Small business loan approval percentages at big banks (or those with more than $10 billion in assets) dipped slightly to 13.4% in April from 13.5% in March 2021, according to Biz2Credit. Similarly, approvals at small banks dropped to 18.2% in April, which was down from 18.3% in March.
Small business loan approval percentages at big banks (more than $10 billion in assets) rose slightly to 13.5% in March from 13.3% in February 2021, according to the Biz2Credit Small Business Lending Index.
The annual Biz2Credit Women-Owned Business Study found that although revenues dropped for women-owned firms in 2020, their earnings grew. However, the average loan size for women-owned businesses was 33% lower than the average loan size for businesses owned by men.
Small business loan approval percentages at big banks (more than $10 billion in assets) rose slightly to 13.3% in February from 13.2% in January 2021, according to the latest Biz2Credit Small Business Lending Index.
Now that new COVID-19 relief has been signed into law by President Donald Trump, fintech company Biz2Credit has begun taking ‘pre-applications’ for the new round of the Paycheck Protection Program.
With the recent enactment of emergency coronavirus relief, which includes renewed PPP funds and related assistance, new regulations will be in place early in the new year, according to the AICPA and its business and technology arm, CPA.com.
As Congress weighs renewed economic stimulus, CPA firms should be gearing up to assist small businesses whose survival depends on a new round of funding under the Paycheck Protection Program, according to the AICPA and its business and technology arm, CPA.com.
U.S. government lending programs restored sufficient capital for businesses to weather the effects of the COVID-19 pandemic for a short period, but many firms are currently operating at a monthly loss, according to Biz2Credit’s new six-month analysis of COVID-19’s impact on small businesses.
According to Biz2Credits’s latest Small Business Lending Index, small business loan approval percentages at lage banks decreased from 13.3% in October to 13.2% in November. In comparison, big banks approved 28.1% of the funding requests they received last November.
HSBC Bank, part of HSBC Group, is working with Biz2Credit to provide small business owners quicker and easier access when applying for business financing with the Biz2X Platform by Biz2Credit.