According to the Equipment Leasing and Finance Association (ELFA) there was a 20 percent rise in the amount US companies borrowed for capital investment in the month of December, compared to the same time one year ago.
In addition, there was a 90 percent rise in new loans, leases and lines of credit since last month, to the amount of $12.9 billion.
ELFA Chief Executive William Sutton said in a statement that, “…the equipment finance industry appears poised for the breakout performance industry observers have been waiting for.”
ELFA is a Washington-based trade association that reports on economic data for the equipment finance sector, a $903 billion industry. Credit approvals were done in December compared to November, from 79.1 percent in November to 78.6 percent in December.
The non-profit affiliate of ELFA, the Equipment Leasing & Finance Foundation, said its confidence index went up in January to 66.1 compared to 63.4 in the previous month. According to the foundation any figure over 50 indicates a positive view of the economic future.