Small Business Borrowing in Ohio on the Rise in January
Chicago, IL, March 13, 2017 (Newswire.com) - PayNet, the premier provider of small business credit data and analysis for the commercial and industrial lending industry, states that in January 2017 borrowing is increasing in Ohio, with 12 of the 18 major industries rising in Ohio.
Coming in at 100.5, Ohio's PayNet Small Business Lending Index (SBLI) progressed 1.8% from the previous month's state level and was 1.3% above this month's national SBLI level. Year-over-year, business investment deteriorated (-4.0%), easing positive expectations for growth.
The three industries with the greatest improvement in lending activity over the past year in Ohio were Information (55.9%); Public Administration (39.0%); and Construction (9.7%). Nationally, Information grew by 5.2% year over year.
PayNet’s Small Business Default Index (SBDFI) for Ohio stood at 1.48%. After a comparable performance to last month, Ohio's SBDFI was 36 basis points below the national SBDFI level of 1.84%. The national SBDFI rose 29 basis points compared to last year, while Ohio's SBDFI climbed 21 basis points.
"Time will tell how these conditions will affect Ohio's economy going forward," asserts William Phelan, president of PayNet.