TIAA Bank’s Vendor Equipment Finance Team Reports Bookings Spike in H1/22
AUG 5, 2022 - 7:08 am
TIAA Bank’s vendor equipment finance team reported a year-over-year jump in new business volume. The growth stems from strong production across the team’s served segments, including industrial, healthcare and capital markets. From January to June, booked volume increased 29% compared with the same period in 2021.
“VEF is laser-focused on supporting our vendor partners as they continue to rebound from the pandemic and return to a growth mode,” Justin Tabone, head of originations for vendor equipment finance at TIAA Bank, said. “We are fortunate to partner with many of the top companies within our industry segments, helping clients address pent-up customer demand by providing effective financing solutions that our vendor partners can offer to their customers.”
Despite major headwinds, including continued supply chain disruptions and inflation, TIAA Bank’s vendor equipment finance team experienced strong momentum through Q2/22 and significantly exceeded its target for the month of June. Additionally, the team continues to look for new growth opportunities, including expansion into additional equipment segments. The growth comes as the team recently implemented additional digitalization and process efficiencies, which have spurred a 39% increase in the team’s submittal to booking conversion rate.
“We’re proud that we’ve earned a reputation for supporting our vendor partners with tailored financing solutions that help them navigate these challenging times,” Tabone said.
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It is fairly common in the equipment leasing and finance industry for financing statements to describe the equipment, inventory or other goods being leased or financed by referring to an unattached master lease, lease schedule or other document. Some of... read more