The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index indicated that March’s new business leasing volume came to $6.8 billion, a 45 percent month-over-month increase. From an annual perspective, new leasing business volume increased by 3 percent since February 2012. Credit approvals increased month-over-month in March by 1 percent, totaling 78.4 percent.
A weak economy and financial uncertainties brought on by government disagreements earlier this year may have dampened the growth of small businesses that would have leased equipment otherwise.
“After a sluggish February, March business activity returned to a degree of normalcy that hopefully is sustainable into the second half of the year,” stated ELFA President and CEO William G. Sutton.
Although new business growth in the leasing sector could be better, the ELFA forecasts that things will improve during the second half of the year. As the economy slowly begins to recover, small business owners may feel more comfortable seeing funding to expand their enterprise.
Having the right equipment is essential to small business growth. As the economy picks up, small business owners who are seeking to expand can contact National Funding to learn about the financing and equipment leasing options available to help them build their business.