ABFJ Podcast: Addressing the ABL Talent Shortage

As far as technology has come, people are still behind the deals made in the asset-based lending business. That business is only going to be more active in the coming months, which means being adequately staffed will be a critical challenge for lenders.  In the 11th episode of the ABF Journal’s COVID-19-focused podcast series, Doug Winget, president of Huntington Business Credit, joined the program to discuss his expectations for a surge in demand for asset-based lending over the next 18 months and why this will require companies to address a talent shortage within the industry.  Winget explained why a strong pre-pandemic economy and a migration to a cash flow model led to this shortage and outlined areas where asset-based lenders will need to aggressively scale up in terms of staffing, including new business portfolio, underwriting, collateral analysis and field examination. He noted that companies will have to be creative and recruit people from within their organizations with a cross-set of experience and/or look to more traditional lenders to attract talent.  Looking internally, Winget spoke about the experience of doing business in a state that has reopened much of its economy and how Huntington Business Credit is operating in the current environment.