The Equipment Leasing & Finance Association (ELFA) released its March 2026 Monthly Confidence Index for the Equipment Finance Industry (MCI), revealing confidence in the equipment finance market is 61.0, a decrease from 67.6 in February, but within range of index levels over the past nine months. The index provides a qualitative assessment from key executives in the $1.3 trillion equipment finance industry.
March 2026 Survey Results:
- Business Conditions: When assessing the next four months, 29.2% of responding executives believe business conditions will improve, down from 37.5% in February. Those who believe business conditions will remain the same decreased to 54.2% from 58.3% the previous month. The percentage of executives who believe business conditions will worsen increased to 16.7% from 4.2% in February.
- CapEx Demand: For the next four months, 37.5% of the survey respondents believe demand for leases and loans to fund capital expenditures (capex) will increase (down from 45.8% in February). Additionally, 50% expect demand to remain the same (down from 54.2% last month), and 12.5% believe demand will decline (up from none in February).
- Access to Capital: Over the next four months, 25% of respondents expect greater access to capital to fund equipment acquisitions, a decrease from 33.3% in February. The majority (70.8%) anticipate the “same” access to capital to fund business, an increase from 66.7% the previous month. Those expecting “less” access to capital increased to 4.2%, up from none in February.
- Employment: Regarding employment over the next four months, 37.5% of executives expect to hire more employees, a decrease from 45.8% in February. Also, 58.3% foresee no change in headcount (up from 50% last month), and 4.2% expect to hire fewer employees, unchanged from February.
- S. Economy: Of the respondents, none evaluate the current U.S. economy as “excellent,” down from 4.2% in February; 100% assess it as “fair,” up from 95.8% last month; and none evaluate it as “poor,” unchanged from February.
- Economic Outlook: Over the next six months, 20.8% of respondents believe that U.S. economic conditions will “get better,” a decrease from 33.3% in February. Another 54.2% expect the U.S. economy to “stay the same,” down from 58.3% last month; and 25% believe economic conditions will worsen, an increase from 8.3% in February.
- Business Development Spending: Over the next six months, 50% of respondents believe their company will increase spending on business development activities, unchanged from February. Those who believe there will be “no change” in business development spending increased to 50% (from 45.8% in February), and none believe there will be a decrease in spending (down from 4.2% last month).
March 2026 MCI-EFI Survey Comments from Industry Executive Leadership
Bank, Small Ticket
“Fear over tariffs has settled. The sky wasn’t falling. If economic conditions continue to improve and foreign relations do not deteriorate further, we should see growth.” Charles Jones, senior vice president of 1st Equipment Finance, said.
Independent, Small Ticket
“The continued strong performance of our portfolio paired with a normal to enhanced seasonal origination pace helps us maintain confidence in the short term.” Daryn Lecy, CLFP, chief operating officer of Oakmont Capital Services, said.
Independent, Middle Ticket
“I’m optimistic about potential Increased capex due to onshoring, but global economic uncertainty halting capex decision making is a concern,” Jeffry Elliott, CLFP, CEO of Elevex Capital, said.
