Equipment Finance Industry Reports July Growth

Aug. 24, 2022
July new business volume is up 2% year-over-year.

The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25), which reports economic activity from 25 companies representing a cross section of the $900 billion equipment finance sector, shows their overall new business volume for July was $10.1 billion, up 2% year-over-year from new business volume in July 2021. Volume was down 2% from $10.3 billion in June. Year-to-date, cumulative new business volume was up 5% compared to 2021.

Receivables over 30 days were 1.6%, up from 1.5% the previous month and down from 1.9% in the same period in 2021. Charge-offs were 0.18%, up from 0.15% the previous month and unchanged from the year-earlier period. Credit approvals totaled 78.0%, down from 78.1% in June. Total headcount for equipment finance companies was down 2.8% year-over-year.

Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) in August is 50, an increase from 46.1 in July.

“Industry performance continues to show solid growth. Despite higher interest rates, continued supply chain disruptions and higher inflation, the equipment finance industry continues to deliver value to businesses who rely on it to acquire necessary capital equipment to run their operations,” says ELFA President and CEO Ralph Petta in a press release from the organization. “Equipment finance providers leverage a positive credit environment and abundant liquidity to help these businesses grow and prosper.”

Michael Romanowski, president, Farm Credit Leasing, says, “We continue to see robust interest from agribusinesses and producers as they look to expand operations and lock in low long-term rates. Demand is outstripping supply as we continue to experience equipment delivery delays due to continued supply chain challenges. Solar leasing remains attractive, and we expect continued interest with the passing of the Inflation Reduction Act."

Read the press release at

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