Small business loan approvals at banks hit record highs

Approval rates for small business loan applications rose to another post-recession record (27.7%) at big banks ($10 billion+ in assets), while also climbing above 50% at small banks in July, according to the recently released Biz2Credit Small Business Lending Index. Small bank approvals of small business loan applications inched up one-tenth of a percent to 50.1% from 50% in June. […]

Approval rates for small business loan applications rose to another post-recession record (27.7%) at big banks ($10 billion+ in assets), while also climbing above 50% at small banks in July, according to the recently released Biz2Credit Small Business Lending Index.

Small bank approvals of small business loan applications inched up one-tenth of a percent to 50.1% from 50% in June.

Credit unions fell below the 40% mark in July for the first time since Biz2Credit began analyzing small business loan approval percentages in 2011. Currently, credit unions are approving 39.9% of loan applications, which represents a record low point.

Institutional lenders’ approval rates rose one-tenth of a percent to 65.7% from June’s figure of 65.6%. Small business loan approval rates among alternative lenders dropped three-tenths of a percent to 56.8% from 57.1% in June.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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