Companies signed $ 9.4 billion in new loans, leases and debt taxes, up from $ 8.1 billion in the previous year.
“The economy in the United States continues to generate jobs and businesses, generally strong balance sheets – all against the backdrop of declining health epidemics,” ELFA President Ralph Petta said in a statement.
“This good news is offset by high inflation, which is devastating to many consumers, as well as persistent supply chain disruptions and high interest rates,” Betta added.
The ELFA, which reports economic activity for the nearly $ 1 trillion equipment finance sector, said total loan approvals stood at 76.8%, up from 77.4% in April.
Scott Dines, senior vice president of the Associated Bank, which provides machine loans, said the rising interest rate environment, the spread of the disease and the severe supply chain barriers have increased demand in the equipment finance sector.
Based in Washington, ELFA’s Leasing and Financial Index measures the amount of commercial equipment financed in the United States.
The index is based on a survey of 25 members, including Bank of America Corp., and subsidiaries or units sponsored by Caterpillar Inc., Dell Technologies Inc., Siemens AG, Canon Inc. and Volvo AB.
Equipment Leasing and Finance Foundation, a non-profit subsidiary of ELFA, had a confidence index of 50.9 in June and 49.6 in May. A value above 50 indicates a positive outlook for the business.
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