Michigan Small Business Defaults Stable in April
Chicago, IL, June 14, 2017 (Newswire.com) - In April 2017, small business loan defaults were unchanged in Michigan, according to data released by PayNet. Of the 18 major industries, 11 dropped and 6 increased in the state.
The PayNet Small Business Default Index (SBDFI) for Michigan registered 1.39% and was unchanged from March. Michigan's SBDFI was 51 basis points below the national SBDFI level of 1.90%. The national SBDFI increased 26 basis points over the last year, while Michigan's SBDFI rose 2 basis points.
Mining, Quarrying, and Oil and Gas Extraction (4.15%); Transportation and Warehousing (3.80%); and Accommodation and Food Services (2.25%) exhibited the worst default rates of all industries in Michigan. With a 2.53% change, Mining, Quarrying, and Oil and Gas Extraction has also seen the greatest increase from last year of any industry in Michigan.
Michigan's PayNet Small Business Lending Index (SBLI) registered 107.7, outperforming the national SBLI level (98.2) despite declining by 0.6% from the previous month's state level. Small business borrowers are being cautious and holding off on new investment.
For more information on PayNet, visit www.paynet.com.
Source: PayNet
