Members of the US Equipment Leasing and Finance Association (ELFA) have reported an 8% year-on-year rise in new business volume for June 2013.

According the ELFA’s Monthly Leasing and Finance Index, 25 participant firms wrote $8.6bn (€6.5m) of new business in June, marking a 15% increase since May and contributing to a 10% year-to-date rise compared to 2012.

While new business was up, late payments were down, and defaults remained at an historic low of 0.3% for the fourth consecutive month.

In a separate ELFA report, the Monthly Confidence Index was up from 57.3 in June to 59.4 for July.

William Sutton, president and chief executive of ELFA, said: "Businesses continue to increase spending on capital equipment as evidenced by U.S. government statistics showing three consecutive months’ increase in durable goods orders by American firms.

"The amount of leasing and financing of business equipment and software continues to grow, while the credit quality of these transactions remains at historic highs. Member companies are optimistic that this trend will continue into the summer months and beyond."