U.S. business borrowings jump 20% in May – ELFA survey

 U.S. business borrowings jump 20% in May – ELFA survey

The New York Stock Exchange (NYSE) is seen in the financial district of lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, U.S., April 26, 2020. REUTERS/Jeenah Moon

June 22 (Reuters) – U.S. companies borrowed $8.1 billion for capital investments in May, 20% higher than last year, the Equipment Leasing and Finance Association (ELFA) said, as an economic recovery fueled by rising vaccinations and easing curbs drove up demand.

In the second straight month of double-digit growth in borrowings, more companies lined up for new loans, leases and lines of credit compared with last year, but borrowings in May fell 17% from the previous month.

“While overall industry performance is relatively strong during the first half of this year, even more robust demand for financing is being constrained by supply chain shortages in several economic subsectors,” ELFA Chief Executive Officer Ralph Petta said in a…

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