Missouri Small Business Defaults Fall in November
Chicago, IL, February 1, 2018 (Newswire.com) - In November 2017, fewer small businesses defaulted on loans in Missouri, with default rates in 14 of the 18 major industries falling in the state, data released by PayNet reveals.
Despite a 3 basis point dip from October, Missouri's PayNet Small Business Default Index (SBDFI) at 1.85% was still 3 basis points higher than the national SBDFI level of 1.82%. Financial health is weaker than a year ago in the state despite the recent downturn in defaults. Missouri's SBDFI increased 6 basis points over the last year, whereas the national SBDFI fell 1 basis points.
Transportation and Warehousing (4.04%); Information (2.56%); and Professional, Scientific, and Technical Services (2.36%) exhibited the highest default rates of all industries in Missouri. Nationally, Transportation and Warehousing had a default rate of 4.14%, with a difference of --0.08% compared to the prior year, while Missouri had a variance of -0.94%.
The PayNet Small Business Lending Index (SBLI) for Missouri was 87.0, falling 0.3% from the previous month's state level, but 13.5% below this month's national SBLI level (100.6). Year-over-year, business investment improved 1.8%.
"Small businesses in Missouri are exhibiting restraint in investment resulting in stronger financial health.," states William Phelan, president of PayNet.
Source: PayNet
