NASDAQ, MFI - Mf International Limited
MicroFinancial Incorporated (referred to as ?MicroFinancial,? ?we,? ?us? or
?our?) was formed as a Massachusetts corporation on January 27, 1987. We operate
primarily through our wholly-owned subsidiaries, TimePayment Corp. and Leasecomm
Corporation. TimePayment is a specialized commercial finance company that leases
and rents ?microticket? equipment and provides other financing services.
TimePayment commenced originating leases in July 2004. Leasecomm started
originating leases in January 1986 and in October 2002 suspended virtually all
originations due to a lack of financing. The average amount financed by
TimePayment in 2007 was approximately $6,500 while Leasecomm historically
financed contracts averaging approximately $1,900. We have used proprietary
software in developing a sophisticated, risk-adjusted pricing model and in
automating our credit approval and collection systems, including a
fully-automated Internet-based application, credit scoring and approval process. ...
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