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Equipment borrowing by US businesses rose 2% in July

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News Tech: According to a report released on Monday by the Equipment Leasing and Finance Association (ELFA), American businesses borrowed 2% more money in July than they had a year prior to finance their investments in equipment.

According to ELFA Chief Executive Ralph Petta, “the equipment finance industry continues to give value to businesses who rely on it to acquire critical capital equipment to sustain their operations, despite rising interest rates, ongoing supply chain problems, and higher inflation.”

The corporations signed up for new loans, leases, and lines of credit totaling $10.1 billion last month, up from $9.9 billion a year earlier.

Credit approvals totaled 78%, down from 78.1% in June, according to ELFA, which tracks economic activity for the over $1 trillion equipment finance industry.

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