New York Small Business Defaults on the Decline in November
Chicago, IL, February 1, 2018 (Newswire.com) - In November 2017, small business loan defaults improved in New York's business community, according to data released by PayNet. Of the 18 major industries, 12 improved and 5 worsened in the state.
After a 2 basis point drop from October, New York's PayNet Small Business Default Index (SBDFI) at 1.82% was on par with the national SBDFI level. The decrease in defaults over the past two months may signal better business conditions in the state. New York's SBDFI rose 30 basis points year-over-year, whereas the national SBDFI declined 1 basis points.
The three industries with the worst default rates in New York were Information (3.84%); Accommodation and Food Services (3.15%); and Transportation and Warehousing (2.90%). Nationally, Information had a default rate of 2.96%, with a difference of +0.73% compared to the prior year, while New York had a variance of +2.03%.
Coming in at 101.3, New York's PayNet Small Business Lending Index (SBLI) increased 0.6% from last month's state level and performed comparably to the national SBLI level of 100.6 this month. Small business borrowers are considering increasing investment.
"Recent increased investment and improved financial health exhibited by New York's small businesses set the stage for expansion with low credit risk," explains the president of PayNet, William Phelan.
Source: PayNet
