The US Equipment Leasing & Finance Foundation’s (ELFF) Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI) continues to remain steady, rising incrementally in October to be 60.1 from September’s 59.9.

The MCI-EFI provides a qualitative assessment from key executives in the USD1.3 trillion equipment finance industry. 

The ELFF says more than eight out of 10 US businesses, ranging from small businesses to Fortune 100 companies, use at least one form of financing for their equipment acquisitions.

The October MCI-EFI reveals 37.5% of respondents expect business conditions in the next four months to improve, an increase from September’s 30.4% with just 8.3% believing business conditions will worsen, down sharply from September’s 17.4%.

All respondents assess the US economy currently as “fair”, up from 91.3% in September; none evaluate it as “excellent”, down from 8.7% the previous month.

There was a mixed response from respondents on what they believe US economic conditions will be in the next six months with 39.1% expecting it to remain stable (up from 30.4% in September). A further 30.4% believe conditions will get better (down from 39.1% in September) while another 30.4% believe economic conditions will worsen, unchanged month-on-month.

Survey respondent David Normandin, president and CEO with Wintrust Specialty Finance, observes 2025 has been a “solid year” in terms of new business volume.

“Combined with incremental improvements in portfolio performance, this has made 2025 a great year so far,” Normandin continues. “Net interest margin has been the one opportunity throughout 2025, yet we continue to meet our targets. As we move into the fourth quarter, we expect solid new business volume and continued portfolio performance.”

Jeffry Elliott, CEO with Elevex Capital and ELFF treasurer, was even more upbeat.

“Built up demand due to tariffs confusion will make Q4 a big quarter,” he observes.