According to Biz2Credit’s November Small Business Lending Index, loan approval rates continue to rise. The index is a monthly analysis of a thousand loan applications on Biz2Credit’s platform for the month. Small business loan approval rates at institutional lenders continue their gradual ascent. They reached 62.4 percent in November, up from 62.2 percent in October.
Big banks ($10 billion+ in assets) and institutional lenders maintained an overall healthy approval rate. But small business loan approval rates at alternative lenders, small banks and credit unions slipped for the sixth consecutive month to 48.9 percent in November from 49 percent in October.
New Interest Rate Hike Means More Small Business Loan Approvals, Biz2Credit Reports
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