Businesses accessed £1.3 billion* in asset finance in February, up by 10% on January last year, showing that demand for vendor finance is booming as the economy recovers and businesses look to invest in new technology and equipment.
According to the latest industry figures, the amount of new plant and machinery finance taken up by businesses grew in the three months to the end of February by 20% compared with the same period last year to £1.4 billion, while IT equipment finance grew by 33% to £558 million.
Following a major investment by a private equity firm, we are in the position to help vendors meet this increased demand from customers, either providing the finance directly, or through a well-established network of funding partners. We’ve made significant improvements to our systems and processes in order to provide a better service to vendors and their customers.
Key areas of focus include; IT, Telecoms, Transport and Manufacturing, alongside traditional Health and Professionals segments. The approach is to work with vendors to develop a customer proposition with value added finance and service offering not only for traditional hardware but also services and software over a wide array of assets.
Comments Steve Arnold, [Vendor Development Manager] of LDF: “improved business confidence is a major opportunity for vendors, but they need to be able to rely on finding the right funding for customers in order to convert interest into sales.”
“At LDF we have been focusing on making sure that we can be as responsive and flexible as possible to the needs of vendors and their customers.”
“Where a funding application is simple, we are ready to respond as fast as possible. Where the business’s needs are more complex, we will find the best possible funding solution for the widest range of IT, business technology and other assets.”
There will be further releases over the coming weeks as we continue to further develop our offering including on-line proposal management tools and auto decisioning.
If you feel this service would be of benefit to your business, we’d be keen to talk to you.
*Source: Finance and Leasing Association
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