(Reuters) - U.S. companies borrowed 8.7% more to finance equipment investments in November compared with the same period a year earlier, the Equipment Leasing and Finance Association said on Friday.
New loans, leases and lines of credit signed up by companies in November rose to $10.36 billion, from $9.53 billion in the year-ago period.
The Washington-based trade association, which reports economic activity for the more than $1 trillion equipment finance sector, also said that credit approvals for U.S. companies were at 74% in November this year.
The Equipment Leasing & Finance Foundation, ELFA's non-profit affiliate, said its confidence index for December reached a fresh three-year high, indicating that executives expect continued strength in lending volumes and further improvements in financial conditions.
The ELFA CapEx Finance Index of leasing and finance activity is based on a 25-member survey which includes Bank of America as well as the financing units of Caterpillar (NYSE:CAT), Dell Technologies (NYSE:DELL), Siemens AG (OTC:SIEGY), Canon and Volvo AB (OTC:VLVLY).