According to a study from Biz2Credit, sales of Latinx-owned businesses dropped 42% in March and April and are down 21% during the 12-month period from Sept. 16, 2019 to Sept. 15, 2020.
Small business loan approval percentages at big banks dropped slightly from 13.6% in August to 13.5% in September, which is indicative of the struggles that small businesses are facing, according to the latest Biz2Credit Small Business Lending Index.
ACAP SME, an SBA-approved non-bank lender and national loan aggregator (purchaser) of Paycheck Protection Program (PPP) loans, in partnership with The Loan Source, ACAP’s servicing team, signed a deal to utilize Biz2Credit’s Biz2X PPP Forgiveness Platform.
The AICPA, CPA.com, and Biz2Credit are teaming up on a new platform, CPALoanPortal.com, to streamline the process for CPA firms advising small businesses on loan forgiveness under the Paycheck Protection Program (PPP) and additional small business financing options.
Biz2Credit launched a partnership with Sage to provide business financing capabilities to their Sage Accountants Network (SAN) and small business clients
Biz2Credit is among the firms on Inc. magazine’s annual Inc. 5000, a ranking of the nation’s fastest-growing private companies. Biz2Credit is No. 3,400 on the 2020 list.
The approval percentage for small business loan applications at big banks (more than $10 billion in assets) rose three-tenths of a percent from 13.5% in June to 13.8% in July, according to the Biz2Credit Small Business Lending Index.
The approval percentage for small business loan applications at banks with more than $10 billion in assets rebounded from 11.5% in May to 13.5% in June, according to Biz2Credit Small Business Lending Index.
The small business loan application approval rate at big banks rebounded from just 8.9% in April to 11.5% in May, according to Biz2Credit. Small business loan approval rates also improved for smaller banks, institutional lenders, alternative lenders and credit unions.
Banks with $10 billion or more in assets approved 8.9% of small business loans in April, falling from a mark of 15.4% in March and an all-time high of 28.3% in February, according to Biz2Credit. Smaller banks approved 11.8% of small business loans in April, down from 38.9% in March and 50.3% in February.