July sees an increase in small business loan approval rates
Data Breakdown: July's Small Business Loans
As the economy recovers, big banks¹, small banks, institutional lenders, and alternative lenders have seen an increase in the approval rates of loans to small businesses compared to the prior month. Credit unions have logged no monthly change in their approval rate.
¹ Big banks have assets greater than $10 billion.
² Loan approval rates provided by Biz2Credit Small Business Lending Index™
³Additional Source: Intrado
“Approval rates increased both at big banks and at smaller banks, including regional and community banks that increasingly are partnering with fintechs to digitize the small business loan application process.”