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U.S. Companies Increase Borrowing for Equipment Investments

(Reuters) – U.S. companies borrowed 6% more to finance equipment investments in January compared to a year ago, according to the Equipment Leasing and Finance Association (ELFA).

Companies signed up for new loans, leases, and lines of credit totaling $9.3 billion in January, although this figure was down 26% sequentially.

“It’s especially encouraging to kick off in positive territory since equipment investmentÔÇöthe lifeblood of the equipment finance industryÔÇöis forecasted to pick up in the second half of the year,” stated ELFA President and CEO Leigh Lytle.

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ELFA, which monitors economic activity in the over $1-trillion equipment finance sector, reported that credit approvals for U.S. companies in January rose to 76%, up from 75% the previous month.

The Equipment Leasing & Finance Foundation, ELFA’s non-profit affiliate, revealed that its confidence index for February rose to 51.7, signaling a positive business outlook compared to 48.6 in January.

The ELFA’s leasing and finance index, derived from a 25-member survey, includes leading financial institutions such as Bank of America, Caterpillar, Dell Technologies, Siemens AG, Canon Inc, and Volvo AB.

Overall, the uptick in borrowing for equipment investments in January reflects a positive sentiment among U.S. companies, positioning them for growth in the coming months.

(Reporting by Abhinav Parmar in Bengaluru; Editing by Tasim Zahid)

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