Approval rates for small business loan applications rose to another post-recession record (27.7%) at big banks ($10 billion+ in assets), and climbed above 50% at small banks, according to the Biz2Credit Small Business Lending Index.
“Small business lending remains strong and is growing at big banks and at regional and community banks. Entrepreneurs who have a good credit history are having success in securing capital in 2019,” said Biz2Credit CEO Rohit Arora. 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.