Small-Business Loan Approval Rate at Big Banks Up 20% Over Year Ago | ecreditdaily.com
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While a 20.8 percent approval rate for small business loans at big banks seems like a very small number, its nearly 20 percent higher than a year ago. Biz2Credit s Small Business Lending Index for December 2014 also saw loan approval rates drop for a seven straight month at small banks. Big banks ($10 billion-plus in assets) approved 21.1 percent of small business loan requests in December. Thats up from 20.8 percent in November, and marks back-to-back months of increases. The higher percentage of loan approvals at big banks is good news for small business owners. However, big banks typically seek to grant loans of $500,000 or more and much prefer loans in excess of $2 million, said Biz2Credit CEO Rohit Arora, who oversaw the research. Many startups and young companies do not need that much money.
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