Small Business Defaults in Colorado Unchanged in April
Chicago, IL, June 14, 2017 (Newswire.com) - PayNet, the leading provider of small business credit assessments on private companies, announces that in April 2017, overall defaults remained consistent among small businesses in Colorado. Of the 18 major industries, defaults improved in 9 and worsened in 8 in the state compared to last month.
Following a comparable performance to March, Colorado's PayNet Small Business Default Index (SBDFI) of 2.02% was 12 basis points higher than the national SBDFI level of 1.90%. Financial health is weaker than a year ago in the state despite the recent downturn in defaults. Over the last year, the national SBDFI rose 26 basis points, while Colorado's SBDFI rose 16 basis points.
Mining, Quarrying, and Oil and Gas Extraction (6.29%); Transportation and Warehousing (4.81%); and Information (3.28%) displayed the worst default rates of all industries in Colorado. Nationally, Mining, Quarrying, and Oil and Gas Extraction had a default rate of 4.46%, with a difference of +1.51% compared to the prior year versus a variance of +2.19% in Colorado.
The PayNet Small Business Lending Index (SBLI) for Colorado was 103.6, exceeding the national SBLI level (98.2) despite declining by 0.3% from last month's state level.
"More definitive trends are needed to gauge the future economic performance for Colorado," says the president of PayNet, William Phelan.
For more information on PayNet, visit www.paynet.com.
Source: PayNet
