Chicago, IL, February 1, 2018 (Newswire.com) - Data published by PayNet indicate that a smaller number of Wisconsin small businesses defaulted on loans and the level of borrowing activity grew in November 2017. The indices suggest that financial conditions in the state may improve.
PayNet’s Small Business Default Index (SBDFI) for Wisconsin was third best in the country at only 1.16% following a 5 basis point reduction from October. Wisconsin's SBDFI was 66 basis points less than the national SBDFI level of 1.82%. The national SBDFI fell 1 basis points year-over-year, while Wisconsin's SBDFI fell 7 basis points.
Transportation and Warehousing (3.10%); Agriculture, Forestry, Fishing and Hunting (2.43%); and Accommodation and Food Services (1.76%) registered the highest default rates of all industries in Wisconsin. Nationally, Transportation and Warehousing had a default rate of 4.14%, with a difference of --0.08% compared to the prior year, while Wisconsin had a variance of -1.51%.
Coming in at 124.8, Wisconsin's PayNet Small Business Lending Index (SBLI) ranked 3rd in the country, up 2.2% from the previous month's state level to a value 24.1% better than this month's national SBLI (100.6). Small business borrowers are considering increasing investment.
"Time will tell how these conditions will affect Wisconsin's economy going forward," asserts William Phelan, president of PayNet