The Business
A bulk fuel agent servicing Northern Alberta for over 60 years.
The Challenge
As a business maintaining fuel assets, securing financing from traditional banks and lenders was complex.
While a highly regulated industry, fuel assets also carry inherent risk, and few lenders are willing to take the chance on financing them.
Initially, this business heard about Essex when our CEO, Ross Sten, visited their site to discuss financing for one of their customers facing difficulties due to the downturn in oil prices. Ross became personally involved to help find a way for Essex to get this customer financing and allow them to remain viable.
About a year later when the business was looking to work with a new financing company, they immediately thought of Essex based on the positive experience their customer had and the Essex team’s dedication in helping them become successful.
The Approach
While this business had an opportunity to invest in some unique assets and heavy equipment that they knew could be hugely beneficial, they were having difficulty securing financing.
Traditional lenders focus on the asset’s value only and if that asset carries any potential risk, securing financing can be difficult.
The Essex approach instead looks at the business as a whole and thinks outside-the-box about the potential that owning the asset could unlock.
Determined to help, the Essex team worked to find the existing equity the business needed to be able to take a chance on acquiring these assets.
The Results
The risk paid off. As the business had anticipated, these unique assets turned out to be highly valuable for them.
They have now moved all their financing needs to Essex Lease Financial and say they are thrilled with the services they’ve received and the opportunities it has led to.
“Essex thinks outside-the-box and looks at your business as a whole. This gives you some real flexibility. They are very quick to respond, and they’re a very agile company. Alberta is really recovering right now, and oil and gas is booming. Essex is recognizing and responding to this and helping businesses get back into the sector after a long drought.
On a personal note, their CEO Ross is an actively involved owner which is unique for a business of their size. With Essex, you have an owner that’s hands-on and is involved in making decisions, and that really gives Essex a personal touch. They go above and beyond to think creatively and find a way to help.” -Business Owner
Essex Lease Financial works hard every day to help our clients secure the financing they need to make the most of their opportunities.
If you’re ready to work with the financing experts that think outside-the-box and offer a dedicated, personal touch, contact us today to get started!