The Equipment Leasing and Finance Association (ELFA), a trade organization that represents companies in the $903 billion equipment finance sector, released their 2015 Survey recently. Here are some of their findings:
- Business requirements for capital equipment expenditures increased by 6.7% in 2014.
- Last year, more businesses turned to alternative lenders for working capital for new equipment.
- Independent equipment financing organizations led the industry in new business volume for the third straight year.
- Alternative financial companies saw a 17.6% increase in new business volume while traditional lenders realized a 7.4% increase.
- From an asset perspective, the top-five most financed equipment types were: transportation, technology services, agricultural, construction and industrial/manufacturing equipment.
- The top five user industries seeking equipment financing were: service industries, agriculture, industrial/manufacturing, transportation and wholesale/retail.
Equipment Financing at Rates and Terms Business Borrowers Can Afford
This is great news for business owners in any of these sectors who are considering a major equipment purchase. The findings also point the way for those seeking financing for these upgrades. At traditional lenders the loan process can take weeks and possibly months. For those business owners seeking fast liquidity now, an alternative source such as National Business Capital can assist them to locate the funding they require, and once approved, their funds are made available to them in days. Moreover we offer lending instruments that provide equipment financing with great terms.
National Business Capital offers specialized equipment financing for businesses of any size across any industry. We are justly proud of our over 90% approval rate. Our application takes just minutes to fill out, does not require a mountain of documentation, and we make our credit decision within 24 hours. We use reasonable underwriting criteria that does not exclude applicants with less than perfect credit.