New York Small Business Borrowing Stalls in September

Albany, New York, November 21, 2017 (Newswire.com) - In September 2017, New York's small firms borrowed comparably to the previous month, data issued by PayNet shows. Of the 18 major industries, 10 declined and 7 increased in New York.

Registering at 99.9, the PayNet Small Business Lending Index (SBLI) for New York performed on par with both the previous month's state level and this month's national SBLI level (99.1).

More definitive trends are needed to gauge the future economic performance for New York.

William Phelan, President

Mining, Quarrying, and Oil and Gas Extraction (-18.1%); Manufacturing (-12.5%); and Real Estate and Rental and Leasing (-12.1%) were the industries with the largest drop in lending activity over the past year in New York. Nationally, Mining, Quarrying, and Oil and Gas Extraction grew by 2.9% year over year.

After a comparable performance to August, New York's PayNet Small Business Default Index (SBDFI) of 1.79% was 7 basis points under the national SBDFI level of 1.86%. Year-over-year, New York's SBDFI rose 28 basis points, which was a significantly steeper rise than the 7 basis point increase exhibited by the national SBDFI.

"More definitive trends are needed to gauge the future economic performance for New York," states the president of PayNet, William Phelan.  

Source: www.paynet.com