The latest figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew in May by 16% compared with the same month last year.
The plant and machinery finance and business equipment finance sectors reported new business up in May by 28% and 31% respectively, compared with the same month in 2016, while new finance for commercial vehicles was up by 3% over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“Asset finance new business grew by 9% in the first five months of 2017, as the industry continued to help businesses invest.
“The growth in plant and machinery finance new business so far in 2017 has been broad-based, with increases in new finance provided for construction equipment, agricultural equipment, forklift trucks, and production and process plant over that period.”Excel asset finance summary
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