Despite Global Economic Volatility, Small Business Borrowing Remains Strong

Loan approval rates at big banks ($10 billion+ in assets) declined slightly for the first time in six months in July 2016, according to the Biz2Credit Small Business Lending Index™, the monthly analysis of more than 1,000 small business loan applications on Biz2Credit.com. Last month, big banks granted 23.1%, still a solid figure considering where we once were during the post-Great Recession credit crunch when approval percentages were in the single digits. Credit unions (41.5%) and alternative lenders (60%), providers of asset-based and cash advance loans also experienced a dip in their loan approval rates.