- The approval rate for small business loans from big banks increased from 11.5% in May to 13.5% in June, according to the Biz2Credit Small Business Lending Index.
- The approval rate was higher among smaller banks, increasing from 16.9 percent in May to 18.4 percent in June.
- Approval rates at institutional lenders and credit unions rose slightly.
Lenders were more likely to approve small business loans in June, according to the Biz2Credit Small Business Lending Index. However, approval rates remained significantly below the record highs set in February before the spread of the COVID-19 pandemic.
The approval rate from big banks rose from 11.5 percent in May to 13.5 percent. Approval rates also improved significantly among small banks and alternative lenders, and rose incrementally at institutional lenders and credit unions.
The figures considered bank loans rather than the federally funded Payroll Protection Program loans, which have been issued to more than 4.9 million small businesses following the COVID-19 pandemic.
