According to an article that appeared in The Plain Dealer, equipment finance companies are saying that lending to small Ohio manufacturers, especially those in the automotive, aerospace and medical industries, is up by 15% to 20% or more from last year.

The Cleveland-based newspaper said banks are trying to lend more to try to make up for slim profits margins and some companies have enough confidence to replace equipment that they’ve wanted to replace for years.

The Plain Dealer noted equipment loan volume at U.S. Bank’s manufacturing vendor division in Ohio is up 20% compared to pre-recession levels.

At Chase, the newspaper said equipment finance activity in Ohio for the first five months was up 49% compared to the same period in 2011. PNC noted that much of its boost in new lending activity is coming from manufacturers looking to replace equipment or expand with new machinery. Huntington Bank is also said to be seeing healthy loan activity among Ohio manufacturers.

To read the full story that appeared on The Plain Dealer click here.