Equipment Finance Confidence Falls Again in April: ELFA Survey

The April 2026 Monthly Confidence Index for the Equipment Finance Industry (MCI) fell 6.4 points to 54.6, its lowest level since May 2025, according to the Equipment Leasing & Finance Association (ELFA). This decrease comes just two months after confidence peaked at 67.6 in February, the highest MCI since January 2025.

“War in Iran has begun a global economic recessionary movement as many eastern nations lack access to oil and natural gas, which are major components to many sectors in their economies and cannot be readily replaced,” writes Elevex Capital CEO Jeffry Elliott in the survey comments. “Expect international markets to slide first, then contagion to U.S. markets.”

In the next four months, 29.4% of respondents expect that business conditions will worsen, up from 16.7% in March. 11.8% believe conditions will improve, down from 29.2% last month. 58.8% expect that conditions will stay the same.

During the same period, just 10.5% of executives believe demand for loans and leases to fund capital expenditures will increase, a significant decrease from 37.5% last month. 21.1% expect demand will decrease, an increase from 12.5% in March. Survey participants also reported their expectations for access to capital to fund equipment acquisitions:

• 31.6% expect greater access
• 63.2% expect the same access
• 5.3% expect less access

Last month, 100% of respondents rated the U.S. economy as “fair.” In April, 94.4% evaluated it as “fair,” and 5.6% evaluated it as “poor.” No executives rated the economy as “excellent.” Over the next six months, 15.8% of respondents think U.S. economic conditions will improve, and 36.8% expect economic conditions to worsen, up from 25% last month.

In the comments of the survey, Global Financial and Leasing Services CEO James D. Jenks writes, “The war in Iran is causing economic challenges for some people and businesses. The sooner it is over, the better.”

Regarding employment over the next four months, about half (52.6%) of executives do not expect a change in headcount. 5.3% believe they will hire fewer employees, and 42.1% expect they will hire more employees, up from 37.5% in March.

Concerning spending on business development activities over the next six months, respondents said:

• 47.4% believe their company will increase spending
• 52.6% believe there will be no change in spending
• 0% believe their company will decrease spending