Small business loan approval percentages at big banks with more than $10 billion in assets and small banks dropped slightly in August 2020, an indication that the upward trend that began in May has plateaued, according to the Biz2Credit Small Business Lending Index.
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.
Biz2Credit’s funding affiliate was approved as a lender for the SBA Paycheck Protection Program established under the CARES Act. This makes Biz2Credit a fintech approved by the SBA as a non-bank lender under the PPP.
Biz2Credit will offer its Biz2X Accelerate SBA platform free of charge to banks and credit unions with assets under $10 billion that are offering Paycheck Protection Program loans.
Biz2Credit launched Biz2X Accelerate SBA, a platform aimed to help banks and other financial institutions respond to loan requests from small businesses seeking to take advantage of the Paycheck Protection Program (PPP) of the CARES Act stimulus package.