Small Business Defaults in Washington Down in May

​In May 2017, fewer Washington small businesses defaulted on existing loans, according to data released by PayNet. However, of the 18 major industries, only 8 declined in the state.

PayNet’s Small Business Default Index (SBDFI) for Washington registered at 1.30% after a 3 basis point reduction from April. Washington's SBDFI was 57 basis points below the national SBDFI level of 1.87%. Despite the favorable improvement last month, the index is basically unchanged from a year ago. Year-over-year, the national SBDFI rose 19 basis points, whereas Washington's SBDFI fell 2 basis points.

Transportation and Warehousing (2.97%); Information (2.00%); and Accommodation and Food Services (1.99%) recorded the highest default rates of all industries in Washington. Nationally, Transportation and Warehousing had a default rate of 4.59%, with a difference of +0.99% compared to the prior year, while Washington had a variance of +0.57%.

At 108.3, the PayNet Small Business Lending Index (SBLI) for Washington surpassed the national SBLI level (98.3) despite declining by 0.6% from the previous month's state level.

"More definitive trends are needed to gauge the future economic performance for Washington," states the president of PayNet, William Phelan.  



Categories: A&E News, Funding, Economy, Small Business

Tags: Economy, GDP, PayNet, Small Business Credit Report, Small Business Credit Trends, Small Business Default Index, Small Business Lending, William Phelan

Related Video

About PayNet

View Website

5750 Old Orchard Rd (Suite 300)
Skokie, IL 60077
United States