Chicago, IL, February 1, 2018 (Newswire.com) - In November 2017, small business loan defaults decreased in Pennsylvania's business community, with default rates in 14 of the 18 major industries falling in the state, data announced by PayNet shows.
After a 7 basis point drop from October, Pennsylvania's PayNet Small Business Default Index (SBDFI) at 1.62% was 20 basis points under the national SBDFI level of 1.82%. Over the last year, the national SBDFI fell 1 basis points, while Pennsylvania's SBDFI declined 14 basis points.
Transportation and Warehousing (3.13%); Accommodation and Food Services (2.55%); and Mining, Quarrying, and Oil and Gas Extraction (2.25%) registered the worst default rates of all industries in Pennsylvania. Nationally, Transportation and Warehousing had a default rate of 4.14%, with a difference of --0.08% compared to the prior year, while Pennsylvania had a variance of -0.68%.
Coming in at 101, Pennsylvania's PayNet Small Business Lending Index (SBLI) improved 0.7% from last month's state level and performed on par with the national SBLI level of 100.6 this month. Small business borrowers are considering increasing investment.
"Time will tell how these conditions will affect Pennsylvania's economy going forward," explains the president of PayNet, William Phelan.