Commercial Capital Company has reached another milestone: surpassing $300 million in outstanding lease receivables.
The icing on the cake? It achieved that feat exclusively through local banks.
“We have a plan to keep it local as we continue to grow,” CEO Mitch Rice said.
The Lenexa company provides equipment lease financing to a variety of industries, including agriculture, construction, and manufacturing. Since 2020, its headcount has ballooned from 23 to 50 full-time employees. It also surpassed its goal last year of providing $165 million in equipment lease financing. Before implementing its growth plan about five years ago, it averaged about $30 million a year in equipment lease financing.
Commercial Capital works with about 15 local banks, and most of its clients are local or based in the Midwest.
“It’s been really cool to contribute to the local economy,” Rice said.
Through the years, Commercial Capital has built a mutual trust with area banks, with an understanding that each party will deliver on what they say they’re going to do, he said. And those banks have been there through the company’s ups and downs. A prime example was coming out of the Great Recession in 2009.
“By only working with local banks, we weren’t just a number. We were a face and a name,” Rice said. “The trust we were able to build over the years definitely paid off when things got difficult, and our portfolio was stressed. They had to trust us to basically handle the portfolio on their behalf, and we did. … By doing the right thing and working so closely with our banks through that period, we were always able to find the capital to make the equipment loans that we needed to do to support our clients.”
Read the full article written by the Kansas City Business Journal here.