If you're planning to lease or rent any new equipment, you're not alone. At least, not according to a new survey that suggests non-bank asset-financing solutions are becoming increasingly popular for machine tools.
Conducted by Siemens' Financial Services unit (SFS), the study surveyed 80 OEMs that, together, represent 55 percent of worldwide machine tool sales. Of these respondents, 84 percent said customers are experiencing increased difficulty in accessing traditional bank loans to fund equipment. Additionally, 61 percent said customer demand for additional financing options has increased during the past two years.
The study also indicates that these OEMs are working to deliver by ofering more leasing, renting and other alternatives. Such options can certainly benefit U.S. shops in particular, which, as SFS points out, are often "small- and medium-sized enterprises." That's certainly true of many moldmakers. And if U.S. shops are indeed having difficulty securing traditional financing, new options couldn't come at a better time. Data from MoldMaking Technology publisher Gardner Business Media indicate that next year could be a big one for equipment spending--with industrial mold shop spending in particular expected to increase by a factor of three compared to 2013 levels.