May 21 (Reuters) - U.S. companies borrowed 4.4% less to

finance equipment investments in April compared with the same

period from the year earlier, the Equipment Leasing and Finance

Association (ELFA) said on Wednesday.

"Demand for new equipment eased a little, but remained

healthy, especially given all the April ups and downs",

President and CEO Leigh Lytle said.

New loans, leases and lines of credit signed up by companies

in April cooled to $10 billion from $10.2 billion the previous

year.

The Washington-based trade association, which reports

economic activity for the more than $1 trillion equipment

finance sector, also said April's credit approval rate jumped to

77.4%, reaching its highest level in more than two years.

The ELFA CapEx Finance Index of leasing and finance activity

is based on a 25-member survey, including Bank of America ( BAC )

as well as financing units of Caterpillar ( CAT ), Dell

Technologies ( DELL ), Siemens AG, Canon,

and Volvo AB.

ELFA's non-profit affiliate, the Equipment Leasing & Finance

Foundation, said its confidence index for May stood at 44.5, up

from 41.9 in April. A reading above 50 indicates a positive

business outlook.