Small Business Loan Approvals Hit All-time High In Big Banks, Alternative Lenders – News | Abl Advisor

In a year-to-year comparison small business lending approval rates at small banks are down by a slight margin of a little over 2 percent. Non-SBA business loans have gained in popularity over the last month. This, in turn, hurts smaller banks, which process a lot of SBA loans, explained Arora, one of the nations leading experts on small business finance. Less paperwork is involved in non-SBA applications, and the loans are typical processed 7 to 10 days quicker than SBA loans. Thus, non-SBA loans are more appealing to borrowers. Meanwhile, credit unions, which had been on the lending rebound, experienced a decrease in approval rates in December. Approval rates at credit unions dropped to 43.9% from 44.5% in November. Further, lending approval rates by credit unions have declined in nine of the last 12 months and is down nearly 10 percent in a year-to-year comparison.
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