Small business loan approvals at banks hit record highs
Approval rates for small business loan applications rose to another post-recession record (27.7%) at big banks ($10 billion+ in assets), while also climbing above 50% at small banks in July, according to the recently released Biz2Credit Small Business Lending Index.
Small bank approvals of small business loan applications inched up one-tenth of a percent to 50.1% from 50% in June.
Credit unions fell below the 40% mark in July for the first time since Biz2Credit began analyzing small business loan approval percentages in 2011. Currently, credit unions are approving 39.9% of loan applications, which represents a record low point.
Institutional lenders’ approval rates rose one-tenth of a percent to 65.7% from June’s figure of 65.6%. Small business loan approval rates among alternative lenders dropped three-tenths of a percent to 56.8% from 57.1% in June.