by Dean Oliver, NFS Leasing Principal. Published in ForConstructionPros.com
Amid economic uncertainty, banks are tightening lending standards. That’s when story lenders provide an alternative for mission-critical equipment acquisition.
The economic uncertainty that marked 2023 has carried into the new year, but that doesn’t necessarily mean 2024 will be full of gloom and doom. Indeed, the U.S. has averted a recession, employment continues to be strong, and a soft landing is widely predicted. And although we are not yet out of the woods, there is hope for a better economic climate in the months ahead.
However, one result of lingering uncertainty is that banks and traditional lenders have tightened standards and terms on commercial and industrial loans to businesses of all sizes. The impact on the construction industry is real, with credit constraints affecting construction equipment purchasing power. It’s a challenge for all involved, especially small to mid-sized companies seeking equipment leases and loans to help them grow.
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