Following an 80% rise in April in the alternative finance market, latest figures by the Finance and Leasing Association (FLA) show the growth in leasing and and hire purchase new business in May 2021, compared with the same month 2020.
For the five month period from January to May, new business in these areas was up 26% from 2020 to 2021. The figures state that the plant and machinery and business equipment reported 58% and 20% increases, respectively.
These encouraging figures will come as a result of increased spending, easing of restrictions and business owners re-launching and investing in their business.
Mark Johnson, managing director of Johnson Reed, commented, “It’s reassuring to continually see figures increasing compared to this time last year, which will have been a low point for many of us. This is why we must keep supporting businesses, giving them the purchasing power through leasing, finance and hire purchase, as the best way to trade again and generate profit is to invest in companies and provide great services or products.”
If you are a business owner, or know a business owner, interested in a loan, asset finance, lease or hire purchase, then get in touch with our team by contacting us here.