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.
More than half (58%) of small business owners reported that they expect their revenue to decrease in 2020, even though 47% said they did not have to close for any amount of time during the COVID-19 pandemic, according to data from TD Bank.
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.
The approval percentage for small business loan applications at banks with $10 billion or more in assets plummeted to 15.4% in March, falling from a post-recession high of 28.3% in February 2020, according to the Biz2Credit Small Business Lending Index.
A national study from America’s Small Business Development Centers and Thryv found 69% of U.S. small businesses have already experienced a large drop in demand due to the coronavirus pandemic and 60% believe demand will continue to decline.
Optimism among small business owners is strong, according to the latest quarterly Wells Fargo/Gallup Small Business Index. The survey also revealed that over half of business owners reported little impact to their tax situation along with a rising interest in credit.
According to findings from the latest Wells Fargo/Gallup Small Business Index, small business owners entered the new year feeling the most optimistic since early 2007.
KeyBank has extended $318 million in approved dollars over the course of the year, representing a 43% jump in dollar volume from 2016 levels.
CIT Group’s Direct Capital has provided more than $4 billion in equipment financing and working capital loans to more than 100,000 small businesses since its inception in 1993.
Fifth Third Bank announced an investment and expanded partnership with the Accion U.S. Network to support lending to underserved small businesses.