U.S. Business Borrowing Rises 19% in April

Borrowing for capital investments by companies in the United States amounted to $9.8 billion in April, increasing by 19% on an annual basis, according to data by the Equipment Leasing and Finance Association (ELFA) released on Tuesday.

The surge in borrowing by U.S. companies came amid the recovery from the coronavirus pandemic, with the rollout of vaccines that helped ease lockdown measures and business reopen.

On a monthly basis, borrowing increased by 5% in April.

Data also showed that credit approvals reached 76.3% in April from 77% in March.