Asset finance new enterprise grew by 13% in Might 2023

New figures launched immediately by the Finance & Leasing Affiliation (FLA) present that whole asset finance new enterprise (primarily leasing and rent buy) grew in Might 2023 by 13% in contrast with the identical month in 2022. Within the 5 months to Might 2023, new enterprise was additionally 13% larger than in the identical interval in 2022.

The enterprise new automobile finance and industrial automobile finance sectors reported new enterprise up in Might by 60% and seven% respectively, in contrast with the identical month in 2022. The plant and equipment finance sector reported a fall in new enterprise of 10% over the identical interval.

Commenting on the figures, Geraldine Kilkelly, Director of Analysis and Chief Economist on the FLA, stated:

“The asset finance market reported a thirteenth consecutive month of development in Might because the traits of upper common advances throughout asset finance sectors and powerful performances by the automobile finance sectors continued.  Lending to bigger companies was up by a 3rd in Might, and to SMEs grew by 4% consistent with the earlier month.

“The business can be cautiously optimistic about prospects for future development, with the FLA’s Q2 2023 Business Outlook Survey displaying that just about three-quarters of asset finance respondents anticipate some improve in new enterprise over the following 12 months.”