Fed Chairman Ben Bernanke announced Wednesday that interest rates are not likely to rise from their current record low until at least late 2014. The news came as an extension of nearly 18 months from the previous commitment to
keep rates low until 2013.
Since 2008, the Fed has attempted to stimulate economic growth by lowering the interest rate banking institutions charge each other for overnight loans. By maintaining rates at near historic lows the Fed is attempting to stimulate spending by both consumers, and businesses alike.
In light of Bernanke’s announcement Bruce Ellemo, President and Founder of Assured Financial, said: “With interest rates at all time lows equipment leasing and financing is going to be a huge tool for business growth across all industry verticals. Many of the surviving businesses after weathering the economic storm of the last few years are left with smaller cash reserves. With the economy growing, existing equipment and infrastructure aging, and an environment of fewer competitors, customers and partners are calling in droves to acquire financing for their equipment acquisitions.”
“The floodgates are quickly opening. Companies that were waiting patiently to purchase aging and update outdated equipment are buying now, and we are well prepared. While other lenders were passively waiting we were actively preparing. “Our access to capital and strength through our partner network is better than it has ever been. We are looking forward to a great year ahead.”
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