U.S. companies borrowed 8.7% more to finance equipment investments in November compared with the same period a year earlier, the Equipment Leasing and Finance Association said on Friday.
New loans, leases, and lines of credit signed up by companies in November rose to $10.36 billion, from $9.53 billion in the year-ago period.
The Washington-based trade association, which reports economic activity for the more than $1 trillion equipment finance sector, also said that credit approvals for U.S. companies were at 74% in November this year.
The Equipment Leasing & Finance Foundation, ELFA’s non-profit affiliate, said its confidence index for December reached a fresh three-year high, indicating that executives expect continued strength in lending volumes and further improvements in financial conditions.
The ELFA CapEx Finance Index of leasing and finance activity is based on a 25-member survey which includes Bank of America (NYSE: BAC) as well as the financing units of Caterpillar (NYSE: CAT), Dell Technologies (NYSE: DELL), Siemens AG, Canon, and Volvo AB.
Jennifer Tacker is a staff writer at ABBO News. She holds a B.A. from the University of Waterloo and a B.Ed from Western University. Jennifer has been active in the stock market and crypto sector for a decade. She specializes in technical analysis and trading strategies. Read Full Bio
