Pennsylvania Small Business Defaults on the Decline in January: PayNet

Pennsylvania Small Business Defaults on the Decline in January: PayNet

Press Release (ePRNews.com) - Harrisburg, PA - Mar 21, 2018 -  In January 2018, the percentage of small businesses defaulting on loans has improved in Pennsylvania, according to data announced by PayNet. Of the 18 major industries, 11 declined and 6 increased in the state.

The PayNet Small Business Default Index (SBDFI) for Pennsylvania registered at 1.65% following a 2 basis point reduction from December. Compared to the national SBDFI level of 1.82%, Pennsylvania’s SBDFI was 17 basis points lower.  The national SBDFI fell 2 basis points year-over-year, while Pennsylvania’s SBDFI fell 11 basis points.

The three industries with the worst default rates in Pennsylvania were Transportation and Warehousing (3.07%); Accommodation and Food Services (2.52%); and Retail Trade (2.11%). Nationally, Transportation and Warehousing had a default rate of 3.91%, with a difference of -0.40% compared to the prior year, while Pennsylvania had a variance of -0.96%.

Pennsylvania’s PayNet Small Business Lending Index (SBLI) came in at 101.1, performing comparably to both the previous month’s level and this month’s national SBLI level (101.7). The Index is basically unchanged from a year ago.

“Time will tell how these conditions will affect Pennsylvania’s economy going forward,” explains William Phelan, president of PayNet.  

Source : PayNet, Inc.
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