US business loans soar 19% in April: ELFA survey
For the month of April, U.S. businesses had a total loan amount of $9.8 billion for capital investment. According to the Equipment Leasing and Finance Association (ELFA). This figure is 19% higher than a year earlier, driven by the economic recovery triggered by mass COVID-19 inoculations and lifting lockdowns.
Compared with March, borrowing in April hiked 5% as businesses from various sectors queued for loan programs, leases, and lines of credit.
Washington-based ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals summed 76.3% in April compared with 77% in March.
ELFA’s leasing and finance index measures the volume of commercial equipment financed in the United States.
ELFA’s non-profit affiliate, the Equipment Leasing and Finance Foundation posted a 72.1 monthly confidence index in May, versus the 76.1 reading in April. An above 50 reading indicates a positive business outlook.