Not much changed in 2010 compared to 2009 with respect to the major banks' consumer financing programs. Banks are still limiting access to these programs for retailers and service providers. For larger companies and industries that have been able to hold onto their programs, they have seen a continued tightening of approval criteria for applying customers just as they did last year.
Fortunately 2010 brought a resurgence of alternative finance companies willing to step in and take advantage of a large business opportunity left open by the major banks and we believe the trend will continue in 2011. While these programs can be more expensive to the dealer due to the risk associated with today's economy, they are just as well capitalized as the big banks' programs of previous years and can offer just as many promotional programs and features (sometimes more).
What we are also seeing is a change in the attitude of retailers and service providers who seem more open now to doing business a little differently than before which allows companies like ours to get really creative in helping clients recapture some of the lost revenue they have experienced by not having adequate financing options in place for their consumers.
East Bridge Funding looks forward to 2011 as we will begin utilizing brand new capital sources which will give us the ability to create much more attractive terms for both the dealer and the customer. We wish all of our funding sources and clients a fantastic year and is excited to see who we can help next.