Illinois Small Business Borrowing Stalls in January

Chicago, IL, March 13, 2017 (Newswire.com) - PayNet, the leading provider of credit ratings on small businesses, states that in January 2017 Illinois' small firm borrowing was comparable to the previous month. Of the 18 major industries, 9 showed gains and nine declined in Illinois.

The PayNet Small Business Lending Index (SBLI) for Illinois came in at 112, exceeding the national SBLI level and performing comparably to last month's state level. We can cautiously anticipate improving economic conditions in Illinois based on recent small business investment.

Information (32.5%); Public Administration (21.4%); and Finance and Insurance (9.8%) were the industries with the largest improvement in lending activity over the past year in Illinois. In addition to having the second-greatest improvement this month, Public Administration also recorded the highest lending activity (244.8) of all industries in Illinois.

PayNet’s Small Business Default Index (SBDFI) for Illinois stood at 1.64%. Following a comparable value to the previous month, Illinois' SBDFI was 20 basis points less than the national SBDFI level of 1.84%. The national SBDFI rose 29 basis points year-over-year, while Illinois' SBDFI climbed 23 basis points.

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

Source: PayNet, Inc.