Small Business Defaults in Ohio Unchanged in April

Chicago, IL, June 14, 2017 (Newswire.com) - In April 2017, small business loan defaults remained unchanged in Ohio, data released by PayNet reveal. Of the 18 major industries, 8 dropped and 8 rose in the state.

The PayNet Small Business Default Index (SBDFI) for Ohio stood at 1.50% and was unchanged from March. Compared to the national SBDFI level of 1.90%, Ohio's SBDFI was 40 basis points less. However, the uptick in defaults over the past two months may signal weakening financial health in the state. Year-over-year, the national SBDFI increased 26 basis points, while Ohio's SBDFI rose 14 basis points.

The industries with the highest default rate in Ohio were Transportation and Warehousing (3.40%); Retail Trade (2.20%); and Mining, Quarrying, and Oil and Gas Extraction (1.79%). 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 +1.40% in Ohio.

Registering at 100.8, Ohio's PayNet Small Business Lending Index (SBLI) surpassed the national SBLI level (98.2) and performed comparably to last month's state level.

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

For more information on PayNet, visit www.paynet.com.

Source: PayNet