Small Business Defaults in Arizona on the Decline in July
CHICAGO, September 20, 2017 (Newswire.com) - PayNet, the leading provider of small business credit assessments on private companies, announces that in July 2017 overall defaults improved among small businesses in Arizona, with default rates in 12 of the 18 major industries falling in the state.
Following a 2 basis point dip from June, Arizona's PayNet Small Business Default Index (SBDFI) at 1.82% was 5 basis points under the national SBDFI level of 1.87%. The decline in defaults over the past four months may signal better business conditions in the state. The national SBDFI rose 15 basis points year-over-year, while Arizona's SBDFI increased 2 basis points.
Transportation and Warehousing (5.09%); Mining, Quarrying, and Oil and Gas Extraction (3.26%); and Admin & Support and Waste Management & Remediation Services (2.98%) exhibited the worst default rates of all industries in Arizona. Nationally, Transportation and Warehousing had a default rate of 4.57%, with a difference of +0.63% compared to the prior year, while Arizona had a variance of +1.34%.
Arizona's PayNet Small Business Lending Index (SBLI) was 92.4, declining 0.2% from the previous month's state level, but 6.6% below this month's national SBLI level (98.9). The Index is basically unchanged from a year ago.
"With lackluster investment and relatively low defaults, small business financial health remains above average,” states the president of PayNet, William Phelan.