Reuters reported that lending to small U.S. businesses plunged in September to the lowest level in 14 months. According to the report, the Thomson Reuters/PayNet Small Business Lending Index, which measures the overall volume of financing to small U.S. companies, dropped to 94.1 from a downwardly revised 108.9 in August, PayNet said.

PayNet had initially reported the August figure as 109.9.

The report quotes Bill Phelan, PayNet founder saying, "It's unlikely you are going to get a lot of growth. It's not a positive report."

PayNet's lending index typically correlates to economic growth one or two quarters in the future.

The Reuters report also provided separate PayNet data which showed companies were under increasing financial stress. Accounts overdue by 30 days rose to 1.24 percent of the total, from 1.18 percent the previous month. Although the rate is low by historical standards, it was the first rise in delinquencies in more than two years. Longer-term delinquency rates eased. Accounts behind 90 days or more, or in severe delinquency, dipped to 0.23 percent from 0.25 percent. Accounts behind 180 days or more, which are considered in default and unlikely to be paid, fell to 0.32 percent from 0.33 percent.