Arvest Equipment Finance, a division of Arvest Bank, tallied $132.3 million in loans and leases during 2013, up 8.1% from the prior year. The equipment finance division has grown its loans and leases from $54.9 million in 2009, according to the release.
In 2013, AEF ranked among the top 100 largest equipment finance and leasing companies in the United States by MonitorDaily, a trade publication for the industry.
“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 AEF,” said CEO Kyle W. Gilliam.
He said one of these benefits is the ability to finance up to 100% of the cost of equipment with no down payment.
The Equipment Leasing and Financing Association (ELFA) predicts that a majority of U.S. businesses will use some form of financing for equipment acquisition in 2014.