Leasing Business Grows 26% in March: ELFA
SHARE
April 23, 2021
An index of new business in the equipment finance sector grew 26 percent in March compared to February, and is up 4 percent from March 2020.
The Equipment Leasing and Finance Association said its Monthly Leasing and Finance Index (MLFI-25) showed overall new business volume for March was $9.3 billion, up from $7.4 billion in February.
Year-to-date, cumulative new business volume was down 1 percent compared to 2020.
“The equipment finance industry appears poised to take advantage of an economic tailwind that is manifesting itself in an improving labor market, a continued low interest-rate environment, a strong corporate earnings season, and high business confidence that is creating demand for investment in commercial equipment,” said ELFA president/CEO Ralph Petta, in a prepared statement. “ELFA member organizations also report improving portfolio quality, which is reflective of their customers’ ability to meet their payment obligations as the pandemic’s grip on many businesses loosens.”