The Equipment Leasing & Finance Association (ELFA) released its February 2026 Monthly Confidence Index for the Equipment Finance Industry (MCI), revealing confidence in the equipment finance market rose to 67.6, up from 64.6 in January, and the highest level since January 2025. The index provides a qualitative assessment from key executives in the $1.3 trillion equipment finance industry.
 
February 2026 Survey Results: 

• Business Conditions – When assessing the next four months, 37.5% of responding executives believe business conditions will improve, up from 34.6% in January. Those who believe business conditions will remain the same increased to 58.3% from 57.7% the previous month. The percentage of executives who believe business conditions will worsen decreased to 4.2% from 7.7% in January.

• Capex Demand – For the next four months, 45.8% of the survey respondents believe demand for leases and loans to fund capital expenditures (capex) will increase (up from 40% in January). Additionally, 54.2% expect demand to remain the same (down from 56% last month), and none believe demand will decline (down from 4% in January). 

• Access to Capital – Over the next four months, 33.3% of respondents expect greater access to capital to fund equipment acquisitions, an increase from 32% in January. The majority (66.7%) anticipate the “same” access to capital to fund business, a decrease from 68% the previous month. None expect “less” access to capital, unchanged from January.

• Employment – Regarding employment over the next four months, 45.8% of executives expect to hire more employees, an increase from 38.5% in January. Also, 50% foresee no change in headcount (down from 57.5% last month), and 4.2% expect to hire fewer employees, relatively unchanged from 3.9% in January.

• U.S. Economy – Of the respondents, 4.2% evaluate the current U.S. economy as “excellent,” relatively unchanged from 3.9% in January; 95.8% assess it as “fair,” down slightly from 96.2% last month; and none evaluate it as “poor,” unchanged from January.

• Economic Outlook – Over the next six months, 33.3% of respondents believe that U.S. economic conditions will “get better,” an increase from 30.8% in January. Another 58.3% expect the U.S. economy to “stay the same,” down from 61.5%; and 8.3% believe economic conditions will worsen, an increase from 7.7% last month.

• Business Development Spending – Over the next six months, 50% of respondents believe their company will increase spending on business development activities, up from 34.6% in January. Those who believe there will be “no change” in business development spending decreased to 45.8% (from 65.4% in January), and 4.2% believe there will be a decrease in spending (up from none last month).

February 2026 MCI-EFI Survey Comments from Industry Executive Leadership: 

Independent, Middle Ticket 

“We’re seeing some interesting dynamics in the equipment finance sector. Tax policies increase capex spending, but favor cash or lending over leases. Business uncertainty is challenging, but equipment needs to be replaced. Inflation is eroding the benefits of lower interest rates. Lack of workforce is a challenge to reshoring and overall growth. I’m expecting a slow decline in the economy absent a large geopolitical event which could push us into severe recession,” SAID Jeffry Elliott, CLFP, CEO, Elevex Capital. 

“Rapid advancements in AI are driving the need for more powerful, up-to-date computer equipment. As companies adopt AI tools and modernize their operations, they require upgraded hardware but often prefer to preserve cash flow and maintain flexibility. Equipment leases provide a cost-effective way to access current technology and easily refresh equipment as demands evolve, positioning my business for strong near-term demand,” said Peggy Tomcheck, President, Aspen Capital Company, Inc.