At Primary Funding Corporation (PFC), we are thrilled to announce a significant milestone in our journey: a leadership transition that marks the beginning of an exciting new chapter. After 12 remarkable years as CEO, Jason Severson is passing the torch to Richard Gendron, who will now lead PFC as CEO while continuing his role as President. This transition reflects our commitment to growth, continuity, and the values that have always guided us.

A Message from Jason Severson

It’s hard to believe it has been over 12 years since I walked into Primary Funding Corporation for the first time. My mother-in-law (Patricia Burns) had just suffered a massive stroke. We didn’t know it at the time, but she would never work again. Fortunately, and due to Pat’s strong will and attitude, she worked her way back to living an independent life. To this day she still wishes that she was working. She misses her clients and the industry. She misses many of you that are reading this.

Pat started Primary Funding in 1995. Over the years she built PFC into a Company with a great reputation in the industry and throughout San Diego. She was well liked and respected by everyone that knew her. I can’t think of a better situation for me to jump into. In deciding to take over running PFC, my main fear was screwing up something that Pat had worked so hard to build.

In 2012 I was working for California Bank & Trust and had just graduated from Pacific Coast Banking School. Banking was in my blood and my plan was to be a banker for the rest of my career. Little did I know that life would take me down a different path in the lending world. Despite the manner in which this “opportunity” came about, I am very grateful for all that Primary Funding has provided me.

Over the past 12 years, we have had some good years and some tough years. We broadened our product from solely providing factoring, to offering lines of credit, term loans and some purchase order financing. Like most every industry, alternative finance certainly has its challenges. I have learned a lot. I have learned through trial and error and making plenty of mistakes. Mistakes are good…as long as they aren’t too big and somehow I’ve avoided making any really big ones.

Fortunately, some of the things I did turned out really well. There are two accomplishments that I am most proud of during my 12 years at PFC. First is helping to build a Company Culture that I think sets us apart. Creating the right culture in a company takes active participation and commitment. In my case, it also took help from Kobe Bogaert (Altus Growth Partners) to guide us. It’s amazing what can happen if your Value Statement is actually something you live by. Thank you Kobe!

The other accomplishment is hiring the right people. Many of you know Richard Gendron and Dan Lozier. I hired Dan back in 2013 and didn’t really have a position for him. He has worked pretty much every position there is at PFC and now leads sales for the Company. Richard and I worked for several years together at CBT. I thought very highly of him back then, but I have even more respect for him as a leader and person today. I feel very fortunate to be able to work closely with these two. They have really been leading PFC for the past couple of years and in early 2023 they purchased 80% of the Company. In addition, they have built an amazing team of people that I am so proud of. So is Pat. This Company and its legacy mean a lot to her and it is in good hands.

On that note, I have stepped down from the CEO role. Richard has been President for the past few years and is now adding CEO to his title. Congrats Rich…well deserved. As for me, I will remain as Chairman of the Board and I will still be working for PFC but in a limited role doing various projects and helping with strategic initiatives.

I would like to thank the many people that helped us grow Primary Funding over the years. This includes clients, referral sources and service providers. Thank you for trusting us and helping us achieve our goals. I am excited about the future of PFC and I’m thankful it is in such good hands.

Sincerely,

Jason Severson

Join Us in Celebrating This Milestone

We invite you to join us in congratulating Richard Gendron on his well-deserved promotion to CEO and in thanking Jason Severson for his incredible contributions. The future of Primary Funding is bright, and we are excited to continue serving you with the same passion and excellence that has defined our journey.