New business volume for May was up 21% year-on-year to $7.5bn (5.7bn), according to US trade association, the Equipment Leasing and Finance Association’s (ELFA) monthly index.
While new business volume was flat month-on-month from April, the figure also meant that year-to-date cumulative new business volume was up 11% compared to 2012.
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Late payments during May were at 1.6% compared to 2.0% for the previous three months, matching a historic low.
Overdue payments fell from the 2.7% recorded in the same period in 2012, while write-offs remained at 0.3% for the fourth month in a row, despite being another historic low.
Credit approvals totalled 78.8% in May compared to 77.2% the previous month despite 63% of participating firms submitting more transactions for approval in May, compared to 72% in April.
William Sutton, ELFA president and chief executive, said: "The May numbers provide concrete evidence of growing demand for productive assets by a cross section of the business community.
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By GlobalData"At the same time, historic lows in delinquencies and charge-offs mean American businesses are better able to meet their financial obligations, creating a favorable environment for additional capital investment and job creation."
A separate Equipment Leasing & Finance Foundation monthly confidence index rated June at 57.3, up from 56.7 in May.
