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Equipment Leasing and fund Association (ELFA) said on Tuesday that U.S. corporations borrowed 11% more to fund equipment investments in May than a year earlier.
May saw $10.2 billion in new loans, leases, and lines of credit, down 7% from April.
“The April volume drop may indicate that some businesses are delaying equipment purchases until interest rates fall,” said ELFA President and CEO Leigh Lytle.
Washington-based firm monitors economic activity for the over $1-trillion equipment financing industry. May loan approvals for U.S. corporations were 75%, unchanged from April.
ELFA’s non-profit Equipment Leasing & Finance Foundation reported a June confidence score of 50.2, down from 50.7 in May. A number over 50 suggests business optimism.
The 25-member survey for ELFA’s leasing and finance index includes Bank of America and financing units of Caterpillar Dell Technologies (DELL.N), Siemens AG, Canon Inc and Volvo AB
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