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.