New leasing business by Finance and Leasing
Association members grew by 5 percent to £1.7bn (€2bn) in December
2010 compared with December 2009. FLA figures show that this is the
second consecutive month of growth since September 2008.
Business finance – which includes telephone
systems and catering equipment – saw the strongest rebound,
increasing 59 percent to £208m in December 2010. For the whole
quarter, it was 27 percent up to £468m. Commercial vehicle finance
and plant and machinery finance also grew in December, by 20
percent (to £339m) and 18 percent (to £260m) respectively.
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IT and big ticket leasing have continued
to decrease. IT equipment finance was 32 percent down to £133m
in December 2010. Aircraft, ships and rolling stock finance dropped
64 percent to £51m.
FLA head of asset finance Julian Rose said: “A
thousand small businesses are signing leasing and hire purchase
agreements every day. With a second consecutive month of growth,
our figures indicate that SMEs are increasingly using alternative
forms of finance to obtain new and replacement equipment.”
For the full year, new business including
portfolio purchases reached £19.6bn. The FLA said that there have
been on average some 250,000 new agreements signed every year, and
that one in three SMEs with any external borrowing now uses asset
finance.
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