Michael Elton has been promoted to president and chief operating officer of Advantage+, a Brookfield-based, privately owned, nationwide direct lender to businesses.
Elton also was elected to the company’s board of directors.
Elton succeeds his father, Larry, as president of the 23-year-old company. Larry will continue to serve as chief executive officer and chairman of the board.
“Mike’s been gradually and effectively taking on more responsibilities,” Larry Elton said, noting that his son will be the company’s first chief operating officer. “And despite the limp-along economy, the last two years were our best ever. Our team is smart, strong, and eager for more success. Mike will lead well.”
Michael Elton, 46, joined Advantage+ as a collections department employee. He moved up the corporate ladder from there, advancing to a sales position in 2001 and then to vice president of sales in 2005, the same year he was named to the company’s management team.
Advantage+ offers equipment and working capital loans of $2,000 to $200,000 to small and mid-size companies. The company also provides custom customer finance programs for manufacturers, distributors, and dealers. In addition, Advantage+ also makes direct loans to equipment buyers. Since Advantage+ was founded in 1992, the company has lent $500 million to more than 20,000 businesses.