Small Business Borrowing in North Carolina Up in August
Chicago, IL, October 23, 2017 (Newswire.com) - PayNet, the premier provider of credit ratings on small businesses, announces that in August 2017 borrowing is improving in North Carolina, with 13 of the 18 major industries rising in the state.
Coming in at 114.4, North Carolina's PayNet Small Business Lending Index (SBLI) rose 1.8% from last month's state level and was 15.2% greater than the national SBLI level of 99.3 this month. We can cautiously anticipate improving financial conditions in North Carolina based on recent small business investment.
The three industries with the most favorable change in lending activity over the past year in North Carolina were Admin & Support and Waste Management & Remediation Services (30.2%); Wholesale Trade (19.6%); and Other Services (18.5%). Nationally, Admin & Support and Waste Management & Remediation Services grew by 4.9% year over year.
At 1.68%, PayNet’s Small Business Default Index (SBDFI) for North Carolina was 16 basis points below the national SBDFI level of 1.84% following a similar value to last month. The national SBDFI rose 8 basis points year-over-year, whereas North Carolina's SBDFI improved 6 basis points.
"Time will tell how these conditions will affect North Carolina's economy going forward," explains William Phelan, president of PayNet.
Source: PayNet
