Exhibit 99(a)



Press Release

      MicroFinancial Announces Richard Latour Named Chief Executive Officer

WALTHAM, Mass.--Oct. 11, 2002--MicroFinancial  Incorporated (NYSE-MFI), a leader
in Microticket  leasing and finance,  announced  Richard  Latour,  President and
Chief  Operating  Officer  will  assume the  additional  role and title of Chief
Executive Officer.

In addition,  Peter Bleyleben,  Ph.D will resign as Chief Executive Officer, but
will remain as Chairman of the Board.

Chairman of the Board Peter Bleyleben,  Ph.D, commented, "The board of directors
and I believe that Richard Latour is the best  candidate to lead  MicroFinancial
in its pursuit of new strategic  opportunities that should increase  shareholder
value overtime."

Richard Latour, President and Chief Operating Officer, stated, "We would like to
thank Peter for his significant  contributions  and services to the Company over
the past fifteen  years.  Peter will  continue to be a member of the team and we
look forward to his ongoing guidance and support."

MicroFinancial  Inc.  (NYSE:  MFI),  headquartered  in  Waltham,  MA,  and  with
additional locations in Woburn, MA and Herndon, VA, is a financial  intermediary
specializing in leasing and financing for products in the $500 to $10,000 range.
The company has been in operation  since 1986 and has been  profitable each year
since 1987.

Statements  in this release that are not  historical  facts are  forward-looking
statements made pursuant to the safe harbor provisions of the Private Securities
Litigation  Reform  Act  of  1995.  In  addition,   words  such  as  "believes,"
"anticipates,"  "expects,"  "views,  " and similar  expressions  are intended to
identify  forward-looking  statements.  The  Company  cautions  that a number of
important  factors could cause actual  results to differ  materially  from those
expressed in any forward-looking statements made by or on behalf of the Company.
Readers should not place undue  reliance on  forward-looking  statements,  which
reflect the management's view only as of the date hereof. The Company undertakes
no obligation  to publicly  revise these  forward-looking  statements to reflect
subsequent  events or  circumstances.  The Company cannot assure that it will be
able to anticipate or respond timely to changes which could adversely affect its
operating  results in one or more fiscal quarters.  Results of operations in any
past period  should not be  considered  indicative  of results to be expected in
future periods.  Fluctuations in operating results may result in fluctuations in
the price of the Company's common stock. For a more complete  description of the
prominent risks and uncertainties  inherent in the Company's  business,  see the
risk factors described in documents the Company files from time to time with the
Securities and Exchange Commission.

Contact:
     MicroFinancial Inc.
     Richard F. Latour, 781/890-0177
     President & COO
     Fax: 781/890-1368