The Dig

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On today's episode of the Dig,
I am joined by Jeffrey Elliott,

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founder and CEO of Elevate Capital,
and I'll let him introduce himself and go

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into his background a bit.

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Thanks Johnny.

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Jeff Elliott here. Yeah.

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Founder and CEO of Elbex Capital.
You know,

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we are a independent finance company
focused on small business.

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All the way up to large corporations and
governments, local and federal.

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We are journalists in equipment finance
focused again on underserved markets, so.

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Most companies that are challenged these
days with banks pulling back in the

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market.

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Place and looking for equipment financing.

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Especially true lease financing.

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We're a good source of of funding for
that.

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You know our markets.

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Are.

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All different types,
a lot of underserved markets,

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energy markets, oil and gas, renewables,
agriculture, transportation industries,

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corporate aviation, marine rail.

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But generally anything a business or
government can use,

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we'll look at financing and we think
there's a big marketplace available right

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now.

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With.

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Different things going on in the economy
and the changes in in banking and focus

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on.

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Primary bank customers and lack of
transactional funding capabilities.

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Independents seem to be rising and and
we're hoping to really take advantage of

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that and and help our customers out.

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We're also very digitally focused.
So we're we're trying to implement the

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latest and greatest technologies to
create a more fast,

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flexible and transparent process.

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Enable transactions to happen digitally.

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Utilize artificial intelligence.

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Intelligence to to work with our
customers in in ways they want to be

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worked with.

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We also pick up the phone and talk to
people and go visit people just old

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school way.

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But we're utilizing technology where
customers want to utilize it and making

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the process better,
taking friction out of the equipment

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finance process.

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So those are some of the things that
we're focused on at at elevex.

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Actually no.

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That all sounds great,
and I that was one of the things I picked

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up when I was first reaching out is,
you know,

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beyond your experience in the industry as
well as the the innovation side of it,

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the technology side of it,
the things you guys are working.

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On to sort of bridge that work on that
gap,

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especially in today where we spent so
much of last year especially talking

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about artificial intelligence and what it
can be and what it can do.

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But translating into something usable for
the equipment finance industry.

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What has that process?

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Been like for you?

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You guys,
especially over these first few months as

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you've been getting going.

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Really exciting.

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We're we're not all the way where we want
to be yet,

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but we're we're implementing things,
you know.

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Like this meeting here?
I've I've probably got a a.

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A agent taking notes for me.

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So I can review the the call.

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We're implementing AI on our website.

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We get, you know, as a new business,
we're getting a lot of inbound inquiries,

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right.
And the AI agent will talk to the

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customers and and it's not out there yet,
but it will be out there soon to.

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Really. Get them.
Get more information for us to respond to

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Oh.

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them. Now we will call them back.

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It's not that you're gonna deal with a
computer,

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but you're you at least can get the right
information in to us so that we can start

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out way ahead of the game and get back to
you with what you're looking for and and

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who's the best person to.

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Talk to you. Right. Not, you know,
most people want.

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They see me out as the face of the
organization.

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Well,
it's hard for me to call every single

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person back if someone's got a specific
need.

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Need and then I called him back and then
I can bring the right person in to focus

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on it.

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AI can help me do that faster and I can
get back to you quicker with the right

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information.

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So those are those are kind of cool
things.

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We'll have AI agents doing sales for us
doing, you know, lead generation,

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doing problem solving,
analyzing documents,

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Yeah.

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comparing at least document against.

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A specific one for a customer versus our
base document.

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What are the differences?

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What was negotiated?

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Those types of things,
those things cost a lot.

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Mm hmm.

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When you hire lawyers to do it,
and AI can do it in a much more fast and

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low cost kind of way.

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So there's all kinds of different things
that we can do to speed up the process.

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Using embedded finance approach.

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So instead of the the old linear approach
of, you know,

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credit application compliance credit.

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Proposal Doc prep.
We're starting to work on all these

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things.

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At the same time,
because we're taking an embedded finance

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approach where we're gathering enough
information that we can do more than one

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thing at a time and bring it all together
and service the customer faster and

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quicker right when they want to be served.

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So those those types of things are are
really important to us from a technology

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side,
but we're still a people first business,

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but we're still going to talk to people
and when they want to be talked to,

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if they want to be served digitally,
we're going to be.

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We're going to offer that.

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And and that's important.

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I know myself when I want to be served
digitally,

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I find it annoying that I can't do that
with a lot of companies,

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but sometimes I just want to talk to
somebody and we're going to.

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We're going to offer both,
so we're going to be able to to do both

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for for companies and hopefully that.

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Mix of technology and people ends up in a
better experience for for customers.

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That makes a a ton of sense.

