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Commercial Credit News
|Asset finance market records two years of consecutive monthly growth|
|Thursday, 05 November 2015|
New figures released today by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 3% in September compared with the same month last year – the twenty-fourth consecutive month of growth. New business for deals of up to £20 million grew by 8% in the same period, while total new business grew by 12% in the twelve months to September 2015.
IT equipment finance grew by 48% compared with September 2014, and commercial vehicle finance showed growth of 14% over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “The growth in the asset finance market over the last two years has helped more businesses fund investment in essential equipment that they need to expand. The latest official data suggests that FLA members’ funding of UK investment in machinery, equipment and software has increased from 28.1% to 32.0% in only two years.”
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