Almost 40% of buyers are upping orders.Sunny forecast: Despite yet another rate increase and continued economic headwinds, small-business equipment finance activity is rising.
- In our survey of over 6,000 small-business decision makers, only 9% were delaying an equipment purchase because of the economic climate…
- …While 38% were increasing their equipment appetite for 2023 over their original plans in January.
The big picture: This spring led to a “wait and see” mindset among many businesses. But with consumers still actively spending, businesses still investing, and the Fed possibly taking a “soft landing” approach, equipment finance and equipment buying activity is rising.
By the numbers: Here’s how major industry sector data on equipment buying intent has changed since January:
- Manufacturing +4%
- Transportation +3%
- Construction +22%
- Traditional IT +7%
- Office Technology +4%
- Ag/Forestry/Landscaping +19%
- Restaurant +8%
Takeaways for brokers:
- The end of 2023 could see a flurry of equipment buying, when the normal seasonal increase combines with pent-up demand from those businesses who have been waiting to see how the economy might impact them.
- Though credit is still far tighter, equipment needs will still require funding—opening the door for brokers and creative capital providers to fill the gap.
- With flexible monthly payment options for equipment needs starting at $500 and reaching $500,000 and beyond, you can trust our innovative technology tools and creative capital solutions to make direct origination easier and keep customers coming back.
Take action: To discuss a vendor opportunity, reach out today. Or sign up now to get started. *2023 Sawbux Greenwich Study of Commercial Finance Decision Makers