- July 24, 2021
- Posted by: Stratford Team
- Category: Business
July 23 (Reuters) – Borrowings by U.S. companies for capital investments rose about 17% in June from a year earlier, the Equipment Leasing and Finance Association (ELFA) said on Friday.
The companies signed up for $10.4 billion in new loans, leases and lines of credit last month, up from $8.9 billion a year earlier. Borrowings rose 28% from the previous month.
“Despite slower-than-desired vaccinations in certain parts of the U.S, consumer spending is accelerating, markets remain strong and unemployment continues to slowly abate, all of which are contributing to a strong economy,” ELFA Chief Executive Officer Ralph Petta said.
He said these trends serve as a good indication for the equipment finance sector as it moves into the second half of 2021.
Washington-based ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals totaled 76.7%, down from 77.4% in May.
ELFA’s leasing and finance index measures the…
