Press Release – updated: Mar 14, 2018 13:56 CDT
Denver, CO, March 14, 2018 – Fewer small businesses defaulted on existing loans in Colorado and the level of borrowing activity rose in January 2018, data issued by PayNet illustrate.
After a 5 basis point drop from December, Colorado's PayNet Small Business Default Index (SBDFI) at 1.70% was 12 basis points below the national SBDFI level of 1.82%. Lower default rates over the past year signals improved financial health in the state. The national SBDFI declined 2 basis points over the last year, while Colorado's SBDFI declined 32 basis points.
The industries with the highest default rates in Colorado were Information (3.08%); Transportation and Warehousing (3.06%); and Mining, Quarrying, and Oil and Gas Extraction (2.85%). Nationally, Information had a default rate of 3.14%, with a difference of +0.83% compared to the prior year, while Colorado had a variance of +0.82%.
Coming in at 105.2, the PayNet Small Business Lending Index (SBLI) for Colorado improved 1.7% from last month's state level and was 3.5% greater than this month's national SBLI level (101.7). The Index is basically unchanged from a year ago.
“The financial health of small businesses displayed through this data creates an environment that is attractive for financial growth,” explains William Phelan, president of PayNet.
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