Last updated on May 13th, 2019 at 02:28 pm
New leasing, financing company formed
Two former executives of one of the country’s largest machine tool distributors recently joined forces to create Tech Financial Services Inc. (TFS), a capital equipment finance and leasing company.
Mark Charlton, president and partner of TFS, left his position as vice president and founder of Systems Financial Credit, a division of Machinery Systems Inc., to form a company dedicated to offering leasing and finance solutions to the machine tool industry and purchasers of capital equipment.
Joining him as executive vice president and partner is Tim Murphy, who left his position as regional sales manager for Systems Financial Credit.
Charlton and Murphy will serve distributors, manufacturers and end-user customers by providing a wide range of financing and leasing options and specialized business solutions, they said.
“Our direct experience with the machine tool sales process will help differentiate us from traditional lending sources,” said Charlton. “That experience, combined with our knowledge of the economic and organizational issues confronting our customers, will allow us to provide the most competitive leasing alternatives.”
Charlton created Systems Financial Credit 17 years ago. Originally designed to handle only loans for sales generated by Machinery Systems, the company quickly expanded to include financing for sales made by competitors, as well. While there are approximately 200 major machine tool distributors in the US, only a few have in-house finance departments.
“By branching off to create an independent company, we feel we can more efficiently respond to the needs of the entire market of dealers, manufacturers and end-users,” added Charlton.
Tech Financial Services (www.techfin.net) has headquarters at 840 N. Old World Third St., Milwaukee, and a branch in Naperville, Ill.
Dec. 12, 2003 Small Business Times, Milwaukee