Colorado Small Business Defaults Increasing in July

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.  

Source: www.paynet.com

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Categories: Economy, Small Business, Local News, Commercial Banking

Tags: Economy, GDP, PayNet, Small Business Credit Report, Small Business Credit Trends, Small Business Default Index, Small Business Lending, William Phelan


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