Small Business Defaults in California Unchanged in September

Small Business Defaults in California Unchanged in September

Press Release (ePRNews.com) - Chicago, IL - Nov 21, 2017 - ​In September 2017, the percentage of small firms late on repaying existing loans has remained unchanged in California, data published by PayNet show. Of the 18 major industries, 9 dropped and 8 rose in the state.

After comparable performance to August, California’s PayNet Small Business Default Index (SBDFI) at 1.68% was 18 basis points less than the national SBDFI level of 1.86%. However, the uptick in defaults over the past two months may signal weakening financial health in the state. California’s SBDFI increased 22 basis points over the last year, which was a much steeper rise than the 7 basis point increase displayed by the national SBDFI.

Transportation and Warehousing (4.38%); Information (2.78%); and Mining, Quarrying, and Oil and Gas Extraction (2.23%) exhibited the worst default rates of all industries in California. Nationally, Transportation and Warehousing had a default rate of 4.43%, with a difference of +0.35% compared to the prior year, while California had a variance of +0.96%.

At 97.4, California’s PayNet Small Business Lending Index (SBLI) declined 0.5% from last month’s state level and was 1.7% below this month’s national SBLI level (99.1).

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

Source : www.paynet.com
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