31st October 2019
Asset Finance market staying strong with new business growth
Following a recent report by the leading trade body for asset, consumer, and motor finance sectors, the Finance and Leasing Association (FLA) the UK asset finance sector is celebrating unprecedented growth despite facing challenges from a cautious economy and an increase in company insolvencies over the past year.
The total asset finance (market primarily leasing and hire purchase), was up by 6% in August compared to the previous year, with a massive increase of 11% for commercial vehicle finance new business and 1% growth over the same period, for new business in the plant and machinery finance sector.
This upwards trajectory is even more remarkable given the current economic status of the UK, and whilst the Brexit uncertainty will hopefully be resolved in the next 2 weeks, we’re delighted to confirm the FLA figures reflect a successful year so far for Davenham Asset Finance deals in these sectors.
SME funding For SME businesses, asset finance provides an essential source of funding for business equipment and machinery, particularly at a time when banks are holding back on lending whilst companies are battling through the economic challenges and preparing to survive post 31st October.
Investing in UK businessesGeraldine Kilkelly, Head of Research and Chief Economist at the FLA comments “The strong performance of the industry so far this year meant it funded over 41% of investment in machinery, equipment and purchased software in Q2 2019, an eleven-year high.”
Our growing sales team at Davenham Asset Finance is testament to our commitment to working with brokers on a 1-2-1 basis, helping their customers invest in new assets, or release equity from existing ones through asset refinance.
If you’re looking for support when it comes to knowledge and expertise in raising funds for business equipment, commercial vehicles, or agricultural finance, asset finance could be the perfect solution to help manage cash flow. Speak to one of our regional business development managers who will be happy to discuss your asset finance proposal, on 0161 832 8484 to find out more on asset finance and how Davenham Asset Finance can support you. For the full article from FLA, please click here.
The total asset finance (market primarily leasing and hire purchase), was up by 6% in August compared to the previous year, with a massive increase of 11% for commercial vehicle finance new business and 1% growth over the same period, for new business in the plant and machinery finance sector.
This upwards trajectory is even more remarkable given the current economic status of the UK, and whilst the Brexit uncertainty will hopefully be resolved in the next 2 weeks, we’re delighted to confirm the FLA figures reflect a successful year so far for Davenham Asset Finance deals in these sectors.
SME funding For SME businesses, asset finance provides an essential source of funding for business equipment and machinery, particularly at a time when banks are holding back on lending whilst companies are battling through the economic challenges and preparing to survive post 31st October.
Investing in UK businessesGeraldine Kilkelly, Head of Research and Chief Economist at the FLA comments “The strong performance of the industry so far this year meant it funded over 41% of investment in machinery, equipment and purchased software in Q2 2019, an eleven-year high.”
Our growing sales team at Davenham Asset Finance is testament to our commitment to working with brokers on a 1-2-1 basis, helping their customers invest in new assets, or release equity from existing ones through asset refinance.
If you’re looking for support when it comes to knowledge and expertise in raising funds for business equipment, commercial vehicles, or agricultural finance, asset finance could be the perfect solution to help manage cash flow. Speak to one of our regional business development managers who will be happy to discuss your asset finance proposal, on 0161 832 8484 to find out more on asset finance and how Davenham Asset Finance can support you. For the full article from FLA, please click here.