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And yeah,
you hit on the two of the very

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interesting things there,
the first one being the aspect of it

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where you know it's about being able to
to get everything done at a a speed

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nowadays,
especially in the modern consumer,

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even though these businesses aren't
necessarily the.

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Consumers under themselves as like a,
you know, AB to C.

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It's AB to B.

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But there's still a lot of that same
mentality of this has to be done in an

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instant.

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This has to be done immediately because I
need to be able to to be on my.

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Way as a as a business just like I need
to be on my way as a a customer and so

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kind of balancing that.

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We need this done efficiently,
but we need to do things right on our end

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as a lender.

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So how do you kind of balance that when
you're when you're thinking about when

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you're putting it together,
when you're having these conversations

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with potential customers?

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Yeah. Yeah. So a lot of it is.

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Think about some of the things that
happen when you do.

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Let's just take a $5,000,000 transaction.

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So this is a larger transaction and a lot
of people tell you well,

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you don't need all this technology for
that.

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I I think you do and and the reason being
is you know a $5,000,

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000 transaction in a typical bank can go
into the bank and.

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It could be like a black hole.

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You could go two months not hear anything
back.

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And the bank will tell you? Well,
we're waiting on this information and if

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the salesperson isn't really if they're
busy and they're not really on top of it

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and they think everybody's communicated
properly,

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everybody's sitting there on their hands,
waiting for somebody else to do somet.

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One of the things with technology.

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Can be constant contact on these things.

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Here's here's what we need to process
this transaction.

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Hey, by the way,
it'll reach out and say we're still

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looking for this invoice.

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Voice or this information on the
equipment or this financial statement or

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Mm hmm.

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whatever it is that we're looking for,
are these questions answered?

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And so our systems will communicate with
our customers and with our with our sales

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people and everybody communicating
consistently and at the speed of of

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what's appropriate for the transaction at
the time to move that transaction forward

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quicker, I don't need.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1174-0
The credit score of $5,000,
000 deal in 1/2 an hour now.

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OK.

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$30,000 deal.

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We're gonna do that in in less than half
an hour, but on a $5,000,

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000 deal I just need to be organized and
keep things in communication and reach

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out to the different parties.

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Sometimes there's lots of different
parties involved.

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We've got appraisers or inspections or
all kinds of different things, you know,

030db5fc-3f4a-4267-aee5-f188aee7ee78/1222-0
Mm hmm.

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residual value insurance or some
something going on in that transaction.

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They're complex, right?

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Well,
the technology can help manage that whole

030db5fc-3f4a-4267-aee5-f188aee7ee78/1248-0
Mm hmm.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1252-1
process.

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You know can help you speed up your asset
management process so you can analyze

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those assets.

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A lot of times,
that's one of the things you're doing

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when you're doing a $5,000,
000 deal is you're you're analyzing not

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just the financial statements,
but the asset itself.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1296-0
Well, you need that information.

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Technology can help you get that
information faster and organized better.

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You only have so much time in the day to
do everything so.

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Bringing those technology assets to bear
in the big transactions are gonna make

030db5fc-3f4a-4267-aee5-f188aee7ee78/1337-1
them more fast and flexible and a better
experience for the customer and meet

030db5fc-3f4a-4267-aee5-f188aee7ee78/1337-2
their deadlines.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1344-0
And and we can manage our risk.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1372-0
It also helps us in terms of risk on
concentration risk.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1372-1
So it let's just say we have $5,000,
000 transaction and we're only

030db5fc-3f4a-4267-aee5-f188aee7ee78/1350-0
Hmm.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1372-2
comfortable with 2 1/2. Well,
we didn't sell the other side of that

030db5fc-3f4a-4267-aee5-f188aee7ee78/1372-3
transaction, right?

030db5fc-3f4a-4267-aee5-f188aee7ee78/1392-0
So our technology is connected to our
capital Markets group,

030db5fc-3f4a-4267-aee5-f188aee7ee78/1392-1
which can immediately start going to the
market saying, hey,

030db5fc-3f4a-4267-aee5-f188aee7ee78/1392-2
we want to do this deal.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1409-0
Do you want to take 50% of it or 25% of
it?

030db5fc-3f4a-4267-aee5-f188aee7ee78/1399-0
OK.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1409-1
And we'll find other players behind the
scenes that will add us up to five.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1431-0
$1,000,
000 and let us finish that transaction

030db5fc-3f4a-4267-aee5-f188aee7ee78/1431-1
off the old school way of doing that is
you kind of finished the deal.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1435-0
You take it down.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1439-0
You start putting together an
underwriting package.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1446-0
It takes six months to do that.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1448-0
Or you gotta.

