2023 Top Women in Asset Based Lending

Cheryl Mayo, CAEF, joined Haversine Funding in August 2021 as director, portfolio management. Cheryl brings more than 25 year of factoring and asset-based lending experience to the team. She works closely with the lender finance clients and believes in continuously working to help them successfully grow, building their platforms for the future.

Since joining Haversine, Cheryl has fostered collaborative relationships with lenders, successfully managed a full portfolio of clients and developed internal processes and workflows, all while overseeing loan software integrations over the past year and spearheading various key initiative within the firm. With her solid industry experience and expertise, Cheryl provides unique insights that truly add value for Haversine and its portfolio of lenders.

Prior to joining Haversine, Cheryl was a senior account executive with Allied Affiliated Funding, a division of Axiom Bank, and the operations manager for USA Funding Ltd, a factoring division of Fidelity Funding Financial Group. She was one of the first in the factoring community to receive the Certified Account Executive in Factoring (CAEF) certification from the International Factoring Association. Cheryl holds a bachelor's degree from Ball State University and has additional continuing education courses through Southern Methodist University for business law and legal research.

Now, let's hear from her.

What advice would you offer to women just starting out the industry?

Listen wholeheartedly, have no fear, and find your people.

Engaged, wholehearted, listening opens your mind to new thoughts and ways of thinking, creating an opportunity for different perspectives and ideas, even those that seem lofty. Listening is a learned skill, and it takes time to understand the various communication styles- especially your own! My advice: learn about active listening, be aware of body language, and take notes to improve. It takes practice but eventually becomes a natural part of your individual style.

Next, have no fear to ask lots of questions and stay curious. Our tendency is to not ask questions because we don't want to admit to not knowing the answer; we can't know everything. The quickest way to figuring things out is to ask. People want to share what they know. Simply asking people to tell you more opens the door.

Lastly, find your people. This is your core group who you can be vulnerable with, trust, and ask for guidance. These people have your best interests at heart and want to help. Allowing people to be candid and express their honest thoughts without judgement provides room for suggestions you may not have considered. You may hear things you don't like, but that is the space where personal growth happens.

How did you approach making a big decision in your career?

I was with my prior organization for years and received an offer for a new role with a young company. It was a unique opportunity to be part of something special, to help build a group and work alongside exceptionally talented people. Before making the change, I thought about whether there was any additional value I could bring to my current role, or if perhaps, I had completed that chapter. This helped me realize that I was ready for a new adventure. One where I could make a difference once again. It was incredibly scary - which is exactly why I had to say yes! (refer to rule #2. no fear)

What role has mentorship played in your career?

It was more challenging when I stared my career because there were fewer women in the industry. I feel fortunate and had several mentors who I worked with along the way. Knowing people who believe in your potential, even before you do, is powerful. I was able to communicate my goals and stayed committed. Not only did I want to know when I succeeded, I wanted feedback about my mistakes to learn for the next time. Today, it's exciting to see more women in the industry and some are now in positions where they can pay it forward to the newcomers.

What do you enjoy most about your role?

My role at Haversine Funding gives me the ability to use all the various knowledge and skills gained throughout my career, while still providing opportunities to find and solve for new challenges.

What is the best advice you ever received?

It might have been a challenge at the time to hear, but the best advice was why not start with "Yes." My prior approach had been to start from a place of "No" and work towards a yes. Starting from the negative can be defeating foro you and others as it stalls new ideas and discussions. Once I started saying "Yes," I also found I was listening more actively (refer to rule #1), discovering opportunities and solutions. After seeing the contrast and since everything really is a choice, I decided to say "Yes" even more.

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Article in ABF Journal