Case Study: More Than Rates-How a Flexible Lender Can Make or Break Your Business

The Business: Ascent Transport-A specialty hauling and mechanical solutions organization serving Western Canada.

The Challenge: Ascent Transport was only six years old when it entered a period of transition in 2020.

Spurred by the pandemic, the economy, and lack of onsite work, the business had to take advantage of new opportunities. It expanded from a picker company into open pit mining, to frac sand hauling and deck work. And they needed a lender that was just as flexible so they could take advantage of these opportunities.

“Our company made a lot of transitions in a short period of time,” said Steve Bruneski, owner of Ascent Transport. “(Essex) had a huge impact on us, enabling us to move quickly and fluidly with what we were doing. Buying equipment, selling equipment, getting into different lines of equipment, even for operational cash. We’ve been able to adapt as times have changed.”

Essex wasn’t the first lender this business worked with, they initially opted for the slightly lower interest rates from the bank. But it soon became clear the bank wasn’t able to offer the flexibility and creative solutions needed to help the business succeed. So, Bruneski called the team at Essex, who he had worked with previously.

For Bruneski, the minimal rate difference didn’t matter. The flexibility and fresh view of how to lend against his business made it worth it.

The Essex Approach: All it took was a single discussion for Essex to understand the business challenges, come up with a creative solution and act on it.

Essex approached this challenge wholistically, considering everything from real estate financing, equipment financing and looking at custom solutions like an asset-based line of credit (ABLOC). They considered the market value of the assets, the future of the business, and demonstrated a flexibility that couldn’t be matched by a bank.

“Essex can provide enhanced flexibility compared to a traditional bank,” remarked Bruneski. “They work with you to find these custom solutions so you can run your business better.

“Big banks aren’t relationship based anymore. It’s all click-the-box, and if the box doesn’t line up, they can’t get past it. Essex, on the other hand, are businesspeople doing business. They aren’t bankers trying to do business.”

And just like the businesspeople they are, Essex looks at the big picture to come up with a creative solution that works for all parties

The Results: In the past three years, Ascent Transport has established itself as a premier handler for frac sand hauling. They tripled their business in that first year and are on track to double that. Their big goals for the future will see more than $11 million in equipment before January 2024—all shopped through Essex.

“It’s not about interest rates, it’s about relationships,” said Bruneski. “To have the ability to make things happen quickly and on the fly, and for them to be fluid with us—it is so worth it.”

If rising costs are dragging your down, Essex Lease Financial can help. We offer flexible, hyper-personalized plans for accessing working capital, financing equipment, restructuring debt, and managing costs. 

If lack of flexibility with your current lender is prohibiting growth and adaptability in your business, Essex Lease Financial can help. We offer flexible, hyper-personalized plans for accessing working capital, financing equipment, restructuring debt, and managing costs.

Get in touch with us today to learn more or get started.