New business among a group of 25 equipment financing companies grew 9 percent in July to $9.9 billion, up from July 2020. Compared to June, new business volume dropped 5 percent from $10.4 billion.
The numbers are published in the Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25). Year-to-date, cumulative new business volume was up nearly 9 percent compared to 2020, it reports. Credit approvals totaled 76.5 percent, down from 76.7 percent in June.
“Despite supply chain disruptions in some sectors of the economy, signs of inflation and emergence of the Delta coronavirus, July new business volume in the equipment finance industry is strong,” said ELFA president/CEO Ralph Petta in a prepared statement. “Consumer spending is picking up, equity markets continue to advance and unemployment is slowing—reasons to be optimistic about equipment investment and industry performance for the second half of the year.”