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It's just a lot of time to go talk to a
lot of people,

030db5fc-3f4a-4267-aee5-f188aee7ee78/1483-1
use technology to connect with more
people quicker and get a quick know or or

030db5fc-3f4a-4267-aee5-f188aee7ee78/1483-2
maybe then you focus on the maybes and
not the no's.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1483-3
Then you can get to that answer quicker
and.

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Serve your customers so there's a whole
bunch of things that that really improve

030db5fc-3f4a-4267-aee5-f188aee7ee78/1514-1
the process when you utilize technology
because you simply are trying to be in

030db5fc-3f4a-4267-aee5-f188aee7ee78/1514-2
too many places at one time and you you
can only do so much so that technology

030db5fc-3f4a-4267-aee5-f188aee7ee78/1514-3
can can make some of.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1538-0
Those phone calls for you or could make
some of those communications for you

030db5fc-3f4a-4267-aee5-f188aee7ee78/1525-0
Mm hmm.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1538-1
really speed up the process.
And and it's not just about delivering

030db5fc-3f4a-4267-aee5-f188aee7ee78/1538-2
that credit approval.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1540-0
OK.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1542-0
It.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1560-0
Doing all the things behind the scenes to
enable you to deliver that credit

030db5fc-3f4a-4267-aee5-f188aee7ee78/1560-1
approval and close that deal.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1596-0
So it's it's different from the small
ticket process,

030db5fc-3f4a-4267-aee5-f188aee7ee78/1596-1
which is is just kind of systematically
driven and quick,

030db5fc-3f4a-4267-aee5-f188aee7ee78/1596-2
you're taking a bigger process and
bringing the timelines down between all

030db5fc-3f4a-4267-aee5-f188aee7ee78/1596-3
those little jobs that are built on each
other and can be done at the same time as

030db5fc-3f4a-4267-aee5-f188aee7ee78/1588-0
No.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1596-4
OPP.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1604-0
To linear again,
you know some of those things.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1610-0
Asset management was down the list of
things that you did.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1618-0
You know, on a on a deal,
you ate a few weeks right before.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1621-0
Got started.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1627-0
We start right away on that.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1631-0
So it's it's a different approach.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1658-0
You'll you'll see it work better for
customers because they just they they

030db5fc-3f4a-4267-aee5-f188aee7ee78/1658-1
wanna know what's going on and you just
consistently touch base with them.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1658-2
So they they know what they need to be
doing.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1665-0
We know we need to be doing and
everyone's connected.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1670-0
Right. No. Yeah, that makes sense.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1703-0
How old that would would fit together,
especially just, you know,

030db5fc-3f4a-4267-aee5-f188aee7ee78/1703-1
condensing that timeline,
smoothing that timeline out,

030db5fc-3f4a-4267-aee5-f188aee7ee78/1703-2
making it easier for everyone,
and then the the communication

030db5fc-3f4a-4267-aee5-f188aee7ee78/1703-3
transparency part,
which I do want to get into a little

030db5fc-3f4a-4267-aee5-f188aee7ee78/1703-4
later.
But there's one thing you brought up that

030db5fc-3f4a-4267-aee5-f188aee7ee78/1703-5
I want.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1730-0
To touch on because for me,
as someone who kind of came into the

030db5fc-3f4a-4267-aee5-f188aee7ee78/1730-1
industry fairly recently,
it's been fascinating to discover just

030db5fc-3f4a-4267-aee5-f188aee7ee78/1730-2
how many moving parts there are in the
average transaction, right?

030db5fc-3f4a-4267-aee5-f188aee7ee78/1739-0
You think about it from almost an outside
perspective.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1740-0
You know, it's a deal.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1782-0
Selling piece of equipment that a
lender's got to finance,

030db5fc-3f4a-4267-aee5-f188aee7ee78/1782-1
but there's actually so many other moving
parts to it. And so I, you know,

030db5fc-3f4a-4267-aee5-f188aee7ee78/1782-2
kind of getting into that and sort of how
you manage that process and make sure

030db5fc-3f4a-4267-aee5-f188aee7ee78/1764-0
No.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1782-3
that kind of everything's running
smoothly for.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1792-0
The stuff that's not necessarily your
hands on directly.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1799-0
Well, yeah, that that is.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1801-0
It's critical because.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1815-0
Equipment finance is made-up of a whole
bunch of many businesses in many

030db5fc-3f4a-4267-aee5-f188aee7ee78/1815-1
industries, right?

030db5fc-3f4a-4267-aee5-f188aee7ee78/1831-0
And so a trucking deal is not the same as
a construction deal and not the same as a

030db5fc-3f4a-4267-aee5-f188aee7ee78/1831-1
corporate aircraft deal and and so forth.

030db5fc-3f4a-4267-aee5-f188aee7ee78/1872-0