U.S. companies borrowed 2% more in January to finance their investments in equipment compared to a year earlier, the Equipment Leasing and Finance Association (ELFA) said on Wednesday, as firms ramp-up production to meet demand, Reuters reported. Companies signed up for $8.3 billion in new loans, leases and lines of credit last month, compared with $8.1 billion a year earlier. Borrowings rose 2% from December. "Despite persistent supply chain disruptions in several collateral categories and nagging inflation, the equipment finance industry picks up in January where it left off last year," said Ralph Petta, ELFA's chief executive officer, in a statement. ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals totaled 78.4%, marginally down from 78.6% in December.
