April 04, 2022 – QuickFi® CEO Bill Verhelle recently contributed to American Banker article: Banks vie for share of trillion-dollar equipment market, as a greater share of banks are becoming focused on offering equipment financing to their business customers.
Equipment finance is big business at a growing number of banks around the country — and it’s getting bigger, as institutions jockey to hire or buy their way into the $1 trillion industry.
Lenders are attracted to the equipment finance space because it thrives in good times, when both start-up firms and expanding established companies buy equipment. At the same time, mission critical equipment buys can’t usually be put off, so the industry rarely sees big drops in activity, analysts say.
Indeed, “in a downturn, you actually get more people that were paying cash for equipment coming in and doing financing,” Bill Verhelle, CEO at QuickFi and the former chairman of the Equipment Leasing and Finance Association. ”In an upturn, when things are really going, you just get more equipment being sold, so there is more financing. [Equipment financing] tends not to have deep dips, even during recessionary periods.”
In general, banks are attracted to equipment finance because companies’ need for equipment creates a constant demand.
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