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U.S. commercial equipment loans rose 4% in February, according to an ELFA-Republic World report

U.S. commercial equipment loans rose 4% in February, according to an ELFA-Republic World report

Business Equipment | Image: Unsplash

Business equipment borrowing on the rise in the United States: U.S. companies increased their borrowing to invest in equipment by 4 percent in February from a year earlier, according to the Equipment Leasing and Finance Association (ELFA).

Businesses took out new loans, leases and lines of credit totaling $7.9 billion during the month, which represents a 15 percent decrease from January.

ELFA CEO Lee Little noted that although credit quality remains higher than the previous year, there has been improvement, with delinquencies gradually returning to normal levels and debits showing positive movement.

The report also noted that U.S. corporate credit approvals in February remained flat at 76 percent, consistent with the previous month.

Additionally, Equipment Leasing and Finance, ELFA's non-profit, announced an increase in its Confidence Index for March to 55.2, up from 51.7 in February. This represents the highest level since April 2022, with a reading above 50 indicating a positive business outlook.

The ELFA Leasing & Finance Index, based on a survey of 25 members, includes participation from prominent entities such as Bank of America and the finance units of Caterpillar, Dell Technologies, Siemens AG, Canon Inc and Volvo AB.

(With Reuters inputs)

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