The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25) showed overall new business volume for July was $6.6 billion, up 15.8% from volume of $5.7 billion in the same period in 2011. Volume was down 17.5% from the previous month. Year-to-date cumulative new business volume increased 14.7%.

Receivables over 30 days were 2.2%, down from 2.4% in June, and down slightly when compared to the same period in 2011. Charge-offs decreased to 0.4% in July, down from 0.6% the previous month, and down by 43% compared to the same period last year.

Credit approvals decreased to 77.5% in July from 78.7% in June. Sixty-five percent of participating organizations reported submitting more transactions for approval during July, unchanged from the previous month.

Finally, total headcount for equipment finance companies decreased slightly from the previous month, and declined 2.8% year over year. Supplemental data show that again trucking and construction led the underperforming sectors, followed by small and medium-sized enterprises.

Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) for August is 50.2, down from the July index of 51.5, reflecting ongoing industry concerns over economic, regulatory and political uncertainty.

ELFA president and CEO William G. Sutton, CAE, said: “Despite well publicized fiscal challenges presented by the eurozone debt crisis, a recent uptick in global oil prices, and a stubbornly sluggish U.S. economy, business financing of capital equipment continues to show some strength. Portfolio quality is steadily improving and the number of favorable business credit decisions remains relatively stable, at least throughout the summer’s early months.”

Daniel P. Dyer, co-founder & chief executive officer, Marlin Business Services, said, “As noted in July MLFI data, asset quality, hiring and origination volume trends reflect the ongoing sluggishness to the overall economy. Election year uncertainty coupled with burdensome regulations add to the unrest many companies are facing at this time.”