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Chesswood to Exit Short-Term Working Capital Loans, Focuses on Equipment Finance

September 20, 2016, 07:18 AM
Filed Under: Industry News

Chesswood Group Limited announced that Windset Capital Corporation, its U.S. working capital loan subsidiary, will discontinue accepting new loan applications from its brokers and independent sales organization network effective September 26, 2016, but will continue to service all of the loans in its portfolio for the entire duration of their terms. It is not expected that any material losses or costs will result from these steps.

"After three years of serving the short-term working capital market and dedicating 100% of Windset’s resources to the broker/ISO community, we have made the strategic decision to exit the working capital loan market and focus solely on our growing equipment finance businesses," said Barry Shafran, Chesswood’s President and CEO.

"We have made the decision to focus our organization on our growing and more profitable business activities in the equipment finance market," added Gary Souverein, Windset and Pawnee Leasing Corporation’s President. "While we have continued to manage Windset profitably, our longer term outlook on the changing fundamentals of the working capital loan market have made us uncomfortable with the risk-return profile. We appreciate the many relationships we have made since 2013 and we will continue to fund all of our partners’ approved applications," said Souverein.

Chesswood operates in the financial services industry, with equipment finance businesses in both Canada and the U.S. The separate websites of Chesswood Group Limited’s operating businesses are at and

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