PayNet’s latest analysis of small business investment points to modest growth in the coming months. The Thomson Reuters/PayNet Small Business Lending Index decreased to 104.8 in June from a revised 113.7 in May.

The index, which measures the amount of new investment expansion, reflects the tentative mindset of small businesses over the past one and a half years. These numbers show them unwilling to invest in creating more goods and services, such as industrial valves or specialty retail stores, for their customers, PayNet said.

Meanwhile, credit risk held steady as the Thomson Reuters/PayNet Small Business Delinquency Index (SBDI) remained at 1.19% in June, 65% lower than the maximum reached in mid-2009. The SBDI is an indicator of the future health of the financial sector of the U.S. economy.

“The good news is that any growth is a positive and financial health remains strong for small businesses. We are watching for a consistent growth trend to emerge among these producers of goods and services,” said William Phelan, president of PayNet.