Asset finance continues to grow across most sectors in 2017
New figures released by the Finance & Leasing Association (FLA) show that asset finance grew in 2017, marking a seventh consecutive year of growth.
The plant and machinery and commercial vehicle finance sectors saw growth of 12% and 1% respectively, compared to 2016.
New finance for business equipment was up by 7% compared to 2016, too.
Geraldine Kelly, 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 – 12% higher than in 2016.”
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