The Finance and Leasing Association (FLA) has renewed calls for asset finance firms to be involved in the UK government’s proposed Business Bank in its latest member survey, ahead of Wednesday’s budget.
The survey of 33 FLA member companies carried out in the first quarter of 2013, predicted a 10% rise in direct sales finance business over the next twelve months, following 5% growth in core asset finance new business in January.
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Out of the survey respondents, which account for 73% of the £21.4bn (24.7bn) in new business written by FLA members in 2012, 96% expect to see an increase in SME lending.
Julian Rose, the FLA’s head of asset finance, said: "The Government’s Business Bank – more details of which are expected to be announced by the Chancellor this week – is focused on getting finance to growing small businesses. This survey confirms that the asset finance market is a well-established means of providing what these businesses need.
"It will make sense for the Business Bank to build on that by working through bank and non-bank asset finance companies."
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