Small businesses saw a big uptick in loan approval rates for the month of November. According to Small Business Trends, “approval rates for small businesses was at 25.1 percent at big banks, while institutional lenders reported 64.1 percent, both new highs for November. As for small banks, there was also a rise of one-tenth of one percent to 49 percent from the 48.9 percent of October.”
The statistics were revealed by the Biz2Credit Small Business Index for November 2017 study showing the record highs for loans in virtually every category. The Biz2Credit Small Business Index report is “based on primary data which is submitted by more than 1,000 small business owners who have applied for loans on Biz2Credit’s online lending platform” ranging from $25,000 to $3 million.
In addition to banks, alternative lenders saw an increase as well with November numbers hitting 56.9 percent approval rates compared to October’s 56.8 percent.