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The volume of new business in July in equipment financing increased by 2% year-on-year.

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News Tech: According to the Monthly Leasing and Finance Index (MLFI-25) of the Equipment Leasing and Finance Association, the total amount of new business for July was $10.1 billion, an increase of 2% from July 2021. Volume, however, down 2% from the $10.3 billion in June. Through the end of July, the cumulative year-to-date new business volume increased by 5% from 2021.

Overall credit approvals decreased to 78% from 78.1% in June. Equipment financing firms’ overall workforce decreased 2.8% over the previous year.

Receivables greater than 30 days past due increased to 1.6% from 1.5% in June but decreased from 1.9% in the same month in 2021. Charge-offs increased to 0.18% from 0.15% in June and remained constant from the same time last year.

Separately, the Monthly Confidence Index (MCI-EFI) for August from the Equipment Leasing & Finance Foundation is 50, up from 46.1 in July.

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