Money

Financing For the Roads Ahead

Lexi Tucker
Posted on October 14, 2016

Access Commercial Capital founders (left to right) Eric Coolbaugh, Edward Kaye, and Michael Kaplan
Access Commercial Capital founders (left to right) Eric Coolbaugh, Edward Kaye, and Michael Kaplan
LAKE SUCCESS, N.Y. — When funding your ground transportation business, you want to work with a company that understands your business can help you access the tools you need to pursue your vision. Access Commercial Capital founders Edward Kaye, Eric Coolbaugh, and Michael Kaplan considered that when they started a commercial finance company focused on ground transportation.

What’s In A Name?

They wanted the name of their company to reflect how they felt about the industry. “We know our customer base has a very difficult time accessing capital. We’ve spent the last 25 years of our careers establishing relationships with not only private end users, but the industry as well. We want them to know we understand their business and respect their opinions,” Coolbaugh says.

Fast Facts

Location: Lake Success, N.Y.

Service: equipment finance and leasing, working capital loans; vehicle finance and leasing coming soon

Founders: Eric Coolbaugh, Michael Kaplan, Edward Kaye

Founded: 2015

Website: www.accesscapital.biz

Contact: Edward Kaye ([email protected], (516) 444-3621

The trio started their journey as salespeople for a large independent leasing company in the 1980s, and subsequently founded Advantage Funding in 1997 as a transportation finance company specializing in limousine, livery, and commercial coach financing and leasing.

From there, they grew the business from the ground up and sold 80% to a Japanese trading company in 2006; in 2014 they were offered, and accepted, a buyout of their remaining 20% stake in Advantage Funding.

But they still desired to help their client base in the ground transportation industry, and realized many good companies lacked decent access to equipment financing services and working capital loans.

“It’s an underserved and underfinanced market most banks can’t lend to,” Kaye says. “We understand the market and the people, and have decades-long personal relationships with many transportation company owners. We understand what they need and try to provide a service that helps them grow their businesses or solve immediate financial issues — without all the red tape.”

Lending A Helping Hand

The company provides traditional equipment finance and leasing services as well as working capital solutions up to $1 million. It funds almost any part or operation of a transportation company, including shop equipment, lifts, washers, telematics, e-logs, phone systems, and office equipment. It also provides working capital loans up to $500,000 to cover vehicle repair and refurbishment costs, and to help expand operations, hire employees, improve marketing, cover payroll, pay taxes, line up insurance, or pay down existing debt. Starting in 2017, Access Commercial Capital will be funding commercial vehicles as it did in the previous company.

The company is dedicated to helping its customers even in case of a financial emergency. For example, it recently funded a working capital loan for a motorcoach operator who needed an unexpected engine and transmission job. His coach was booked for a trip in a week, and could not afford to fix it. Within three days, Access Commercial Capital provided funds, the coach was repaired, and the operator was on the road honoring the reservation.

The capital doesn’t always have to be used for unexpected costs, though. They’ve helped limousine companies improve chauffeur and passenger safety, as well as save money on insurance by funding their purchases of cameras and telematics equipment for their fleet.

No Company Too Big Or Small

While Access Commercial Capital’s typical customer has fewer than 100 employees and less than $10 million in annual revenue, it also have the flexibility to provide financial solutions for much larger entities. No matter how large or small your business, you are bound to have questions.

“Access Commercial Capital has always been and always will be customer focused,” Kaye says. He and his partners walk the walk — you don’t just get some automated call center when you need help. They provide their contact information on their website, so clients never have to worry about reaching someone unfamiliar with their situations.

In addition, the founders of Access Commercial Capital take pride in treating customers fair. If a customer comes to them for help and they can provide it, they will work to earn the business. If they don’t believe their products are the right fit for the customer, they will recommend alternatives. “Our reputation in this market is second to none, and we value the friendships we’ve made over many years,” Kaye says.

The founders of Access Commercial Capital aim to become a one-stop shop for transportation company financing needs. “Over the years we’ve helped many customers start up transportation companies and we’ve helped numerous companies grow,” Kaye says. “We take great pride and satisfaction as an investor in the success of business owners throughout the U.S.”

Related Topics: business growth, equipment financing companies, fleet financing, industry vendors, lease financing, vehicle financing, vehicle financing companies, Vehicle Loans, WebXclusive

Lexi Tucker Associate Editor
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