Businesses are still reluctant to borrow, ELFA found. The association's index on capital-expenditure financing fell $4.3 billion, or 32.8%, in October compared with the same month last year. The index measures financing for equipment acquisitions. Delinquency and charges-offs rose last month, while approvals fell. "October's data is mixed," said Ralph Petta, ELFA's interim president. "While we are pleased that credit quality shows improvement, underlying demand for the product is still relatively weak."