Arizona Small Business Defaults Unchanged in September

Arizona Small Business Defaults Unchanged in September

Press Release ( - Chicago, IL - Nov 21, 2017 - ​In September 2017, the percentage of small firms late on repaying existing loans has remained unchanged in Arizona, according to data released by PayNet. Of the 18 major industries, 12 improved and 6 worsened.

PayNet’s Small Business Default Index (SBDFI) for Arizona registered at 1.86% and was unchanged from August. Arizona’s SBDFI was equivalent to the national SBDFI level. However, the uptick in defaults over the past two months may signal weakening financial health in the state. The national SBDFI rose 7 basis points year-over-year, which was a greater rise than the 2 basis point increase exhibited by the Arizona SBDFI.

Transportation and Warehousing (4.69%); Admin & Support and Waste Management & Remediation Services (3.27%); and Mining, Quarrying, and Oil and Gas Extraction (2.88%) exhibited the worst default rates of all industries in Arizona. Nationally, Transportation and Warehousing had a default rate of 4.43%, with a difference of +0.35% compared to the prior year, while Arizona had a variance of +0.97%.

Registering at 92.1, Arizona’s PayNet Small Business Lending Index (SBLI) declined 0.2% from the previous month’s state level and was 7.1% beneath this month’s national SBLI level (99.1). The Index is basically unchanged from a year ago.

“The performance of defaults over the past months matches a sluggish lending environment,” states William Phelan, president of PayNet.

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