On a mission to make a way out of no way, the Black Equipment Finance Network (BEFN) identifies and uses resources to help address the industry’s DE&I challenges.

The Black Equipment Finance Network (BEFN) is a non-profit organization made up of more than 50 equipment finance professionals collaborating to increase the participation of black professionals in the equipment finance industry while providing networking opportunities for black professionals currently working in the industry. Its members are management-level professionals representing a wide range of equipment financing firms, from banks and large funding sources to brokering firms. BEFN serves as an industry asset for members to network, provide professional development opportunities, promote business collaboration and advocate for diversity, equity and inclusion within the industry.

To the BEFN, innovation means “making a way out of no way” and applying that model to the industry. In 2022, BEFN created a subgroup of about 15 members that focused on exclusively matching members who represent funding sources with members seeking financing and with outside organizations with underserved borrowers who might qualify for funding. Its subgroup utilizes a dedicated message thread on LinkedIn to introduce and solicit transactions, which is seeing great traction after just a few months.

BEFN itself is an innovation. Whether new to the industry or a seasoned executive, BEFN provides its members with a safe space to meet, network and share experiences; a way to help recruit talented black professionals into the industry; an organization that will advocate for diversity, equity and inclusion; mentorship opportunities; and a platform to discover and collaborate on business opportunities.

“To the BEFN, innovation means ‘making a way out of no way’ and applying that model to the industry.”