REUTERS/Andrew Kelly Acquire Licensing RightsAug 28 (Reuters) - U.S. companies borrowed nearly 2% less in July than last year to finance equipment investments, an Equipment Leasing and Finance Association (ELFA) survey showed on Monday.
The companies signed up for new loans, leases, and lines of credit worth $9.9 billion last month, compared with $10.1 billion a year earlier, the industry body's survey said.
ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals totaled 75.3%, down from 76.1% in June.
Washington-based ELFA's leasing and finance index measures the volume of commercial equipment financed in the United States.
The Equipment Leasing & Finance Foundation, ELFA's non-profit affiliate, said its confidence index in August stood at 50.4, an increase from 46.4 in July.
Persons:
Andrew Kelly, Ralph Petta, Craig Ault, Honour, Pratyush Thakur, Maju Samuel
Organizations:
REUTERS, Leasing, Finance Association, Bank of America Corp, Caterpillar Inc, Dell Technologies Inc, Siemens AG, Canon Inc, Volvo, Finance Foundation, Thomson
Locations:
Manhattan , New York City, U.S, Washington, United States, Bengaluru