NEW YORK, Dec 8, 2021 (GLOBE NEWSWIRE) – Small business loan approval percentages at big banks (Assets over $ 10 billion) up 14.1% in October. gone up 14.2% in November. In the meantime, small banksRegistrations also rose from 19.7% in October 19.9% in November at the latest Biz2Credit Small Business Credit Indexâ¢ released today.
“Every category of lender, except for the credit unions, which remained unchanged, saw loan approval rates spike this month,” said Rohit Arora, CEO of Biz2Credit, one of the nation’s leading fintech and small business lending experts. âThe approval rates from the banks are increasing, but more slowly than we had previously hoped. This is encouraging, but all categories of lenders are well below pre-COVID approval levels. “
Non-farm employment rose 210,000 in November and the unemployment rate fell 0.4 percentage points to 4.2%, according to the Job Report released by the Bureau of Labor Statistics on Friday, December 3, 2021 for Services, Transportation and warehousing, construction and manufacturing, although retail employment fell during the month. Many of the jobs are created by small businesses.
Approval percentage from non-bank lenders is increasing
- Iinstitutional lenders The approval rate rose from 24.7% in October 24.8% in November.
- Alternative lenders The approval rate rose from 25.6% in October 25.8% in November.
“We continue to see small improvements in approval ratings from institutional and alternative lenders,” said Arora. “This is something of a bright spot at the moment.”
C.Redit union booth
- C.redit unions authorized 20.6% in November the same percentage as in October.
“Small business lending seems to have stalled at credit unions,” said Arora. “Other types of non-bank lenders are currently more likely than credit unions to approve funding requests.”
Biz2Credit analyzed credit requests from companies that had been in business for more than two years and had credit ratings above 680. The results are based on primary data submitted by more than 1,000 small business owners who applied for funding on the Biz2Credit platform. To view the November 2021 report, Click here.
Biz2Credit was founded in 2007 and has arranged more than $ 7 billion in small business finance. The company is expanding its industry-leading technology with bespoke digital platform solutions for banks and other financial institutions, investors and service providers. Visit www.biz2credit.com or Twitter @ Biz2Credit, Facebook and LinkedIn.
Media contact: John Mooney, (908) 720-6057, [email protected]