Small Business Defaults in Illinois Down in April

Chicago, IL, June 9, 2017 (Newswire.com) - ​PayNet, the leading provider of credit ratings on small businesses, reports that in April 2017 a smaller number of small firms defaulted on loans in Illinois, with default rates in 10 of the 18 major industries falling in the state.

After a 3 basis point decline from March, Illinois' PayNet Small Business Default Index (SBDFI) of 1.73% was 17 basis points below 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, Illinois' SBDFI increased 32 basis points, which was a steeper climb than the 26 basis point increase displayed by the national SBDFI.

Transportation and Warehousing (4.41%); Manufacturing (3.49%); and Accommodation and Food Services (2.60%) exhibited the highest default rates of all industries in Illinois. Nationally, Transportation and Warehousing had a default rate of 4.54%, with a difference of +1.12% compared to the prior year versus a variance of +1.75% in Illinois.

Illinois' PayNet Small Business Lending Index (SBLI) registered at 111.4, exceeding the national SBLI level (98.2) despite falling by 0.4% from last month's state level.

"More definitive trends are needed to gauge the future economic performance for Illinois," says the president of PayNet, William Phelan.

Source: www.paynet.com