(PRWEB) August 19, 2013
As one of the leading providers of equipment leasing and financing in the United States, LeaseQ announced that despite a 14% decrease in small business lending demand in July, small business loan demand remains strong year over year; up 8% over July 2012, which indicates continued positives for the economy as a whole as well as for the equipment leasing and financing sector. LeaseQ CEO and Founder Vernon Tirey was also quick to state that despite the July slump, leasing and financing demand year-to-date for the industry was still up 30% over this time in 2012 and LeaseQ saw strong quarter over quarter growth of 90%. He remains cautiously optimistic for continued growth in the sector and for the economy as a whole.
For more information on the pros and cons of equipment leasing go to:
Though Tirey remained encouraged by the continued growth in small business lending and the corresponding demand for the services of his company, he was realistic about reading too much into the current month’s performance. Tirey said, “July is typically the slowest month of the year for small business lending as many business owners take this month for vacation. The national trend for slower demand mirrors what we see in the demand for our leasing and financing services in the month of July as well.”
Tirey’s comments were in response to Direct Capital’s July Small Business Lending Index, a monthly bellwether financing indicator which is based on an algorithm that collects data from more than 200 sources across the leasing and financing industry.
Continued Tirey, “According to the Index, year to date demand for small business lending is up 30% year-over-year and we at LeaseQ remain optimistic about the leasing outlook for the remainder of 2013. We look for continued demand from businesses of all sizes to expand and improve their businesses by leasing and financing the equipment they need to sustain and gain an advantage over their competitors.”
Summer Doldrums Haven’t Dampened Optimistic Equipment Leasing Outlook
Tirey is encouraged by the strong quarter over quarter growth he’s seen in his business, as businesses continue to lease equipment to enable expansion due to strong customer demand. He is also wary of reading too much into the Index’s July decrease and warns that these trends need to be closely monitored, “On one hand, the Index shows 30% growth year-over-year growth, which may make some analysts overly sanguine; but according to the report, that growth percentage is also decreasing monthly. This is something we at LeaseQ need to carefully monitor as that year-to-date rate of small business lending expansion is unlikely to be sustained.”
Tirey did indicate that the coming months will be very important to watch, “A big bellwether month for us will be September. The numbers form the Index show that we should see continued demand in August which could carry over into September. You can generally count on growth in August, but if that continues in September, expect the last four months of the year to be very meaningful in terms of small business lending demand.”
According to the Index, the decrease in July was most likely due to a strong first-half economy, in that if business owners feel more secure in their businesses, they are likely to take vacation for extended periods in the moths of July and August. However, small daily fluctuations in demand may throw the index off significantly - because the July 4 holiday was in the middle of the first week of the month, it likely encouraged business owners to take off more of the surrounding days off as well.
“As we’ve seen before with this data, any significant change in the number of working days in the month oftentimes has a profound effect on the data,” said Tirey.
Equipment Leasing Remains A Better Way to Shop For the Best Leasing Deals
As one of the most innovative new platforms to hit the leasing and financing industry in decades, LeaseQ's comparison shopping platform allows smart business owners the opportunity to generate instant quotes from leading equipment leasing companies – all in under two minutes. With zero impact on the business owner’s credit rating, the system, powered by a powerful backend underwriting engine, is becoming a favorite of business owners of all kinds regardless of their equipment demands. Heavy equipment, farm equipment, medical equipment, gym equipment, office equipment, computer networking equipment and restaurant equipment are just the tip of the iceberg of the categories of equipment LeaseQ services.
One of the primary reasons why LeaseQ’s One Touch LeasingTM online platform is becoming so popular is that LeaseQ’s complimentary online system helps both to obtain the equipment they need at the best rates and terms possible. As the business owner advances through LeaseQ’s intuitive online platform, they are presented with comparative financing based on their credit rating; instantly matching them with the financial terms and leasing rates that work best for them and their business.
Based in Woburn MA, LeaseQ provides lease and finance options for businesses of all sizes, from small business startups to Fortune 500 corporations. Visit them online at LeaseQ.com.