Credit has been tightening in our industry over the past year, making it challenging to obtain financing for new or used equipment.
The collapse of Silicon Valley Bank and Signature Bank in March of 2023, followed by the failure of First Republic Bank in May, caused a seismic shift in our industry. Fearful depositors moved billions of dollars out of smaller, regional banks, which they felt were “at risk,” to the country’s largest banks.
You may have noticed that your local bank is now offering CDs at 5.0% when just a short time ago the rate was a paltry 0.1%. The sudden, sharp increase was their attempt to keep deposits and more importantly, lure new ones.
Nonetheless, the loss of deposits for banks caused many of them to pull back in lending to the commercial equipment sector. What had once been a booming growth area was now being limited, or even curtailed.
This is why borrowing through Acceptance Leasing and Financing makes a difference.
We work with a variety of different funding sources throughout the country. We don’t rely on a single funding source that can close the credit spigot at a whim. So while your local bank may re-adjust their lending priorities and leave you out in the cold, we have been a steady, dependable source of commercial equipment funding for over 30 years!
If you have your eye on equipment that can generate addition income for you and expand your market share, then you need to acquire financing that will let your company continue to grow. We offer a variety of lending programs that suit all types of borrowers. Whether you’re looking for less financial disclosure through our “Application Only” option or reduced payments in a seasonal business, we can help.
Talk to us about your financing needs. Call us today at 412 262-3225 to see how we can help.
We are Acceptance Leasing and Financing Service, Inc. We are in our 32nd year of business in 2024. Established in 1992, we pride ourselves on our Certified Leasing and Financing Professional designation. We are a member of SBCA and a frequent attendee of the BCMC tradeshows. We can provide financing for any new and, regardless of age, used equipment.