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We thought it would be beneficial to write a blog post that explains what it is like to work in the equipment financing industry. Balboa Capital is a top-rated business lender nationwide, and we know that working in equipment financing is fun, fast-paced, and highly rewarding.
Equipment financing is a $1 trillion industry.
The Equipment Leasing and Finance Association (ELFA) reported that the $1 trillion equipment financing industry grew 7.4% last year¹. This number will increase if the economy continues to improve because it will lead to greater business confidence and, subsequently, more capital equipment investing nationwide. If you seek a career in equipment financing, this is promising news. When the economy moves in the right direction, there are more job openings at banks, credit unions, and business lenders that offer this popular type of business funding.
What it takes to succeed.
To build a successful career as an equipment financing professional, you need to be highly disciplined and hard-working and fully understand how equipment financing works. In addition, you will work with customers and equipment vendors in many different business industries. Having knowledge of the various types of equipment that businesses in each industry use can help you build confidence with your prospects and customers. Ultimately, this can help you pave the way for a successful long-term career.
If you decide to pursue a career in sales, you will most likely need to make outbound sales calls to prospective customers with the goal of closing deals. You need to have a positive attitude, a friendly personality, and good interpersonal skills to do this. Depending on the lender you work for, you might also handle inbound sales calls.
Job opportunities in various disciplines.
Account managers and sales representatives account for most jobs in the equipment financing industry. However, their success requires a talented supporting cast comprised of employees in many different areas.
So, suppose you are not a sales professional and want to work in this industry. In that case, you will be glad to know that this unique business niche requires experienced personnel in accounting, credit, customer service, information technology (IT), marketing, and social media, to name a few.
Reference:
1. https://www.elfaonline.org/news/industry-news/read/2022/07/18/elfa-2022-survey-of-equipment-finance-activity-reveals-new-business-volume-increased-7.4-in-2021
Balboa Capital, a Division of Ameris Bank, is not affiliated with nor endorses the Equipment Leasing and Finance Association. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.