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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 leases and rents equipment and provides other financing services, with a primary focus on the “microticket market”. LeaseComm originated leases from January 1986 through October 2002, and continues to service its remaining contract portfolio. TimePayment commenced originating contracts in July 2004. Using proprietary software, we have developed a sophisticated, multi-level pricing model and automated our credit approval and collection systems, including a fully-automated Internet-based application, credit scoring and approval process. ... More ...