Ohio Small Business Defaults on the Decline in December
Columbus, Ohio, February 28, 2018 (Newswire.com) - In December 2017, less small businesses defaulted on loans in Ohio, with default rates in 14 of the 18 major industries falling in the state, data issued by PayNet shows.
Following a 3 basis point decline from November, Ohio's PayNet Small Business Default Index (SBDFI) at 1.43% was 40 basis points below the national SBDFI level of 1.83%. Despite the favorable improvement from the previous month, the index is basically unchanged from a year ago. Year-over-year, the national SBDFI has remained flat, whereas Ohio's SBDFI fell 2 basis points.
The three industries with the worst default rates in Ohio were Transportation and Warehousing (2.66%); Accommodation and Food Services (2.34%); and Information (1.97%). Nationally, Transportation and Warehousing had a default rate of 4.00%, with a difference of --0.20% compared to the prior year, while Ohio had a variance of +0.12%.
Coming in at 107.2, the PayNet Small Business Lending Index (SBLI) for Ohio increased 0.4% from the previous month's state level and was 6.8% above this month's national SBLI level (100.3).
"More definitive trends are needed to gauge the future economic performance for Ohio," asserts the president of PayNet, William Phelan.