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Updated on 24 February 2024 at 13:30 IST
US corporate credit approvals in January also saw a slight increase, with ELFA recording a rate of 76%, up from 75% the previous month.
Business Equipment | Image: Unsplash
Business equipment borrowing is on the rise in the United States U.S. companies increased borrowing to invest in equipment by 6 percent in January from a year earlier, according to the Equipment Leasing and Finance Association (ELFA).
In total, companies took out $9.3 billion in new loans, leases and lines of credit during the month, reflecting a 26 percent decline from the prior period.
Lee Little, President and CEO of ELFA, expressed optimism about the positive start to the year, highlighting the importance of investment in equipment, which is expected to accelerate in the second half of the year.
US corporate credit approvals in January also saw a slight increase, with ELFA recording a rate of 76 percent, up from 75 percent the previous month.
The Equipment Leasing and Finance Foundation, ELFA's nonprofit, noted an increase in its confidence index for February, rising to 51.7 from 48.6 in January. A reading above 50 indicates a positive outlook for business.
The ELFA Leasing and Finance Index is derived from a survey of 25 members, including such prominent entities as Bank of America and the financing units of Caterpillar, Dell Technologies, Siemens AG, Canon Inc and Volvo AB.
(With Reuters inputs)
