Small Business Defaults in Illinois Down in October - PayNet
CHICAGO, December 18, 2017 (Newswire.com) - PayNet, the premier provider of small business credit assessments on private companies, announces that in October 2017 overall defaults improved among Illinois' small businesses. Of the 18 major industries, defaults improved in 11 and worsened in 7 in the state compared to last month.
Following a 4 basis point drop from September, Illinois' PayNet Small Business Default Index (SBDFI) at 1.64% was 20 basis points below the national SBDFI level of 1.84%. The decline in defaults over the past three months may signal improving financial health in the state. Year-over-year, the national SBDFI increased 2 basis points, whereas Illinois' SBDFI dipped 5 basis points.
The three industries with the worst default rates in Illinois were Transportation and Warehousing (3.65%); Accommodation and Food Services (2.83%); and Information (2.00%). Nationally, Transportation and Warehousing had a default rate of 4.38%, with a difference of +0.17% compared to the prior year, while Illinois had a variance of -0.64%.
Illinois' PayNet Small Business Lending Index (SBLI) registered at 114.0, outperforming the national SBLI level (100.0) and performing on par with the previous month's state level.
"Recent increased investment and improved financial health exhibited by Illinois' small businesses set the stage for expansion with low credit risk," asserts William Phelan, president of PayNet.