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Recent data from the Finance & Leasing Association (FLA) reveals a promising trend in the asset finance sector, highlighting the potential for businesses to expand their investment strategies. In October 2024, the total asset finance new business, including leasing and hire purchase, saw a 4% increase compared to October 2023. This growth trend was consistent over the first ten months of 2024, marking a steady 4% rise from the previous year.
The commercial vehicle finance and plant and machinery finance sectors experienced notable growth in October 2024, with increases of 12% and 8% respectively, compared to the same time in 2023.
Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, noted the robust performance of the asset finance market, particularly in the final quarter of 2024. She observed that lending to both SMEs and larger companies grew by 5% during this period, indicating a healthy demand for asset finance solutions.
How PMD Business Finance Can Support
PMD Business Finance is well-positioned to support businesses navigating their growth plans in a constantly changing market. With a tailored approach, PMD provides flexible financing solutions that cater to the requirements of each individual business, including commercial vehicles and plant and machinery. By offering competitive rates and expert guidance, PMD helps businesses secure the funding they need to grow, despite an uncertain economic climate.
In a market where adaptability is key, PMD Business Finance stands out as a reliable funding partner for companies looking to leverage asset finance for business growth and expansion. Whether that’s fleet expansion or investing in new machinery, PMD offers the expertise and resources needed to secure the right financial solutions.