MORE GOOD NEWS from the Biz2Credit Small Business Lending Index:
Small business loans were approved at an overall rate of about 38 percent (from banks of all size). This was the post-recession high for loan approval by banks as a whole.
Community banks continue to lead the way — approving more than 50 percent of loans. Larger banks approved loans at a higher rate in January than they did a month before, but the approval rate of 28.3 percent pales against that of smaller lenders:
“If you have an idea for a new small business or if you want to buy an existing business, you will probably think of talking to your commercial bank about a small business loan first,” writes rosemary Carlson for The Balance Small Business.
But “the approval rates for small business loans are low from [large] commercial banks. In 2004, before the Great Recession, loan approval rates for small business loans from commercial banks were twice what they were in 2017.”
As we noted in “Happy Days are Here Again,” however, there may be a robust small-bank alternative close to home.