Four in five brokers expect SME demand for asset finance to grow in the next three years
A recent survey, carried out by United Trust Bank, has shown that the majority of brokers are feeling very positive about the next three years.
82% of brokers working in the asset finance sector felt that demand from SMEs for asset finance will continue to grow over the next three years and 73% expected to grow their own businesses in 2014. 26% of brokers felt that their business would remain about the same size.
When asked who brokers consider their biggest competition, 42% answered funders direct/vendor sales teams, 31% said ‘other brokers’ and 27% felt that they were most often competing with the customer’s own bank.
Martin Nixon, head of asset finance at United Trust Bank said: “United Trust Bank had another very positive year with a strong finish to 2013 and it appears that, like us, most brokers are finding there’s a strong demand for asset finance.
“Having consulted with brokers, and recognising that there’s a growing need for more funding options, we now consider lending on a wide variety of engineering and manufacturing equipment and we’ve also expanded our funding options for performance cars.
“Having doubled the size of the asset finance team and doubled our lending last year, with these additional funding options we are looking forward to working closely with our broker partners to ensure a successful 2014 for all.”
