April 23 (Reuters) - U.S. companies stepped up borrowing to buy equipment in March, mainly to replace aging goods rather than for expansion, as a sluggish economic recovery puts a lid on new capital spending, the Equipment Leasing and Finance Association said on Monday.
Companies signed up for $6.8 billion in loans, leases and lines of credit in March, 10 percent more than $6.2 billion a year earlier, and 36 percent more than February's $5.0 billion, ELFA said.
Business borrowing has been growing at "recovery-like" rates for more than two years and the pace will likely be tempered without more significant economic growth, the group's Chief Executive William Sutton said in an interview.
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