According to the most recent data from the Thomson Reuters/PayNet Small Business Lending Index, U.S. small businesses borrowed less for the second straight month in November.

The Thomson Reuters/PayNet Small Business Lending Index dropped to 127.4 from a reading of 129.9 in October. It was the lowest level since February.

“Small business has suddenly decided to hold off on investment to produce more goods and services,” said Bill Phelan, president of PayNet.

Reuters said that business owners may be waiting on a number of factors, including the Fed’s interest rate increase, the international economic slowdown and the U.S. presidential race, before beginning new investments.