UK asset finance new business grew by 12% in November 2022.
PMD Business Finance
One of the UK's largest independent business finance brokers, helping businesses secure alternative funding.
The Finance and Leasing Association (FLA) recently released figures that show total asset finance new business, primarily in hire purchase and leasing, grew in November 2022 when compared with the same month in 2021.
In the eleven months leading up to November 2022, new business was 5% higher than in the same period in 2021, according to the new figures released by the FLA.
The business car finance and commercial vehicle finance industries reported new business up in November by 35% and 10% respectively, compared with the same month in 2021. Business equipment finance new business also grew by 13% over the same period.
Geraldine Kilkelly, Director of Research and Chief Economist at the FLA commented:
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"November saw the asset finance market report its seventh consecutive month of growth as the market continues to recover to more normal pre-covid levels of new business. New lending to SMEs increased by 11% in November and the industry is on track to report a record level of asset finance new business to SMEs in 2022 as a whole.
"Our latest figures show that the asset finance market is playing a vital role in supporting businesses of all sizes to invest in new equipment that improves efficiency as they face a difficult year of uncertainty about demand and a squeeze on business margins from higher costs and interest rates."
In 2021 alone, FLA members provided ￡132bn of new finance to UK businesses and households. ￡31bn of finance was provided to businesses and the public sector. FLA members also financed more than a third of UK investment in machinery, equipment and purchased software in the UK in 2021.
PMD Business Finance can source facilities for almost any business asset. With access to around 100 providers in asset finance alone, we have the ability to open up a number of flexible, independent and competitive funding lines to help with business growth. We'll liaise with funders to secure the best possible terms, leaving our clients with more time to focus on running their business. For more information, give us a call on 0161 633 2548 or email [email protected].