TIAA Bank’s vendor equipment finance team reported increased demand and growth for the first half of 2023, as from January to June, the team’s booked volume increased by 15%, following a 29% increase during the same time period in 2022.
“Showing up as a collaborative partner to our vendors has been essential during ongoing market challenges,” Justin Tabone, head of originations for vendor equipment finance at TIAA Bank, said. “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.”
TIAA Bank’s vendor equipment finance team offers financing options and support to businesses of all sizes. Additionally, as vendors further embrace technology like APIs and digital quoting, the team 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,” Tabone said.
TIAA Bank works with vendors to create financing options that align with their customers’ budgets and ensures that programs are structured to allow clients to navigate through fluctuations in market conditions.
