Nov 21 Borrowings by U.S. companies for capital
investment rose 6 percent in October from a year earlier, the
Equipment Leasing and Finance Association (ELFA) said on Monday.
Companies signed up for $8.2 billion in new loans, leases
and lines of credit last month, the Washington-based trade group
The ELFA reports economic activity for the $1 trillion
equipment finance industry in the United States.
"The equipment finance sector continues to benefit from the
Fed's favorable monetary policy, keeping long-term interest
rates low," ELFA Chief Executive Ralph Petta said.
Total new borrowings in the first 10 months of the year fell
3 percent, ELFA said.
Credit approvals in October rose to 77.3 percent of all
applications submitted from 76.6 percent in September.
ELFA's leasing and finance index tracks the volume of
commercial equipment financed in the United States. The index
complements the U.S. Commerce Department's durable goods orders
report, which it precedes by a few days.
The index is based on a survey of 25 lenders, including Bank
of America Corp, BB&T Corp, CIT Group Inc
and the financing affiliates or units of Caterpillar Inc
, Deere & Co, Siemens AG and Volvo AB
Separately, the Equipment Leasing & Finance Foundation,
ELFA's non-profit affiliate, said its confidence index fell to
54.6 for November from 56.0 for October.
The index is an indicator of the outlook for the equipment
finance market, with a reading above 50 suggesting a positive
(Reporting by Arunima Banerjee in Bengaluru; Editing by Martina