Ohio Small Business Defaults on the Decline in December

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.  

Source: PayNet


Categories: Economy, Small Business

Tags: Credit Trends, SBDI, SBLI, Small Business


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