New Jersey Small Business Borrowing Stalls in December

PayNet, the premier provider of small business credit assessments on private companies, reports that in December 2017 borrowing is stagnant in New Jersey. Of the 18 major industries, 4 increased and 13 fell in New Jersey.

The PayNet Small Business Lending Index (SBLI) for New Jersey came in at 94.5, performing comparable to last month's state level, but 5.8% beneath this month's national SBLI level (100.3).

Retail Trade (-17.6%); Public Administration (-15.3%); and Professional, Scientific, and Technical Services (-10.7%) were the three industries with the most unfavorable performance over the past year in New Jersey. Nationally, Retail Trade grew by 1.4% year over year.

After a comparable performance to November, New Jersey's PayNet Small Business Default Index (SBDFI) of 1.57% was 26 basis points under the national SBDFI level of 1.83%. The national SBDFI has remained unchanged compared to last year, whereas New Jersey's SBDFI dropped 7 basis points.

"More definitive trends are needed to gauge the future economic performance for New Jersey," asserts the president of PayNet, William Phelan.  

Source: PayNet

Categories: Economy, Small Business, Commercial Banking

Tags: Banking, Credit History, Economy, Lending, Local News, New Jersey, PayNet, SBDFI, SBDI, SBLI, Small biz, Small Business

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