Online small business lending platform Biz2Credit announced today that they have closed their Series B funding round; the $52 million...
Biz2Credit has released data from its monthly small business lending index which analyzes 1,000 small business loan applications processed by the multi-lender; the results show that approval rates from banks and institutional lenders continued to increase while approval rates from alternative lenders and credit unions were lower; Biz2Credit's CEO Rohit Arora attributed some of the increases from larger lenders to improvements in technology at banks which is helping them approve a higher percentage of loans with lower default risk. Source
Big banks reported their seventh consecutive month of increased approval rates at 24.1%; small bank lending approvals decreased in February to 48.8% from 48.9%; institutional lending approvals reached a new high of 63.5%; the approval rate for credit unions remained at 40.8%; the loan approval rate for alternative lenders decreased to 58.4% from 58.5% in January and has been trending lower over the past twelve months with February 2016 reporting an approval rate of 60.8%. Source
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The Biz2Credit Small Business Lending Index shows another increase in small business approval rates at traditional banks in January with big banks approving a new high of 24% of small business loans; Biz2Credit CEO Rohit Arora attributes the increase to optimism over the Trump administration's regulatory initiatives for financial services; loan approval rates at small banks were basically unchanged at 48.9%; the loan approval rate for institutional lenders remained at 63.4%; loan approval rates at credit unions decreased to 40.8%; loan approval rates decreased for alternative lenders, with the average approval rate at 58.5%. Source
On International Women’s Day Rohit Arora, the CEO of Biz2Credit, writes on CNBC.com that the number of women-owned businesses applying...
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Approval percentages for small business loan applications at banks with $10+ billion in assets fell to 8.9%, down from 15.4%...