Small Business Bank Loan Approvals Continued to Plummet in April
Small business loan approval rates at big banks slipped again in April, falling from 13.8% in March to 13.5% in April, according to Biz2Credit’s Small Business Lending Index.
Small business loan approval rates at big banks slipped again in April, falling from 13.8% in March to 13.5% in April, according to Biz2Credit’s Small Business Lending Index.
According to Biz2Credit, small business loan approval percentages at big banks slipped again, falling from 14.2% in February to 13.8% in March, the lowest figure for big banks since July 2021.
According to the latest Biz2Credit, small business loan approval percentages at big banks slipped again in February, falling from 14.4% in January to 14.2%. This marks the ninth consecutive month in which big bank approval percentages have declined.
Biz2Credit will release its annual women-owned business study on International Women’s Day (March 8). Biz2Credit will also host an online forum with U.S. Rep. Sharice Davids from 2-3 p.m. EST.
Small business loan approval percentages at big banks slipped again, falling from 14.5% in December to 14.4% in January 2023, according to the latest Biz2Credit Small Business Lending Index. However, approval rates at small banks and non-bank lenders improved.
Main Street Alliance, a nonprofit organization that works with small businesses across the United States to create an equitable economy, is partnering with Biz2Credit to provide working capital and other commercial financing solutions to its business owner members.
According to a new study from Biz2Credit, during the recent period of highest inflation, the average monthly expenditure of small businesses fell by 5% from $11,401 in Q1/22 to $10,884 in Q3/22.
According to the latest Biz2Credit Small Business Lending Index, small business loan approval percentages at big banks fell from 14.6% in November to 14.5% in December and tied with January’s lowest monthly approval rate in 2022.
According to Biz2Credit’s Small Business Lending Index, small business loan approval percentages at big banks dropped from 14.7% in October to 14.6% in November, marking the second lowest monthly percentage in 2022.
A new study published by Biz2Credit found that information technology (IT) firms had the highest average revenue ($955,793) and the best average credit score (658) and received the highest average amount of financing ($131,743) when they sought credit in 2021.