US business equipment borrowings fell 7% in March, ELFA says

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U.S. companies borrowed 7% less to finance equipment investments in March compared to a year ago, according to the Equipment Leasing and Finance Association (ELFA). In March, companies signed up for new loans, leases, and lines of credit worth $9.3 billion, which is an 18% increase compared to the previous month. ELFA President and CEO Leigh Lytle expects equipment and software investment to pick up in the latter part of the year when the Federal Reserve is expected to begin its rate cuts. ELFA's leasing and finance index, based on a 25-member survey, showed that credit approvals for U.S. companies in January came in at 77%, up from 76% the previous month. The Equipment Leasing & Finance Foundation, ELFA's non-profit affiliate, reported that its confidence index for April stood at 52.9, indicating a positive business outlook.

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