Florida’s small businesses have remained at the same borrowing level during the last couple of months, according to data released by PayNet that was reported by the Digital Journal.
Florida’s PayNet Small Business Lending Index registered at 82.3 last month but is 18 percent lower than this month’s 100.3 level. These levels are relatively unchanged from a year ago.
The three most improved industries are accommodation and food services at 22.2 percent, admin and support and waste management and remediation services at 19.6 percent, and information at 12.3 percent.
Florida ranked 49 nationally within the index.
“With minimal improvement in borrowing and relatively high defaults, the small business economy in Florida is underperforming the rest of the country,” explains William Phelan, president of PayNet as quoted by the Digital Journal.
Although Florida’s lending data has mostly stayed the same from last year, according to the national numbers small business lending has been on the rise during 2017. In November 2017, the index rose 4.1 percent to 138.7. This was 7 percent higher than 2016’s numbers.
“The economy appears to be firing on all cylinders, and the stock market surge shows that large public companies have been taking advantage of the pro-business environment,” said William Phelan, president of PayNet in a press release. “Now, small businesses are stepping in to get a piece of the pie.”