Economic Contribution of the Equipment Finance Industry
Equipment finance not only contributes to businesses’ success, but to U.S. economic growth, manufacturing and jobs. Nearly 8 in 10 U.S. companies (79%) use some form of financing when acquiring equipment, including loans, leases and lines of credit (excluding credit cards).
In 2019, a projected $1.8 trillion will be invested by U.S. businesses, nonprofits and government agencies in plant, equipment and software. Approximately 50%, or $900 billion of that investment, will be financed through loans, leases and lines of credit. America's equipment finance companies are the source of such financing, providing access to capital. Equipment finance companies also finance the export of U.S. manufactured products abroad.
Of the total market for financing in 2018, banks accounted for 43% of financed acquisitions, manufacturer or vendor financing accounted for 33% and independents accounted for 12%.
ELFA members finance the acquisition of all types of capital equipment and software including: