NEW YORK, Nov 09, 2021 (GLOBE NEWSWIRE) – Percentages for approval of small business loans at big banks (Assets over $ 10 billion) increased from 14% in September 2021 to 14.1% in October. In the meantime, small banks‘The registrations also rose from 19.5% in September to the October figure of 19.7%, according to the latest Biz2Credit Small Business Credit Indexâ¢ released today.
âBanks show willingness to borrow, but have been cautious. While it’s a good sign that approval rates continue to rise, we’re still well below pre-pandemic levels, âsaid Rohit Arora, CEO of Biz2Credit, one of the nation’s leading experts in FinTech and small business lending. “Every category of lender, except for the credit unions, which remained unchanged, saw loan approval rates rise this month.”
Non-farm employment rose 531,000 in October and the unemployment rate fell 0.2 percentage points to 4.6%, according to the Bureau of Labor Statistics Job Report, released on Friday Nov. 5, in Business Services, Manufacturing as well as transport and warehousing. Many of these new jobs are created by small businesses.
âWe are seeing an increase in financing requests from transport and storage companies. These industries have recovered well from the pandemic, âsaid Arora. âEntertainment-related businesses are making a comeback, even though restaurants are still suffering. Many small businesses are preparing for the Christmas season and need capital to cover the expected additional costs. “
Approval percentage from non-bank lenders is increasing
- Iinstitutional lenders The approval percentage rose 24.7% in October, up from 24.5% in September.
- Alternative lenders authorized 25.6% of small business funding requests in October, up from 25.4% in September.
- C.redit unions authorized 20.6% in October as in September, but less than 20.9% a year ago.
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 report for October 2021, 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]