The Thomson Reuters/PayNet Small Business Delinquency Index (SBDI) measures small business financial stress and provides early warning of future insolvency. The SBDI is validated as a leading economic indicator of small business financial stress and default risk, providing early warning signals of future insolvency across multiple sectors of the economy. This index is a statistically reliable leading indicator of financial stress and macroeconomic trends. The SBDI provides insight to financial services executives, economists, policy makers and regulators in order to understand the stage of the US business cycle and to set credit oversight policy. The validation shows the SBDI is particularly well-suited for predicting future trends in nonperforming loans, government obligation bond spreads, the unemployment rate and to a lesser-extent GDP, with a lead time of about six months.


The SBDI captures the percentage of loans that are 31-90 days past due or 91-180 days past due, to small businesses in aggregate for the entire United States, calculated on a monthly basis. The index is calculated from the most recent loan performance for the largest commercial and industrial lenders in PayNet’s U.S. database, including both loans and leases for which data is available. The lender list is dynamic. As lenders in the index change, they are seamlessly replaced with comparable lenders to preserve the integrity of the index.

All data is collected by PayNet, Inc. from hundreds of leading U.S. commercial lenders. PayNet’s proprietary database – updated weekly – is the richest and largest collection of commercial loans and leases, encompassing more than 20 million current and historic contracts worth over $1 trillion.

For loans and leases to qualify for inclusion in the calculation, they must be transactions made to a small business, and to be deemed a small business, the business borrower must have less than $1M in total outstanding loans and leases across all lenders in the PayNet database.

Seasonally adjusted and presented both on an absolute index basis and on a change versus the same month one year prior basis, beginning January 2005, it is published monthly as follows:

PRELIMINARY data for current value, reflecting the most recent small business delinquency performance
REVISED data for month preceding Preliminary release
FINAL data for month preceding Revised release

Click here to download the most recent month’s Small Business Delinquency Index


Click here to download the most recent month’s Small Business Delinquency Index


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Download additional information about the SBDI below

SBDI fact sheet

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SBDI fact sheet


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SBDI white paper


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National SBDI historical data