N. S. Penrose & John Stirrat formed Cypress Leasing, Inc. in 1986. The company was formed to act as an investment tool for the principals and to provide lease financing for telephone systems sold by an affiliated company. In 1994 Mr. Penrose and Mr. Stirrat sought to affiliate Cypress with a full service leasing company to better manage lease assets. Through a mutual banking contact at Seafirst (now Bank of America), they were introduced to Mike Palmer, owner of Business Leasing Northwest, Inc. Mr. Palmer’s company was started in 1990 and provided equipment lease financing to end users and vendors throughout the Pacific Northwest region. The principals of both companies agreed to a merger forming Cypress Leasing Inc. dba Business Leasing Northwest, Inc. In 1999, the company purchased the stock of Mr. Stirrat. Mr. Palmer is the President of Business Leasing Northwest, Inc. and manages the day-to day operations. Together with their staff, the company draws on more than 125 years of cumulative experience in the leasing and financial services industry.

Today, Business Leasing Northwest, Inc. operates as a full service leasing company. The company provides lease financing to small and medium size companies who have equipment needs, as well as to vendors who sell equipment. Types of equipment leased cover a broad spectrum, although most equipment is a hard asset such as printing, medical, office, and machining equipment.

The majority of all leases generated by Business Leasing Northwest, Inc. are sold or assigned to financial institutions in secondary markets both locally and nationally. Other leases are held in the company portfolio and are aged to maturity. Leases held by Business Leasing Northwest, Inc. are billed and collected by the company.