Overall new business for January was $5.9 billion, up 16 percent from $5.1 billion during the same period in 2012
Boston MA (PRWEB) March 04, 2013
LeaseQ, one of the leading providers of commercial equipment leasing and financing options in the United States, is reporting an industry increase of more than 16%, according to a report released by the Equipment Leasing and Finance Association which reports economic activity based on a cross section of the $725 billion equipment finance sector.
Overall new business for January was $5.9 billion, up 16 percent from $5.1 billion during the same period in 2012. Volume was down from December, which is attributed to a normal end of quarter, end of year spike in new business activity.
Credit approvals totaled 78.3 percent in January, which was down slightly from December, and the total headcount for equipment finance providers was up .07 percent from the previous month, and has increased 0.6 percent year over year, on average.
The ELFA Monthly Confidence Index for the month of February is 58.7, and increase from January’s 54.2 showing. This is believed to reflect industry leaders’ increasing optimism despite continued questionable economic conditions and government management of fiscal policies.
ELFA President and CEO William G. Sutton, CAE, said: “The year begins where 2012 left off—on a positive note—as new business volume continues to trend in a positive direction. A flurry of activity at the end of the year gave way to more moderate growth in January. MLFI-25 participants also indicate strong credit quality metrics as both losses and delinquencies improved over the year-earlier period. This good news belies an overhang of continued uncertainty that lingers in the marketplace, as policy makers in Washington continue to struggle with fiscal matters, which only serves as a damper to economic growth.”
Based in Boston MA, LeaseQ is one of the leading providers of commercial equipment lease and finance options in the US, offering options that benefit both small businesses and large corporations.