Smaller Companies Pull Back—But It’s Not All Bad News
The reality: This winter’s dire forecasts haven’t come to pass. Even in the face of rising rates, inflation, and labor problems, the overall economy has remained relatively strong.
Yes, but: Many smaller companies were spooked by the doom-and-gloom headlines. In a recent survey* of over 5,800 small businesses, nearly 7 in 10 had have decided to delay or eliminate a previously planned equipment purchase.
By the numbers: Here is a breakdown by asset class:
Takeaways for brokers:
- Small businesses are, without a doubt, pulling back a bit. But within the breakdown, you can find industries where the pullback is less severe.
- Plus, those surveyed about why they might be delaying or eliminating a purchase decision cited cash preservation as the number one reason. And cash preservation is exactly what equipment finance brokers specialize in.
TimePayment can help. We help brokers say “Yes” to more customers, by offering best-in-class equipment lease financing, industry-leading technology, access to API, and superior account service, training, and back-office support. TimePayment has helped over one million customers with transactions from $500 to $1.5MM+, and brokers rely on TimePayment for the speed, convenience, and technology solutions they need to grow.
Get started: It’s fast, easy, and free to sign up. Approved brokers start with lease finance programs like $1 Buyout, Lease-to-Own, Fair Market Value, 90 Day Deferred, and our exclusive TurboLease**. Visit our Broker page if you want to learn more or contact us if you want to discuss how we can help your business.
*2023 Sawbux Greenwich Study of Commercial Finance Decision Makers
**Exclusions may apply.