changes.”

Gavrilov has, among other things, taken an active role in establishing robust mentorship programs — both firmwide as well as through MH&H’s Women’s Initiative, which she chairs — to exemplify her steadfast commitment to DE&I. “These mentorship programs are aimed to assist the firm’s female attorneys, as well as those from other underrepresented groups, with growth and advancement opportunities both within the firm and industry-wide,” Gavrilov says.

PRACTICING INTENTIONALITY
All of this culminates to say: get out there, be bold and be intentional.

For Gavrilov, intentional inclusion is about actively cultivating an environment in which DE&I is celebrated and everyone has an opportunity to personally and professionally thrive. Companies can do this by taking simple, but imperative, steps, including providing diversity and inclusion training, aligning corporate guidelines with DE&I principles and providing a platform for open dialogue. Additionally, Gavrilov says that leaders must ensure that all individuals are considered and included in decision-making and daily operations. Finally, Gavrilov places emphasis on the creation of spaces in which employees are free to express their thoughts, share their experiences and contribute to an environment of open and transparent communication.

Nancy Robles, president of Eastern Funding, too often hears that there’s a lack of diverse talent in the hiring pool, hence why many companies struggle to build and maintain diverse demographics. To this, Robles speaks to fellow business leaders when she says it’s imperative to be cognitive of who is being hired, mentored, tapped for leadership roles, asked to make decisions and so forth. “We have to be intentional about educating ourselves and educating our teams because that’s the real issue — not a lack of talent,” Robles says. She acknowledges that it’s human nature to connect with people who share similar backgrounds and who experience the world in similar ways, but that’s exactly where a roadblock forms in front of DE&I.

“Often, leaders promote people not necessarily because they’re the most talented, but because they’re the ones that make you most comfortable,” Robles says. To combat these unconscious biases, Robles makes a call to action for leaders to evaluate why they are or are not promoting particular employees, and why they are or are not hiring new talent.

McGriff challenges himself and others to consider a “Do I…?” list of questions and to make changes if the answer is “no” to any of these intentional practices:

• Do I listen to and respect the perspectives of others, especially if the perspective is different than mine?
• Do I freely engage with people who do not look like me and who come from different backgrounds with different experiences?
• Do I foster an environment in which everyone feels free to express opinions and perspectives that vary from the norm?
• Do I communicate clearly with my organization exactly what DE&I means to me, what it means and does not mean to the company and our plans to pursue it?

“Leaders lead not only through the actions and policies they pursue on behalf of the company, but also through their personal conduct and interaction with others,” McGriff says. •

Brianna Wilson is managing editor of Monitor.