Colorado Small Business Defaults Increasing in July
Chicago, IL, September 20, 2017 (Newswire.com) - In July 2017, more small businesses defaulted on loans in Colorado, according to data announced by PayNet. However, of the 18 major industries, 13 decreased in the state.
Following a 2 basis point increase from June, Colorado's PayNet Small Business Default Index (SBDFI) at 1.98% was 11 basis points above the national SBDFI level of 1.87%. The national SBDFI rose 15 basis points year-over-year, while Colorado's SBDFI rose 7 basis points.
Mining, Quarrying, and Oil and Gas Extraction (5.24%); Transportation and Warehousing (4.06%); and Information (3.16%) exhibited the worst default rates of all industries in Colorado. Nationally, Mining, Quarrying, and Oil and Gas Extraction had a default rate of 3.67%, with a difference of -0.36% compared to the prior year, while Colorado had a variance of -0.39%.
Registering at 103.2, the PayNet Small Business Lending Index (SBLI) for Colorado rose 0.6% from the previous month's state level and was 4.3% greater than the national SBLI level of 98.9 this month. The Index is basically unchanged from a year ago.
"Time will tell how these conditions will affect Colorado's economy going forward," explains William Phelan, president of PayNet.