Press Release – updated: Dec 18, 2017 14:00 CST
CHICAGO, December 18, 2017 – PayNet, the premier provider of small business credit data and analysis for the commercial and industrial lending industry, announces that in October 2017 the percentage of small businesses defaulting on loans has remained consistent in Minnesota. Of the 18 major industries, 12 declined and 5 rose.
After a similar performance to September, Minnesota's PayNet Small Business Default Index (SBDFI) at 1.15% was lowest in the country and was 69 basis points less than the national SBDFI level of 1.84%. Financial health is stronger than a year ago in the state despite the recent uptick in defaults. The national SBDFI rose 2 basis points year-over-year, whereas Minnesota's SBDFI dropped 14 basis points.
Transportation and Warehousing (3.13%); Finance and Insurance (2.06%); and Accommodation and Food Services (2.04%) exhibited the highest default rates of all industries in Minnesota. Nationally, Transportation and Warehousing had a default rate of 4.38%, with a difference of +0.17% compared to the prior year, while Minnesota had a variance of -0.32%.
At 81.0, Minnesota's PayNet Small Business Lending Index (SBLI) rose 0.5% from last month's state level, but was 19.0% below the national SBLI level of 100.0 this month. Year-over-year, business investment deteriorated 6.0%.
“This all means greater risk taking and lower credit quality of small businesses,” states the president of PayNet, William Phelan.
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