U.S. companies’ borrowing to spend on capital investments rose 9% in June from a year earlier, the Equipment Leasing and Finance Association (ELFA) said, Trend reports citing Reuters.
Companies signed up for $9.9 billion in new loans, leases and lines of credit last month, up from $9.1 billion a year earlier. Borrowings rose 9% from the previous month.
ELFA Chief Executive Officer Ralph Petta said after a sluggish beginning to the year, second-quarter new business volume in the equipment finance sector shows a healthy gain.
“As we head into the summer months, the economy and credit markets continue to perform well,” Petta said, adding that demand for financed equipment was strong.