There was a 12% growth in asset finance (primarily leasing and hire purchase) new business in February 2015, the market’s 17th consecutive month of growth, according to latest figures released by the Finance & Leasing Association (FLA).

February saw strong growth in IT equipment finance and commercial vehicle finance, up by 84% and 10% respectively. Business equipment finance and car finance each grew by 5% over the same period.

Simon Goldie, head of asset finance at the FLA, said: “The continued growth in this market is a timely reminder to politicians that SMEs like the flexibility of leasing and hire purchase when investing for growth.

“With the general election only weeks away, we would like to see all parties helping UK businesses to grow by making a long-term commitment to the future of the British Business Bank, and we encourage them to create a comprehensive online directory of business finance providers.”