Loans for business in U.S. increased by 9% in November
2022.12.21 08:39
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Loans for business in U.S. increased by 9% in November
Budrigannews.com – According to data released on Tuesday by the Equipment Leasing and Finance Association (ELFA), businesses in the United States increased the amount of money borrowed to finance their investments in equipment by 9% in November compared to the same month last year.
According to ELFA, the businesses signed up for $8.6 billion in new loans, leases, and credit lines last month, up from $7.9 billion a year earlier. From January, borrowing increased nearly 6 percent.
According to a statement released by ELFA CEO Ralph Petta, “Rising interest rates appear to have little or no effect on origination volume in November.”
“Workforce markets are stable, inflation worries appear to be decreasing, consumers are spending, and businesses continue to expand and grow: a recipe for equipment financing providers’ steady growth,” Petta added.
Credit approvals totaled 77.7%, slightly higher than the October level, according to ELFA, which tracks economic activity in the nearly $1 trillion equipment finance industry.
The volume of commercial equipment financed in the United States is measured by the leasing and finance index of the Washington-based organization.
A survey of 25 members, including Bank of America Corp. (NYSE:), served as the foundation for the index. together with its financing affiliates and Caterpillar Inc. (NYSE:) units NYSE: Dell Technologies Siemens AG (OTC:), Inc., Volvo AB and Canon Inc (OTC:).
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The Equipment Leasing & Finance Foundation, a non-profit affiliate of ELFA, reported that the confidence index reached 45.9 in December, up from 43.7 in November. A reading above 50 indicates a bright future for business.
