Despite economic headwinds, volume for the first half of 2022 marked a 29% increase compared to last year
JACKSONVILLE, Fla., Aug. 4, 2022 /PRNewswire-HISPANIC PR WIRE/ — TIAA Bank’s vendor equipment finance (VEF) team saw a year-over-year jump in new business volume. The growth stems from strong production across VEF served segments, including industrial, healthcare and capital markets.
From January to June 2022, booked volume increased 29% compared to last year at this time.
“VEF is laser-focused on supporting our vendor partners as they continue to rebound from the pandemic and return to a growth mode,” said Justin Tabone, head of Originations, Vendor Equipment Finance for TIAA Bank. “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 disruption and inflation, VEF experienced strong momentum through the second quarter and significantly exceeded target for the month of June. Additionally, VEF continues to look for new growth opportunities, including expansion into additional equipment segments.
The growth comes as VEF recently implemented additional digitalization and process efficiencies. Those have spurred a 39% increase in the 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.
TIAA Bank’s Vendor Equipment Finance business, a division of TIAA, FSB, provides equipment financing for critical business assets to preserve the customer’s capital and manage obsolescence of its equipment. Equipment financing solutions include loans, operating leases, capital/finance leases and TRAC leases. With a legacy of success and stability, TIAA Bank and its parent, TIAA, grow and maintain strong partnerships in each community they serve. From financial literacy classes for students and adults, to fighting hunger and building homes, TIAA Bank actively works with the community to make it better every day. More information on TIAA Bank can be found at tiaabank.com/vendor-equipment.
SOURCE TIAA Bank