Colorado Small Business Defaults Fall in August
Chicago, IL, October 23, 2017 (Newswire.com) - In August 2017, small business loan defaults decreased in Colorado's business community, according to data published by PayNet. Of the 18 major industries, 11 improved and 7 worsened in the state.
PayNet’s Small Business Default Index (SBDFI) for Colorado registered 1.93% after a 3 basis point improvement from July. Compared to the national SBDFI level of 1.84%, Colorado's SBDFI was 9 basis points greater. Despite the favorable improvement from the previous month, the index is basically unchanged from a year ago. Over the last year, the national SBDFI increased eight basis points, while Colorado's SBDFI has remained flat.
The three industries with the highest default rates in Colorado were Mining, Quarrying, and Oil and Gas Extraction (4.80%); Transportation and Warehousing (3.71%); and Information (2.91%). Nationally, Mining, Quarrying, and Oil and Gas Extraction had a default rate of 3.31%, with a difference of --0.77% compared to the prior year, while Colorado had a variance of -0.82%.
Colorado's PayNet Small Business Lending Index (SBLI) was 103.8, outperforming the national SBLI level (99.3) and performing on par with last month's state level. Small business borrowers are considering increasing investment.
"Small business is positioned to add positive lift to the economy," asserts William Phelan, president of PayNet.
Source: www.paynet.com
