Essex Capital Corporation was founded in 1993 by Ralph T. Iannelli, its President and Chief Executive Officer. Essex Capital was formed to provide funding to credit worthy companies who choose to acquire assets via lease, rather than purchase. Since its inception, Essex has provided funding in excess of one billion dollars for those corporations and has made a number of equity investments in private and public companies and at the present time, has more than 15 companies in its portfolio. The company is located in Santa Barbara, California in a historically rehabbed building that it purchased in 2006.
Essex Capital acts as a financing source and lessor to credit worthy companies on a nationwide basis, leasing all assets except vehicles and commercial aircraft. Essex Capital originates its lease transactions through its own sales force and a network of brokers. In addition, Essex Capital acquires existing leases from banks and other leasing companies, offering financing for those lessees who want to acquire equipment on an operating or capital lease basis. Essex Capital direct funds approximately 40% of the leases it originates or portfolios that it acquires. For the balance, it uses non-recourse bank lines and provides lessees with credit facilities for one or multiple transactions
Essex Capital Venture Leasing has successfully financed start-up companies seeking to build a larger enterprise and has been instrumental in facilitating introductions and capital connections to key partners. Essex Capital fully understands the dynamics and risk/reward of providing venture capital leasing to pre-profit venture backed companies and works with leading venture capital firms to provide equipment financing, while the funded firms suffer less equity dilution. By providing Venture Leasing and Venture Debt, Essex participates in the equity, via warrants, that it obtains as part of the funding.
Essex Capital Venture Leasing has the capacity, understanding and the benefits of working with a small company, to assist portfolio companies with our venture leasing expertise. Every year, thousands of companies seek capital from venture capital firms and the large majority of these firms require capital for equipment. When used properly, Venture Leasing can dramatically assist early stage companies.
In addition to venture leasing, Essex is very active in providing lease capital to those firms who want to sell and lease back equipment.