Western Alliance Bank reported its Equipment Finance Group funded nearly $25 million in essential use equipment financing projects during the third quarter of 2019. The group has financed $184.5 million in projects to-date this year.

“As new technologies have emerged and companies continue the trend of investing – and reinvesting – in essential use tools and resources, the Equipment Finance Group has seen continued momentum in financing requests during the third quarter,” said Managing Director Brian Scott. “This is indicative of the market trends that leading industry resources are reporting.”

The latest data from the Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index, which reports economic activity from 25 companies representing a cross section of the $1 trillion equipment finance sector, reveals overall new business volume for the third quarter of 2019 was up. Combined, July, August and September new business volume totaled $28.6 billion.

According to ELFA, the results tell a bigger story about the relatively strong fundamentals in the U.S. economy, including consumer spending that continues to fuel the market, that are creating a favorable environment for businesses to continue growth and expansion. This is propelling the equipment finance industry forward, despite economic headwinds from trade friction and other recent geopolitical events.

Led by its relationship-centric approach to doing business, Western Alliance Bank is a leader in finding effective financing solutions. Routinely working with other divisions within the bank to bring different solutions to the table, including alternate financing solutions, the Equipment Finance Group often works directly with original equipment manufacturers and their captive sources to provide financing solutions for clients.