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Summit Funding Group

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Summit Funding

Since our inception in 1993, Summit Funding Group, Inc. has amassed a high performing portfolio in excess of $3 billion in equipment lease and finance originations and a history of working with companies of all sizes and most industries.

Contact: Richard Ross - 513.489.1222
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Canadian Private Sector is Driving the Economy

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Investment is Expanding Broadly Across Industries & Provinces

(Kelowna, CANADA—September 13, 2017) — PayNet, the premier provider of credit assessments on private companies reports that the PayNet Canadian Small Business Lending Index (CSBLI) increased 4% to 126.2 in July 2017 from 121.2 in June 2017.

“Investment to expand is showing broadly across industry segments and provinces at a time when the U.S. is stuck in low gear,” states William Phelan, president of PayNet, Inc. “Over the last year, the Canadian economy has grown in real terms at 3.7% while the US economy grew at just a 2.2% rate in real terms over the same period,”

The Retail sector (5%) and Other sector (10%) showed the largest increases versus last month. Regionally, British Columbia and Atlantic Canada showed the largest increases from June, both up 3%, and no province showed a decrease.

The financial health of Canadian companies continues to improve. The PayNet Canadian Small Business Delinquency Index (CSBDI) 31-180 days past due decreased to 0.97% in July 2017 from 1.09% in June 2017. Compared to July 2016, delinquency decreased 20 bps.

Agriculture delinquency increased by 17% (9 bps), while every other industry decreased by 9% or more. Every province showed decreases in delinquency. The largest delinquency changes were seen in Quebec with a 15% (20 bps) decrease and British Columbia with a 14% (14 bps) decrease.

PayNet is forecasting overall defaults to decrease 0.3% from 2016 to 2017 with lower defaults in Transportation (-0.9%) and Construction (-0.5%). Agriculture is the industry raising the most concern in Canada with defaults forecasted to increase 0.7% in 2017 and 0.4% in 2018.

“The economy seems to be at the inflection point of expansion at low-risk now, but we could expect increasing financial risk as some of these investments pay off and some fail to achieve their full potential,” Phelan added.

While in Kelowna, PayNet’s data will be presented to CEO’s and regulators at the Canadian Finance & Leasing Association (CFLA) national Industry Conference September 13-14, 2017. For a copy of the PayNet study Private Sector-Driving Canadian Economic Growth please visit PayNet at booth #10 at the CFLA conference.

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