Biz2Credit Small Business Lending Index™ Sees Continued Rise in Business Loan Approval Rates at Small Banks for September 2022
Total nonfarm payroll employment increased by 263,000 in September, and the unemployment rate edged down to 3.5 percent, according to the Jobs Report released by the U.S. Bureau of Labor Statistics that released on Friday, October 7, 2022. Notable job gains occurred in leisure and hospitality and in health care. Many of these jobs are created by small businesses.
“Small business loan approval percentages are relatively stagnant,” said Rohit Arora, CEO of Biz2Credit and one of the nation’s leading experts in small business finance. “With ever rising increases in interest rates, now is a tough time for small businesses in search of capital for growth.”
“Small businesses are still facing many challenges related to COVID restrictions, a tight labor market, and inflation. It is important that they have access to capital in order to survive,” Arora added. “This is particularly important for the smallest of businesses, especially companies that are women-owned and minority-owned.”
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.