A total of $4.4 billion in equipment loans, leases and credit were originated in May, a 5% increase compared with the same period last year, according to ELFA's monthly survey. It was the second month in a row for which the association reported year-on-year growth. With 4% of borrowers delinquent 30 days or more, May was the third consecutive month in which ELFA found year-on-year reduction in delinquency. "Despite a modest growth spurt in new-business volume in May, the data reflect what most economists recognize: a slowly recovering economy and somewhat soft demand by business for capital equipment," ELFA President William Sutton said.
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