Small Business Defaults in Illinois Down in August
Chicago, IL, October 23, 2017 (Newswire.com) - In August 2017, small business loan defaults improved in Illinois' business community, data released by PayNet reveal. Of the 18 major industries, 12 dropped and 4 increased in the state.
The PayNet Small Business Default Index (SBDFI) for Illinois registered 1.69% after a 7 basis point reduction from July. Illinois' SBDFI was 15 basis points below the national SBDFI level of 1.84%. Financial health is weaker than a year ago in the state despite the recent downturn in defaults. Year-over-year, Illinois' SBDFI rose 12 basis points, while the national SBDFI climbed 8 basis points.
Transportation and Warehousing (4.12%); Accommodation and Food Services (2.67%); and Manufacturing (2.57%) registered the highest default rates of all industries in Illinois. Nationally, Transportation and Warehousing had a default rate of 4.51%, with a difference of +0.48% compared to the prior year, while Illinois had a variance of +0.36%.
The PayNet Small Business Lending Index (SBLI) for Illinois was 112.3, outperforming the national SBLI level (99.3) and performing comparably to last month's state level. Small business borrowers are modestly increasing investment.
"Small business growth bodes well for future GDP," asserts William Phelan, president of PayNet.
Source: www.paynet.com
