US business equipment borrowings flat year-on-year in November - ELFA

(Reuters) - U.S. companies borrowing rate remained flat in November compared to a year ago, industry body Equipment Leasing and Finance Association (ELFA) said on Wednesday.

Companies signed up for new loans, leases and lines of credit worth $8.3 billion in November, down 19% from $10.4 billion a month ago.

"Both losses and delinquencies show more acceptable levels, and no further rate increases by the Fed for the foreseeable future is more good news," ELFA President and CEO Leigh Lytle said.

ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, also said credit approvals for U.S. companies in November remained unchanged from a month earlier at 76%.

So far this year, cumulative new business volume was up 4.1% compared to 2022, according to the survey.

The Equipment Leasing & Finance Foundation, ELFA's non-profit affiliate, said its confidence index in December stood at 42.5, marginally lower from 42.8 in November. A reading above 50 indicates a positive business outlook.

Washington-based ELFA's leasing and finance index is based on a survey of 25 members, including Bank of America and financing units of Caterpillar, Dell Technologies, Siemens AG, Canon Inc and Volvo AB.

(Reporting by Abhinav Parmar in Bengaluru; Editing by Tasim Zahid)

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