U.S. small businesses across a broad swath of industries boosted borrowing to record levels in April, according to data released on Tuesday, pointing to a rebound in overall U.S. economic growth from what was a dismal first quarter.
The Thomson Reuters/PayNet Small Business Lending Index rose to 141.5 from an upwardly revised March reading of 130.5.
From a year earlier, the index was up 13 percent. At the same time, the delinquency rate on loans more than 30 days past due fell in April, to 1.52 percent, suggesting the increased borrowing has not come at the expense of financial health.
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"It's really firming up," PayNet founder Bill Phelan said of the trend in borrowing by companies in retail, accommodations, transportation, construction, health care, professional services and other industries. "It will bode well for GDP for the rest of the year."