Industry Roundup: Small Businesses Planning Expansion

The 2024 forecasts by sector

The big question: Where are the pockets of opportunity that might drive equipment finance volume in 2024?

By the numbers: Based on our survey of over 5000 smaller businesses, the top five industries forecasting capex growth are:

Behind the numbers:

  1. Onshoring manufacturing has led to more US manufacturing starts in the last 18 months than any comparable period since the 1980s—leading to growth in machine tool and material handling.
  2. Over $1T in government infrastructure spending will find shovels and sub-contractors in the first quarter of 2023, powering construction forward.
  3. Higher interest rates have people running cars longer, requiring more maintenance.
  4. The flood of tech hardware needed for remote work technologies in 2020 are now aging out and requiring replacement.

Why it matters: When capex is required amid budget limitations and tighter credit, brokers are uniquely positioned to win.

  • Attacking these areas with a long-time funder of the broker channel with strong specialty in small-ticket transactions might help.

TimePayment can help. With flexible monthly payment options for equipment needs starting at $500 and reaching to $500,000 and beyond, you can trust our flexibility to get deals done for vendors struggling to find capital solutions right now.

Seize the opportunity: To discuss a vendor opportunity, reach out today. Or sign up now to get started.

*2024 Sawbux Greenwich Study of Commercial Finance Decision Makers

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