North Star Leasing reported that it set company records in annual, quarterly and monthly funding in 2020. Buoyed by a $10 million December, which marked the company’s top funding month ever, North Star Leasing exceeded its funding levels from 2019, during which the company’s reported its previous annual high-funding level. Additionally, North Star Leasing set a company record for total funding in Q4/20. In all, North Star Leasing processed more than 6,600 applications totaling $236 million during the year.
“In the midst of the most volatile and unpredictable years in our history, North Star Leasing’s team achieved significant corporate milestones in 2020, and I could not be prouder of how our team worked together to help our customers, vendors, partners and each other through a very difficult period while delivering unprecedented results,” Dan Feeney, CEO of North Star Leasing, said.
On March 31, 2020, People’s United Bank upsized North Star Leasing’s revolving credit facility to $80 million. Later in the year, North Star Leasing was ranked No. 119 in the Monitor 101+. During the year, North Star Leasing also added several new employees.
North Star Leasing experienced growth throughout its portfolio, including in the brewing and distilling industry, manufacturing and production, landscaping, vocational equipment, and heavy equipment sectors. North Star Leasing also redoubled its commitment to customers in the foodservice and hospitality space, launching a customized COVID-19 deferred payment plan in March that allowed businesses to modify their leases.
“As we analyze our record-breaking year, we see strong indication that businesses are poised to explosively rebound from the challenges encountered in 2020 caused by COVID-19,” Feeney said. “We are highly motivated to continue to provide our customers and vendors with the necessary tools and products to jump-start this great nation as we rebound together from a most tumultuous 2020. One of our better decisions was to offer modification plans to our customers in early March as we all tried to figure out the impact of the pandemic. Our customer and vendor base were very thankful for the help at such a critical time of unknowns.”
Founded in 1979, North Star Leasing is a provider of equipment financing solutions.
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