Arvest Equipment Finance Sees 8.1% Growth in 2013
Seven years after its founding, Arvest Equipment Finance (), a division of Arvest Bank, ended 2013 with $132.3 million in loans and leases. This is an increase of 8.1 percent from $122.3 million in 2012.
When looking at the past few years, has seen tremendous growth in a relatively short time period. In 2009, ended the year with loans and leases valued at $54.9 million. The value of loans and leases has more than doubled as of the end of 2013.
In 2013, ranked among the top 100 largest equipment finance and leasing companies in the United States by MonitorDaily, the leading publication of the equipment leasing and finance industry. The Monitor 100 is published annually and ranks the largest equipment leasing and finance companies based on net assets and new business volume. The 2013 Monitor 100 report, published in the 2013 Monitor 100 Special Issue dated June 2013, ranks 99th on the list in terms of 2012 assets. ended 2013 with assets totaling $133 million.
The industry is experiencing overall growth with the Equipment Leasing and Financing Association () predicting that a majority of U.S. businesses will use some form of financing for equipment acquisition in 2014. also states that, in 2014, investment in plant equipment and software in the United States is projected to reach $1.5 trillion, of which 57 percent, or $860 billion, is expected to be financed through loans, leases and lines of credit, an increase from 55 percent in 2013. In a continuing trend, seven out of 10 businesses will use at least one form of financing to acquire equipment.
president and , Kyle W. Gilliam said, “Financing equipment is a great option for business owners as it gives them flexibility and the option to preserve resources for other needs. Here, we are in the fortunate position of having close relationships with Arvest lenders, and so we’ve been able to successfully inform customers about the benefits of using . One of these benefits is the ability to finance up to 100 percent of the cost of equipment with no down payment. We have had a great year, and that connection with lenders and our personal relationships with our customers is what helps us to be successful.”