TIAA Bank’s Vendor Equipment Finance (VEF) team has reported increased demand and growth for the first half of 2023.

From January to June 2023, booked volume increased by 15 percent. The upturn in bookings follows the unprecedented 29 percent increase the VEF team saw last year, from January to June 2022.

“Showing up as a collaborative partner to our vendors has been essential during ongoing market challenges,” said Justin Tabone, TIAA Bank’s Head of Originations for Vendor Equipment Finance. “We’ve had to navigate through numerous headwinds, some of which we also experienced last year, including inflation, economic uncertainty, and continued interest rate volatility.”

The VEF team has remained flexible in offering innovative financing options and providing comprehensive support to businesses of all sizes. Additionally, as vendors further embrace technology, like APIs and digital quoting, it has provided an opportunity to help create more efficiencies alongside booking spikes.

“We are fortunate to work with many of the top vendors in the segments we serve, which continue to have significant demand for their products, and are knowledgeable on how to utilize financing solutions to drive sales,” said Tabone.

As TIAA Bank’s VEF team continues to experience rapid growth, TIAA Bank remains committed to working with vendors to create financing options that align with their customers’ budgets and ensuring that programs are structured to effectively navigate through fluctuations in market conditions.