JACKSONVILLE, Fla., Aug. 4, 2023 — TIAA Bank’s Vendor Equipment Finance (VEF) team has reported increased demand and growth for the first half of 2023.
From January to June 2023, booked volume increased by 15 percent. The upturn in bookings follows the unprecedented 29 percent increase the VEF team saw last year, from January to June 2022.
“Showing up as a collaborative partner to our vendors has been essential during ongoing market challenges,” said TIAA Bank’s Head of Originations for Vendor Equipment Finance, Justin Tabone. “We’ve had to navigate through numerous headwinds, some of which we also experienced last year, including inflation, economic uncertainty, and continued interest rate volatility.”
The VEF team has remained flexible in offering innovative financing options and providing comprehensive support to businesses of all sizes. Additionally, as vendors further embrace technology, like APIs and digital quoting, it has provided an opportunity to help create more efficiencies alongside booking spikes.
“We are fortunate to work with many of the top vendors in the segments we serve, which continue to have significant demand for their products, and are knowledgeable on how to utilize financing solutions to drive sales,” said Tabone.
As TIAA Bank’s VEF team continues to experience rapid growth, TIAA Bank remains committed to working with vendors to create financing options that align with their customers’ budgets and ensuring that programs are structured to effectively navigate through fluctuations in market conditions.
About TIAA Bank
TIAA Bank, a brand name for EverBank, N.A., is a nationwide specialty bank providing high-value products and services to consumer and commercial clients nationwide. As a pioneer in online banking, we offer convenient digital account access for clients 24/7, in addition to phone banking services and a network of financial centers across Florida. TIAA Bank’s commitment is to deliver to our clients high-performing, high-yield solutions backed by exceptional service, always giving them the advantage they expect, to make the most of their money. Visit TIAABank.com or connect and interact with us on Facebook, Instagram, LinkedIn or Twitter.
About TIAA Bank Vendor Equipment Finance
TIAA Bank’s Vendor Equipment Finance business is a division of TIAA Bank, a brand name of EverBank, N.A., a nationwide specialty bank providing high-value products and services to consumer and commercial clients nationwide. The Vendor Equipment Finance division provides a winning combination of superior financing solutions through a network of equipment manufacturers, distributors and capital markets partners. This specialized business team delivers industry expertise, reliability, and streamlined technology as a top lender to the healthcare, construction, materials handling, transportation, manufacturing and technology industries. For more information on TIAA Bank’s Vendor Equipment Finance offerings, visit TIAABank.com/vendor-equipment.