Good news, everyone! Demand for equipment financing just spiked in June, showing that small businesses are still targeting growth in 2013.
That figure comes to us from the Equipment Leasing & Finance Association, which has its fingers on the pulse of the equipment lending and purchasing community. Banks are starting to lend again, which contributes to the increase, but independent lenders like Direct Capital have also been stepping up their equipment leasing by a significant amount.
It’s also up from the year before, according toe ELFA’s William Sutton, which seems to suggest that this is a long-term trend that we might just be witnessing the beginning of:
The borrowing rose 8 percent from a year earlier.
“Businesses continue to increase spending on capital equipment as evidenced by U.S. government statistics showing three consecutive months’ increase in durable goods orders by American firms,” ELFA President and Chief Executive William Sutton said in a statement.
We’ve found similar rises in lending demand in each of our monthly lending indices for 2013, but this is another indicator of strong economic growth for small businesses in America that we’ve been looking for. We remain optimistic that the second half of 2013 will be a great one.
Your thoughts on the report?