2. Biz2Credit Small Business Lending Index for March 2012 Reports 6.8% Drop in Loan Approval Rates at Big Banks, Slight Increases for Credit Unions and Alternative Lenders
The Biz2Credit Small Business Lending Index, our monthly analysis of 1,000 loan applications on Biz2credit.com, found that loan approvals by big banks dropped to 10.9% from the 11.7% figure reported in February (a 6.8% decline over a one-month period) and from the 11.6% approval rate last March. Meanwhile, small bank lending remained flat in March 2012.
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The Biz2Credit Small Business Lending Index, our monthly analysis of 1,000 loan applications, found that approval rates of small business financing requests in March dropped at big banks. Meanwhile, approvals by small banks remained flat, while credit unions and alternative (non-bank) lenders increased slightly.