New figures released today by the Finance & Leasing Association ("FLA") show that asset finance new business (primarily leasing and hire purchase) grew by 5pct in 2017 – the seventh consecutive year of growth. New business in December 2017 increased by 4pct compared with the same month in 2016.
The plant and machinery finance sector reported new business up in 2017 by 12pct, compared with 2016, while new finance for business equipment was up by 7pct over the same period. Broker-introduced business also increased 14pct year on year.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said, “The asset finance industry reported a record level of new business of almost £32 billion in 2017, despite challenging economic conditions and subdued business investment growth. The latest figures also reveal that asset finance is a vital source of funding for SMEs when investing in business equipment and machinery. Of the total asset finance new business in 2017, £18.6 billion went to SMEs – 12pct higher than in 2016.”
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