Meanwhile, small banks, though down by two-tenths of a percent, are granting more than half of requests they receive from entrepreneurs. Small business loan approval rates at big banks ($10 billion or more in assets) rose to 20 percent in June from 19.6 percent in May, while approval rates at small banks slipped to 51.4 percent from to 51.6 percent last month. The strong return of banks in small business lending indicates three things: overall improving economy, entrepreneur confidence that they will be able to borrow for expansion and repay the loans, and the increasing ease and popularity of SBA lending, said Biz2Credit CEO Rohit Arora, who oversaw the research. This is a sign that the economy continues along the right path. The Biz2Credit Small Business Lending Index also reported that approval rates by credit unions and alternative lenders were relatively unchanged, while institutional lenders continued slow but steady growth in approval percentage.
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Money-lenders, license laws and the business of making small loans; on unsecured notes, chattel mortgages, salary assignments; a handbook | ALL ABOUT LOANS
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