New Mexico Small Businesses Borrowing More in May
Chicago, IL, July 25, 2017 (Newswire.com) - PayNet, the premier provider of small business credit assessments on private companies, reports that in May 2017 New Mexico's small firm borrowing activity increased, with 10 of the 18 major industries rising in the state.
New Mexico's PayNet Small Business Lending Index (SBLI) registered at 81.5, advancing by 1.2% from the previous month's state level, but 17.1% beneath the national SBLI level of 98.3 this month. Year-over-year, business investment deteriorated (-4.0%), easing positive expectations for growth.
The three industries with the most favorable change in lending activity over the past year in New Mexico were Information (50.3%); Educational Services (23.0%); and Arts, Entertainment, and Recreation (22.3%). Nationally, Information grew by 3.6% year over year.
At 2.40%, PayNet’s Small Business Default Index (SBDFI) for New Mexico was 53 basis points above the national SBDFI level of 1.87%, after a comparable performance to April. Over the last year, New Mexico's SBDFI climbed 36 basis points, while the national SBDFI rose 19.
"Time will tell how these conditions will affect New Mexico's economy going forward," asserts the president of PayNet, William Phelan
Source: www.paynet.com
