An index of new business in the equipment finance sector grew 26 percent in March compared to February, and is up 4 percent from March 2020.
The Equipment Leasing and Finance Association said its Monthly Leasing and Finance Index (MLFI-25) showed overall new business volume for March was $9.3 billion, up from $7.4 billion in February.
Year-to-date, cumulative new business volume was down 1 percent compared to 2020.
“The equipment finance industry appears poised to take advantage of an economic tailwind that is manifesting itself in an improving labor market, a continued low interest-rate environment, a strong corporate earnings season, and high business confidence that is creating demand for investment in commercial equipment,” said ELFA president/CEO Ralph Petta, in a prepared statement. “ELFA member organizations also report improving portfolio quality, which is reflective of their customers’ ability to meet their payment obligations as the pandemic’s grip on many businesses loosens.”
Source: ELFA
