Ohio Small Business Defaults on the Decline in September

Columbus, Ohio, November 21, 2017 (Newswire.com) - ​PayNet, the leading provider of credit ratings on small businesses, announces that in September 2017 overall defaults improved within small businesses in Ohio, with default rates in 14 of the 18 major industries falling in the state.

PayNet’s Small Business Default Index (SBDFI) for Ohio registered at 1.36% following a 2 basis point improvement from August. Ohio's SBDFI was 50 basis points below the national SBDFI level of 1.86%. The decline in defaults over the past four months may signal improving financial health in the state. Year-over-year, the national SBDFI rose 7 basis points, whereas Ohio's SBDFI dipped 9 basis points.

The industries with the worst default rates in Ohio were Transportation and Warehousing (2.83%); Retail Trade (1.78%); and Information (1.74%). Nationally, Transportation and Warehousing had a default rate of 4.43%, with a difference of +0.35% compared to the prior year, while Ohio had a variance of +0.57%.

Ohio's PayNet Small Business Lending Index (SBLI) registered at 105.5, exceeding the national SBLI level (99.1) and performing similarly to last month's state level. Small business borrowers are considering increasing investment.

"Recent increased investment and improved financial health exhibited by Ohio's small businesses set the stage for expansion with low credit risk," asserts William Phelan, president of PayNet.  

Source: www.paynet.com