After stepping backward in the first quarter, small business investment jumped forward in the last two months. The Thomson Reuters/PayNet Small Business Lending Index increased to 115.1 in May 2013 from a revised 108.1 in April 2013.

The index, which measures the amount of new commercial loans and leases granted to small businesses signals the first consistent growth in the small business economy in 2013. Small businesses make up half of GDP, so there are opportunities for growth, PayNet said.

At least for now the slowdown story has been put on hold and the growing index is positive for GDP, according to PayNet. Additionally, credit risk improved further as the Thomson Reuters/PayNet Small Business Delinquency Index (SBDI) declined to 1.20% in May 2013 from 1.24% in April 2013. The SBDI is an indicator of the future health of the U.S. economy, PayNet noted.

“These latest releases suggest small business expansion is quickening, we are in the low risk expansion phase of the business cycle and want to continue to stay in this cycle. It isn’t necessarily high growth, but at least it is growth,” said William Phelan, president of PayNet.