Ohio Small Business Borrowing Stalls in February
Chicago, IL, April 13, 2017 (Newswire.com) - In February 2017, Ohio's small firms borrowed on par with the previous month, data reported by PayNet show. Of the 18 major industries, 6 increased and 12 decreased in Ohio.
The PayNet Small Business Lending Index (SBLI) for Ohio was 100.5, surpassing the national SBLI level of 99.0 and performing similarly to the previous month's state level.
The three industries with the greatest improvement in lending activity over the past year in Ohio were Information (46.5%); Public Administration (36.9%); and Admin & Support and Waste Management & Remediation Services (13.8%). Nationally, Information grew by 3.6% year over year.
The PayNet Small Business Default Index (SBDFI) for Ohio registered 1.45%. After a similar performance to the previous month, Ohio's SBDFI was 44 basis points under the national SBDFI level of 1.89%. The national SBDFI climbed 30 basis points compared to last year, while Ohio's SBDFI rose 16 basis points.
"More definitive trends are needed to gauge the future economic performance for Ohio," asserts William Phelan, president of PayNet.