In
February 1993, Richard Ross formed Summit Funding Group, Inc.,
building on his career achievements in the banking/finance industry.
Mr. Ross continues to function as Summit Funding Group President
today.
In August 1996,
Summit Funding Group acquired a provider of Digital and IBM computer equipment.
This strategic acquisition provided Summit Funding Group with the tools it
needed to enhance its growing lease portfolio. Since the acquisition, the
Product Division focused on remarketing HP, IBM, Sun Microsystems and Cisco systems.
Up
to the middle of 1997, Summit had built its lease portfolio primarily
on the acquisition of lease transactions originated by other leasing
companies. In early 1997, Summit's management team made the strategic
decision to significantly increase business generated directly
with end users. Philip Hold, a long-term business associate, joined
Summit as President of the Leasing Division. Since that time,
Summit has consistently increased the number of end users it has
direct master lease arrangements with, while increasing its area
of geographical coverage and overall market presence.
Today,
the Summit Funding Group, Inc is a full service leasing company
that buys, sells, leases and remarkets both new and used capital
equipment to corporate clients located throughout the United States.
Summit offers both operating and finance leasing solutions on
a wide variety of equipment including computer equipment, satellite
dishes (VSATS), communications equipment, forklifts and other
heavy machinery, machine tools, furniture, fixtures and other
general office equipment. Summit currently operates offices in
all major markets. These offices, in addition to the Company's
administrative headquarters in Ohio are manned by direct end-user
salespeople and located in areas where Summit has built up a core
base of retail customers.
Summit's
client base of lessees are primarily Middle-Market, Fortune 2000
and Investment Grade Companies. The aggregate original cost of
the lease portfolio owned and/or managed by Summit as of December
31, 2005 is in excess of $270,000,000.