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Company Description (as filed with the SEC)
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. (“TimePayment”) and Leasecomm Corporation (“Leasecomm”). TimePayment is a specialized commercial/consumer finance company that provides “microticket” equipment leasing and other financing services. Leasecomm started originating leases in January 1986, and in October 2002 suspended virtually all originations due to an interruption in financing. TimePayment commenced originating leases in July 2004. The average amount financed by TimePayment in 2012 was approximately $5,100, compared to the 2011 average of $5,900, while Leasecomm historically financed contracts averaging approximately $1,900. ... More ...