Georgia Small Business Defaults Down in November, Borrowing Up
Chicago, IL, January 24, 2018 (Newswire.com) - Data published by PayNet illustrate that the percentage of small businesses defaulting on existing loans has fallen in Georgia and the level of borrowing activity increased in November 2017.
Despite a 4 basis point fall from October, Georgia's PayNet Small Business Default Index (SBDFI) at 1.95% was still 13 basis points higher than the national SBDFI level of 1.82%. The national SBDFI declined 1 basis point over the last year, while Georgia's SBDFI dipped 21 basis points.
The industries with the worst default rates in Georgia were Information (5.05%); Transportation and Warehousing (4.61%); and Retail Trade (3.22%). Nationally, Information had a default rate of 2.96%, with a difference of +0.73% compared to the prior year, while Georgia had a variance of +2.52%.
Georgia's PayNet Small Business Lending Index (SBLI) registered at 96.4, up 1.4% from the previous month's state level, but 4.1% beneath this month's national SBLI level (100.6).
"Time will tell how these conditions will affect Georgia's economy going forward," asserts the president of PayNet, William Phelan.