Small companies in the state of New York are faring better than businesses in other states in 2014 when it comes to obtaining small business loans.
According to the Biz2Credit Small Business Lending Index, the Empire State stands above the national average in loan approval percentages.
Small company loan approval rates at big banks ($10 billion plus in assets) jumped 19.1 percent nationally in February, up from the 17.8 percent achieved in January. New York reported a 20.3 percent success rate.
Looking at small banks, New York’s approval rate average in February came in at 53.7 percent, which is also above the month’s average of 51.4 percent nationally.
While credit unions slipped slightly on the national level – 43.4 percent in January to 43.3 percent the following month –when dealing with small companies on approved rates, New York’s figure climbed to 44.1 percent over the month of February.
New York, however, did see a slight drop when small companies in the Empire State dealt with alternative lenders. New York’s average approval rate with alternative lenders was 63.8 percent in February, compared to the national percentage of 63.9.
To view the chart on the Biz2Credit Small Business Lending Index, visit