Textron Financial Corp. last week announced a new financing partnership with Stone Construction Equipment, establishing the company as Stone’s financing provider for its construction equipment. Textron Financial will offer full-service equipment financing to all Stone customers. The suite of services includes a retail lease and loan program for Stone’s end-user customers, provided by Textron’s new Vendor Finance Division, and a wholesale floor plan program for its dealer network.

The plan includes a rental fleet finance program for equipment dealers and rental companies.

The new Vendor Finance Division will work to develop and manage vendor-based equipment-leasing relationships across multiple industries.

Textron Financial has named industry veteran Vincent Faino as president of the new division. Faino has extensive experience in the equipment-leasing field and in the development of vendor finance businesses. Before joining Textron Financial, he was director and executive vice president of Citi Capital’s Business Technology Finance Division, where he was responsible for the manufacturer/dealer segment of the company. Before joining Citi Capital he held positions of increasing authority within leasing companies, culminating in his role as president of American Equipment Leasing, a unit of ABN AMRO, where he grew assets from about $190 million to more than $970 million in a four-year period.

Faino is well known in the equipment rental industry where he worked to provide financing for many rental companies.