Small Business Borrowing in Ohio Stalls in November
Chicago, IL, February 1, 2018 (Newswire.com) - In November 2017, Ohio's small firms borrowed comparably to last month, according to data published by PayNet. Of the 18 major industries, 9 dropped and 9 increased in Ohio.
Registering at 107.1, Ohio's PayNet Small Business Lending Index (SBLI) surpassed the national SBLI level (100.6) and performed comparably to last month's state level. Year-over-year, business investment improved (8.1%), a positive sign for the state economy.
The three industries with the most unfavorable change in lending activity over the past year in Ohio were Finance and Insurance (-8.6%); Health Care and Social Assistance (-4.3%); and Construction (-3.5%). As well as having the greatest decline in lending activity this month, Finance and Insurance also recorded the lowest lending activity (58.6) of any industry in Ohio.
At 1.44%, the PayNet Small Business Default Index (SBDFI) for Ohio was 38 basis points below the national SBDFI level of 1.82% after a comparable value to last month. Year-over-year, the national SBDFI improved 1 basis points, while Ohio's SBDFI dipped 2 basis points.
"Time will tell how these conditions will affect Ohio's economy going forward," asserts the president of PayNet, William Phelan.
Source: PayNet
