Small Business Defaults in Ohio Unchanged in July

Press Release ( - Chicago, IL - Sep 20, 2017 - ​In July 2017, small business loan defaults remained unchanged in Ohio’s business community, data announced by PayNet reveal. Of the 18 major industries, 11 improved and 6 worsened.

PayNet’s Small Business Default Index (SBDFI) for Ohio at 1.45% and was unchanged from June. Ohio’s SBDFI was 42 basis points under the national SBDFI level of 1.87%.  The national SBDFI rose 15 basis points over the last year, which was a steeper rise than the 4 basis point increase exhibited by the Ohio SBDFI.

Transportation and Warehousing (3.01%); Retail Trade (1.99%); and Health Care and Social Assistance (1.80%) displayed the highest default rates of all industries in Ohio. Nationally, Transportation and Warehousing had a default rate of 4.57%, with a difference of +0.63% compared to the prior year, while Ohio had a variance of +0.90%.

Ohio’s PayNet Small Business Lending Index (SBLI) registered at 103.5, outperforming the national SBLI level (98.9) and performing similarly to last month’s state level. Small business borrowers are cautiously increasing investment.

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

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