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U.S. Capital-Equipment Financing Up 23% in April-Survey

A survey of credit providers showed that loans and leases for business equipment in the U.S. rose 23% in April from a year ago, as companies went on their largest buying spree of the year so far.Respondents to the Equipment Leasing and Finance Association's monthly survey published Thursday said they financed $7.5 billion of new equipment last month, up from $6.1 billion in April 2012. Financed purchases in April rose 10% above March. April's volume was the largest since December. For the year, business volume is up 8% over the same time in 2012.Observers said the robust financing volume suggests U.S. businesses are stepping up their capital investments after a prolonged stretch of reduced spending caused by weak sales growth and anxiety about the U.S. government budget and taxes."Over the last four years businesses of all sizes have pursued a defensive strategy of austerity," Paul J. Menzel, CEO of Financial Pacific Leasing LLC in Federal Way, Wash., said. "The anemic revenue story ma...

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