Michigan Small Business Borrowing Stalls in July
Chicago, IL, September 20, 2017 (Newswire.com) - In July 2017, borrowing remained stagnant in Michigan, according to data published by PayNet. Of the 18 major industries, 11 declined and 6 rose in Michigan.
Coming in at 108.8, Michigan's PayNet Small Business Lending Index (SBLI) surpassed the national SBLI level (98.9) and performed similarly to the previous month's state level. The index is basically unchanged from a year ago.
Agriculture, Forestry, Fishing and Hunting (-15.1%); Transportation and Warehousing (-11.2%); and Professional, Scientific, and Technical Services (-7.9%) were the three industries with the most unfavorable lending performance over the past year in Michigan. Nationally, Agriculture, Forestry, Fishing and Hunting fell by -6.2% year over year.
The PayNet Small Business Default Index (SBDFI) for Michigan registered at 1.56%. Following a comparable value to June, Michigan's SBDFI was 31 basis points below the national SBDFI level of 1.87%. Michigan's SBDFI rose 25 basis points year-over-year, while the national SBDFI rose 15.
"Time will tell how these conditions will affect Michigan's economy going forward," asserts William Phelan, president of PayNet.