May 22 (Reuters) - U.S. companies borrowed 17% more to

finance equipment investments in April compared to a year ago,

industry body Equipment Leasing and Finance Association (ELFA)

said on Wednesday.

Companies signed up for new loans, leases and lines of

credit worth $11 billion in April, up 18% from a month ago.

"Originations had double-digit growth both year over year

and month to month, and credit quality is heading in a positive

direction with charge-offs and delinquencies both ticking down

last month," ELFA President and CEO Leigh Lytle said.

The Washington-based company, which reports economic

activity for the over $1-trillion equipment finance sector, said

credit approvals for U.S. companies in April were 75%, down from

77% in March.

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

Foundation, said its confidence index for May stood at 50.7,

down from 52.9 in April. A reading above 50 indicates a positive

business outlook.

ELFA's leasing and finance index is based on a 25-member

survey, including Bank of America ( BAC ) and financing units of

Caterpillar ( CAT ), Dell Technologies ( DELL ), Siemens AG

, Canon Inc ( CAJFF ) and Volvo AB.