Small Business Defaults in Arizona Unchanged in October - PayNet
CHICAGO, December 18, 2017 (Newswire.com) - In October 2017, small business loan defaults remained unchanged in Arizona, according to data announced by PayNet. Of the 18 major industries, 11 improved and 6 worsened.
After comparable performance to September, Arizona's PayNet Small Business Default Index (SBDFI) at 1.85% was on par with the national SBDFI level. Over the last year, both the Arizona and national SBDFI rose 2 basis points.
The industries with the worst default rates in Arizona were Transportation and Warehousing (4.62%); Admin & Support and Waste Management & Remediation Services (3.69%); and Mining, Quarrying, and Oil and Gas Extraction (2.67%). Nationally, Transportation and Warehousing had a default rate of 4.38%, with a difference of +0.17% compared to the prior year, while Arizona had a variance of -0.07%.
At 91.6, Arizona's PayNet Small Business Lending Index (SBLI) declined 0.2% from the previous month's state level and was 8.4% beneath this month's national SBLI level (100.0). Small business borrowers are being cautious and holding off on new investment.
"Small businesses are awaiting more economic clarity," explains William Phelan, president of PayNet.