Approval rates rose slightly at Institutional and Alternative Lenders last month

NEW YORK, Dec. 13, 2022 (GLOBE NEWSWIRE) — Small business loan approval percentages at big banks dropped from 14.7% in October to 14.6% in November, the second lowest total in 2022, according to the latest Biz2Credit Small Business Lending Index™ released today.

Approval percentages

The latest data released by the Biz2Credit Small Business Lending Index™ shows a slight increase in approval rates at Institutional and Alternative Lenders for small business loans in the month of November. While big banks experienced a decline in approval percentages, other lending institutions saw a positive trend, indicating a shift in the lending landscape.

This rise in approval rates at Institutional and Alternative Lenders could be attributed to several factors, including a growing confidence in the economy, innovation in lending practices, and an increased focus on supporting small businesses. With traditional lenders tightening their requirements, small business owners are turning to these alternative sources for funding, driving up approval rates and providing more opportunities for growth and expansion.

Overall, the small business lending market continues to evolve, with a diverse range of options available to entrepreneurs. By exploring different lending avenues and staying informed about industry trends, small business owners can gain access to the capital they need to thrive and succeed in today’s competitive market.

How this will affect me:

As a small business owner, the rise in approval rates at Institutional and Alternative Lenders can be a positive development for your business. With more options available for funding, you have the opportunity to explore different lending sources and find the best fit for your financial needs. By staying informed about the changing lending landscape and adapting your approach to financing, you can position your business for growth and success in the long term.

How this will affect the world:

The increase in approval rates at Institutional and Alternative Lenders reflects a broader trend towards innovation and flexibility in the financial industry. By offering more opportunities for small businesses to access funding, these alternative lenders are contributing to economic growth and job creation on a global scale. As small businesses thrive and expand, they play a crucial role in driving innovation, creating employment opportunities, and fostering community development, ultimately benefiting the world economy as a whole.

Conclusion:

In conclusion, the rise in approval rates at Institutional and Alternative Lenders signals a positive shift in the small business lending landscape. By embracing innovation and exploring diverse lending options, entrepreneurs can take advantage of this changing market to secure the funding they need to grow and succeed. As small businesses thrive, they contribute to economic development and create opportunities for growth on a global scale. Stay informed, adapt your financing approach, and seize the opportunities available to position your business for success in today’s competitive market.