US new business volumes were up 4% year-on-year for the month of July at $8.2bn (7.13bn), according to a survey by the US Equipment Leasing and Finance Association (ELFA).
The MLFI-25 is a monthly survey, recording the business activity of 25 companies.
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July’s new business volumes were down 14% compared to the previous month, but year-to-date figures were 8% higher than over the same period in 2014.
Late payments over 30 days stood at 1%, whereas write offs remained at an all-time low of 0.2% for the 17th consecutive month.
Credit approvals totalled 79% in July, down slightly from 79.4% in June. Total headcount for equipment finance companies was up 5.4% year-on- year.
ELFA president and chief executive officer William Sutton said: "The consensus forecast for the second half of 2015 is for the U.S. to show modest, if not robust, economic growth. July MLFI-25 data provide evidence of this narrative, in terms of originations, credit quality and headcount.
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By GlobalData"Despite economic headwinds in parts of Europe and China, as well as constant chatter about a looming interest rate hike by the Fed, U.S. businesses in many sectors are investing steadily in productive assets, in the process relying on financing solutions for these equipment acquisitions. Hopefully, this trend continues for the balance of the year."
