There was a 9% increase in the size of the asset finance market in the second quarter of 2012, according to latest figures from the Finance & Leasing Association (FLA).
The trade association found that over 50,000 businesses invested in new equipment using leasing during Q2.
Although lower than the 13% growth seen in the first quarter, the second quarter asset finance figures contrast with the fall shown in the latest estimates of Gross Domestic Product, the FLA said.
IT equipment finance was up by 48% in the second quarter of 2012. Plant and machinery, and car and commercial vehicle finance also showed growth. More agreements were made through commercial finance brokers and equipment suppliers, with both channels up by 14% in the quarter.
“Awareness of the benefits of asset finance is growing among small and medium-sized businesses, and many businesses are finding the finance they need through one of the over 500 commercial finance brokers across the country, who are listed in our new on-line small business finance directory,” said Julian Rose, the FLA’s head of asset finance.
“The government has rightly included asset finance in its programme of measures to ease the flow of credit to small businesses. Expanding those measures – for example the new Funding for Lending Scheme – to include a wider range of asset finance companies would help even more businesses to invest.”