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Companies signed up for $7 billion in new loans, leases and
lines of credit last month, the Washington-based trade group
said on Monday.
In the first seven months of 2016, total new borrowings declined
8 percent from a year earlier, said ELFA, which reports economic
activity for the $1 trillion U.S. equipment finance industry.
"As the presidential campaign moves into higher gear, it appears
business owners continue their wait-and-see attitude toward
investment in and expansion of their business operations," ELFA
Chief Executive Ralph Petta said in a statement.
In July, credit approvals fell to 75.9 percent of all
applications submitted from 78.1 percent in June, ELFA said.
ELFA's leasing and finance index measures the volume of
commercial equipment financed in the United States. It is
designed to complement the U.S. Commerce Department's durable
goods orders report, which it precedes by a few days.
The index is based on a survey of 25 lenders that include Bank
of America Corp, BB&T Corp, CIT Group Inc and the financing
affiliates or units of Caterpillar Inc, Deere & Co, Siemens AG
and Volvo AB.
The Equipment Leasing & Finance Foundation, ELFA's non-profit
affiliate, said its confidence index rose to 54.8 in August from
52.5 in July.
The index is an indicator of the outlook for the equipment
finance market and a reading of above 50 suggests a positive
outlook.
(Reporting by Shalom Aarons in Bengaluru; Editing by Kirti
Pandey)
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