March 30 (Reuters) – U.S. companies borrowed 14.2% more to finance equipment purchases in February than a year earlier, fueled by a surge in activity among independent providers, the Equipment Leasing and Finance Association said on Monday.
The Washington-based trade association, which tracks economic activity for more than the $1 trillion equipment finance sector, bases its report on a survey of 25 members, including Bank of America (BAC.N), opens new tab and financing units of Caterpillar (CAT.N), opens new tab, Dell Technologies (DELL.N), opens new tab, Siemens AG (SIEGn.DE), opens new tab, Canon (7751.T), opens new tab and Volvo AB (VOLVb.ST), opens new tab.
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Reporting by Megavarshini G. Somasundaram in Bengaluru; Editing by Tasim Zahid
US business equipment borrowings rise more than 14% in February, ELFA says
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