Finance & Lending

 

08 28 2013

08 28 2013

Equipment Leasing and Financing Increased by 9 Percent in July

Companies are increasing their spend on equipment financing and leasing, the Equipment Leasing and Financing Association (ELFA) recently reported. According to ELFA, companies across the United States signed up for a total of $7.2 billion in new loans for equipment in July, up 9 percent from July 2012. This comes as a 16 percent drop from June, which showed unusually high numbers for the equipment leasing market.

Chief Executive of ELFA William Sutton said the gains were a positive sign for the industry. “While cooling off somewhat from a torrid June, this month’s increase in financing activity matches a strengthening economy evidenced by a rebounding housing market, GDP growth and declining unemployment picture,” Sutton said.

Small business owners and other companies have increased spending on equipment while experiencing steady improvements in credit approval. According to the ELFA report, credit approvals came in at 78.6 percent in July, relatively unchanged from the two months before.

If a small business owner is looking to expand operations without outright purchasing new and expensive equipment, they can come to National Funding for assistance. National Funding offers equipment leasing and financing services to help small business owners make a big difference at their companies.

 

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Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.

 

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To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan. What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number. We will also ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

 

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I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.

 

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