In October, the PayNet Small Business Lending Index increased 2.5 points to 147.3, although that was 0.9% below last year’s October level. While the SBLI rose moderately again in October, preliminary November data suggests challenges ahead as COVID-19 cases rise once again.
In September, the PayNet Small Business Lending Index increased 12 points (9.1%) to 143.9 and is now 2.9% above its year-ago level. On Main Street, the NFIB Uncertainty Index increased to its second-highest reading in the series’ 46-year history.
In August, the PayNet Small Business Lending Index declined for the first time since April, falling 13.5 points (-9.1%) to 134.7 and 5.5% below its year-ago level.
Equifax acquired Ansonia Credit Data, a provider of business credit, collections and accounts receivable data used by financial institutions and other creditors and businesses focused on the transportation and logistics industries.
The PayNet Small Business Lending Index fell 14.4 points, or 11.8%, to 107.4 in April and is now 32% below its year-ago level, potentially suggesting that small businesses are substituting traditional lending with Paycheck Protection Program loans.
BNB Bank tapped PayNet to digitize the bank’s loan approval process, utilizing the latter’s Credit History Report and MasterScore v2 platform.
The Innovative Lending Platform Association (ILPA) and the Coalition for Responsible Business Finance (CRBF) are merging and will operate as the ILPA – the trade organization representing online lending and service companies serving small businesses.
The May 2016 data release of the Thomson Reuters/PayNet Small Business Lending Index (SBLI) decreased by 1% in May, falling to 128.6 from the 129.5 April reading. It marks the third consecutive month of decrease.
PayNet has developed a Small Business Default Index, which will gauge small business defaults and signal insolvency across multiple sectors of the economy at the national, state and industry levels.
The October Thomson Reuters/PayNet Small Business Lending Index (SBLI), which is a leading economic indicator of GDP, decreased by 5% to 131.7 compared to September’s value, which was restated from 140.4 to 137.9.