Small Business Defaults in New York Unchanged in January

Chicago, IL, March 13, 2017 (Newswire.com) - ​In January 2017, small business loan defaults remained unchanged in New York's business community, data announced by PayNet explains. Of the 18 major industries, 9 fell and 9 increased in the state.

PayNet’s Small Business Default Index (SBDFI) for New York registered at 1.57% and was unchanged from December. New York's SBDFI was 27 basis points less than the national SBDFI level of 1.84%. Year-over-year, the national SBDFI increased 29 basis points, while New York's SBDFI rose 17.

The industries with the worst default Index in New York were Transportation and Warehousing (2.77%); Retail Trade (2.51%); and Public Administration (2.23%). Nationally, Transportation and Warehousing had a default rate of 4.23%, with a difference of +1.40% compared to the prior year variance of +1.07% in New York.

The PayNet Small Business Lending Index (SBLI) for New York came in at 102, exceeding the national SBLI level and performing comparably to last month's state level. The index is basically unchanged from a year ago.

"Time will tell how these conditions will affect New York's economy going forward," states William Phelan, president of PayNet.  

Source: PayNet, Inc.