Small Business Borrowing in Louisiana Stalls in July
Chicago, IL, September 20, 2017 (Newswire.com) - PayNet, the premier provider of credit ratings on small businesses, announces that in July 2017 borrowing is stagnant in Louisiana. Of the 18 major industries, 12 showed gains and six fell in Louisiana.
Louisiana's PayNet Small Business Lending Index (SBLI) was 113.3, surpassing the national SBLI level (98.9) and performing similarly to last month's state level. We can cautiously anticipate improving financial conditions in Louisiana based on recent small business investment.
The three industries with the greatest improvement in lending activity over the past year in Louisiana were Information (32.5%); Admin & Support and Waste Management & Remediation Services (22.4%); and Professional, Scientific, and Technical Services (18.5%). Nationally, Information grew by 2.1% year over year.
At 3.09%, PayNet’s Small Business Default Index (SBDFI) for Louisiana exceeded all states and was 122 basis points higher than the national SBDFI level of 1.87% following a similar performance in the previous month. Year-over-year, Louisiana's SBDFI climbed 23 basis points, which was a much sharper rise than the 15 basis point increase exhibited by the national SBDFI.
"Time will tell how these conditions will affect Louisiana's economy going forward," explains the president of PayNet, William Phelan.