Ohio Small Business Defaults on the Decline in January: PayNet

Columbus, OH, March 21, 2018 (Newswire.com) - PayNet, the premier provider of small business credit data and analysis for the commercial and industrial lending industry, reports that in January 2018 overall defaults decreased within Ohio's small businesses, with default rates in 14 of the 18 major industries falling in the state.

The PayNet Small Business Default Index (SBDFI) for Ohio registered at 1.39% after a 4 basis point reduction from December. Ohio's SBDFI was 43 basis points less than the national SBDFI level of 1.82%. The national SBDFI declined 2 basis points year-over-year, while Ohio's SBDFI fell 5 basis points.

The industries with the highest default rates in Ohio were Accommodation and Food Services (2.60%); Transportation and Warehousing (2.53%); and Information (1.96%). Nationally, Accommodation and Food Services had a default rate of 2.24%, with a difference of +0.28% compared to the prior year, while Ohio had a variance of +1.26%.

Coming in at 107.9, the PayNet Small Business Lending Index (SBLI) for Ohio improved 0.6% from last month's state level and was 6.1% greater than the national SBLI level of 101.7 this month.

" The decline in defaults over the past two months may signal better business conditions in the state," asserts William Phelan, president of PayNet.  

Source: PayNet, Inc.