Biz2Credit Small Business Lending Index™ for September Finds Loan Approval Rates Rise at Banks and at Non-Bank Lenders for Fifth Straight Month
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Total nonfarm payroll employment rose by 194,000 in September, and the unemployment rate declined by 0.4 percentage points to 4.8 percent, the Bureau of Labor Statistics reported on Friday, Oct. 8. Notable job gains occurred in leisure and hospitality, professional and business services, retail trade, and in transportation and warehousing. Many of these jobs are created by small businesses.
Biz2Credit analyzed loan requests from companies in business more than two years with credit scores above 680. The results are based on primary data submitted by more than 1,000 small business owners who applied for funding on Biz2Credit's platform.
“Business owners are investing in their companies, and banks are increasingly willing to lend. These are good signs for the small business economy,” said Rohit Arora, CEO of Biz2Credit, one of the nation’s leading experts in FinTech and small business lending.
“Non-bank lenders are a viable source of funding for companies that need money quickly,” Arora added.
The Report
About Biz2Credit Small Business Lending Index™
The Biz2Credit Small Business Lending Index™ is an analysis of 1,000 monthly loan applications on the Biz2Credit website. The Index reports the loan approval rates of small business financing requests at Big Banks ($10 billion+ in assets), local and regional banks and non-bank lenders (credit unions, Community Development Financial Institutions (CDFI), micro lenders, and others).
Unlike other surveys, the results are based on primary data submitted by more than 1,000 entrepreneurs who applied for funding on Biz2Credit's online lending platform, which connects small business borrowers with sources of capital.
Results of the Biz2Credit Small Business Lending Index™ have been reported by The Wall Street Journal, Bloomberg BusinessWeek, Entrepreneur.com, Bloomberg Radio's "The Hays Advantage", SBA Radio, NY Daily News, Crain's NY Business, Michigan Banker, and other media.