May
15
2014

Declining balances and rising delinquencies cause setback in Q1

Following a full year of steady improvement, small-business credit conditions stumbled during the first quarter of 2014. Credit balances receded slightly from the end of 2013 and the delinquency rate ticked higher to 9.8 percent from 9.6 percent. The setback was fueled in part by harsh winter conditions, which may also have slowed
employment gains. Weaker GDP growth and a decelerated retail sales growth rate of only 0.3 percent also contributed to the Q1 shortcoming.

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