Last June saw an increase in the number of banks approving small business loan applications, compared to the same period last year, according to recent research from Biz2Credit, an online lending marketplace.
The study showed that big banks – financial institutions with assets of more than $10 billion – approved 20% of loans to small businesses in June. This is an increase of three percentage points over a 12 month period.
Biz2Credit reviewed 1,000 loan applications ranging from $25,000 to $3 million from businesses that had been open for at least two years and had an average credit score above 680.
“The strong return of banks in small business lending indicates three things: [an] the overall improvement in the economy, entrepreneurs’ confidence in their ability to borrow for expansion and repay loans, and the growing ease and popularity of [Small Business Administration] loans,” Rohit Arora, CEO of Biz2Credit, said in the study.
Additionally, Biz2Credit found that banks with less than $10 billion in assets accepted more than half of loans requested by small businesses, while approval rates by credit unions and alternative lenders remained virtually unchanged. unchanged.
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NEW PYMNTS SURVEY FINDS 3 IN 4 CONSUMERS HAVING HIGH DEMAND FOR SUPER APPS
About: Results from PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” a collaboration with PayPal, analyzed responses from 9,904 consumers in Australia, Germany, UK and USA. and showed strong demand for one super multi-functional app rather than using dozens of individual apps.
