■ APRIL 13 , 2022
First American Equipment Finance sees rapid growth , strong earnings amid economic uncertainties
Plans to add employees to workforce
■ ANDREA DECKERT
First American Equipment Finance is marking a major milestone of late , with its equipment finance portfolio surpassing $ 3 billion for the first time in the company ’ s history .
The Victor-based firm — which moved into larger space at High Point Drive in November — is also looking to increase its headcount by at least 30 employees this year .
First American provides equipment leasing and equipment financing services to large organizations , including hospitals , universities , large manufacturing firms , large law firms and large corporate businesses across the U . S .
The company was founded in Ithaca , Tompkins County , in 1994 but moved to Rochester in 1999 . It is wholly owned subsidiary of Los Angeles , CAbased City National Bank , an RBC Company .
CEO Alan Sikora said business has accelerated at a rapid speed .
He explained that it took the firm 22 years to get its portfolio to $ 1 billion , three years to get to $ 2 billion and only 26 months to get to $ 3 billion , which the company achieved at the end of 2021 .
In addition , First American has grown 10x in the last decade , recording $ 1.5 billion in funded originations today compared to $ 150 million in funded originations 10 years ago .
“ We ’ re outpacing industry growth ,” Sikora said , noting that the firm ’ s growth rate has been 21 percent , compared to an industry average of two percent .
Alan Sikora in the new employee workspace .
First American ’ s new home at High Point Drive was designed with employee input as well as COVID-19 protocols for a safe environment .
The workforce has also grown . First American employs some 290 workers – the majority of whom are based locally – up from 90 people a decade ago .
The company – named a Best Workplace for Parents in 2021 – expects to add up to 30 workers this year in all areas of the business , including sales , marketing , project management , information technology and credit .
Sikora attributes the firm ’ s growth to several factors , including its technology-enabled business model , experienced employees and being able to successfully navigate hybrid work models .
The company was mindful of post-COVID-19 hybrid work models when it designed its new space and leaders spent