Small business loan approvals at big banks are down by 50% compared to last year’s figures according to data from Biz2Credit Small Business Lending Index. Loan approvals from big banks with more than $10 billion in assets were 13.2% in November this year compared to 28.1% from the same period.
Loan approvals from big banks declined for the second month in a row with an approval rate of 13.3% in October to 13.2% in November indicating challenges for small business owners to source financing.
Likewise, loan applications from small banks decline slightly to 18.3% in November this year from 18.4% the previous month. Small banks accounted for the largest loan approvals with more than 50.5% of funding to small businesses in November.