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Default rates increase on Florida small business loans

Defaults on Florida small business loans increased in February, the most recent data available. According to the PayNet Small Business Default Index, default rates for the state rose over the past year to February's 2.58 percent, higher than the national rate of 1.89 percent. That's also a sharp increase from January's 1.82 percent rate.

Industries with the highest default rates include construction at 2.27 percent, health care at 2.22 percent and transportation at 2.2 percent, all outpacing the national rates in each category.

Rising defaults can lead to anxious bankers. "The increasing default rate over the past year has created a cautious lending environment," William Phelan, president of PayNet, said in a release.

Contact Malena Carollo at mcarollo@tampabay.com. Follow @malenacarollo.

Default rates increase on Florida small business loans 04/13/17 [Last modified: Thursday, April 13, 2017 3:43pm]
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© 2017 Tampa Bay Times

    

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