Illinois Small Business Defaults Deteriorate in February
Chicago, IL, April 13, 2017 (Newswire.com) - In February 2017, small business loan defaults increased in Illinois' business community, with default rates in 11 of the 18 major industries rising in the state, data published by PayNet show.
In spite of a 5 basis point climb from January, Illinois' PayNet Small Business Default Index (SBDFI) of 1.71% was still 18 basis points below the national SBDFI level of 1.89%. Over the last year, both the Illinois and national SBDFI increased 30 basis points.
Transportation and Warehousing (4.27%); Manufacturing (3.46%); and Health Care and Social Assistance (2.59%) exhibited the highest default rates of all industries in Illinois. Nationally, Transportation and Warehousing had a default rate of 4.44%, with a difference of +1.31% compared to the prior year variance of +1.83% in Illinois.
Coming in at 111.7, the PayNet Small Business Lending Index (SBLI) for Illinois exceeded the national SBLI level (99.0) despite declining by 0.4% from last month's state level.
"More definitive trends are needed to gauge the future economic performance for Illinois," says the president of PayNet, William Phelan.