NEW YORK, December 08, 2021 (GLOBE NEWSWIRE) – Small business loan approval percentages at big banks (assets over $ 10 billion) fell from 14.1% in October to 14.2% in November. During this time, small banks” approvals also fell from 19.7% in October to 19.9% in November, according to the last Biz2Credit Index of Small Business Loansâ¢ released today.
âAll categories of lenders except credit unions, which have remained stable, have seen their loan approval percentages increase this month,â said Rohit Arora, CEO of Biz2Credit, one of the leading national experts in FinTech and small business loans. âBank approval percentages are increasing, but more slowly than we would have hoped now. It’s 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 point to 4.2%, according to the employment report released by the Bureau of Labor Statistics on Friday, December 3. 2021. Notable job gains have taken place in the professional and commercial sectors. services, transportation and warehousing, construction and manufacturing, although employment in retail trade declined in the month. Most jobs are created by small businesses.
Increase in approval percentages of non-bank lenders
- Iinstitutional lenders approval percentage rose from 24.7% in October to 24.8% in November.
- Alternative lenders approval percentage rose from 25.6% in October to 25.8% in November.
âWe continue to see slight improvements in approval rates among institutional lenders and alternative lenders,â said Arora. “It’s something of a bright spot right now.”
VSdropping out of repeat unions
- VSrepeat unions approved 20.6% in November, the same percentage as in October.
âSmall business loans through credit unions appear to have stalled,â Arora said. âOther types of non-bank lenders are more likely to approve funding applications than credit unions at this point. “
Biz2Credit analyzed loan applications from businesses that have been in business for more than two years with credit scores above 680. The results are based on primary data submitted by over 1,000 small business owners who have applied for financing on the Biz2Credit platform. To consult the November 2021 report, Click here.
Founded in 2007, Biz2Credit has arranged over $ 7 billion in small business financing. The company extends its cutting-edge technology into customized 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]