LOS ANGELES, CA (January 26, 2012) 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 Bob Skibinski, CEO and Founder of Taycor 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.”
Taycor recently announced two leasing promotions to help businesses conserve capital while still getting the equipment they need. “We remain committed to our customers and partners in providing the best possible rates and programs,” says Skibinski.