Florida Small Business Borrowing Rises in January, Default Rate Improves: PayNet

Jacksonville, FL, March 15, 2018 (Newswire.com) - Data issued by PayNet indicate that borrowing by small businesses in Florida rose and the percentage of firms defaulting on existing loans fell in January 2018.

The PayNet Small Business Lending Index (SBLI) for Florida was 84.1, improving 2.1% from the previous month's state level, but 17.3% lower than this month's national SBLI level (101.7).

Accommodation and Food Services (28.1%); Admin & Support and Waste Management & Remediation Services (22.5%); and Public Administration (15.9%) were the industries with the largest improvement in lending activity over the past year in Florida. Nationally, Accommodation and Food Services grew by 4.6% year over year.

PayNet’s Small Business Default Index (SBDFI) for Florida ranked 49th nationally at 2.56%. Despite a 5 basis point drop from the previous month, Florida's SBDFI was still 74 basis points higher than the national SBDFI level of 1.82%. Over the last year, Florida's SBDFI rose 6 basis points, whereas the national SBDFI fell 2.

" We can cautiously anticipate improving financial conditions in Florida based on recent small business investment.," explains William Phelan, president of PayNet.

Source: PayNet, Inc.