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NEW YORK, Nov. 10, 2022 (GLOBE NEWSWIRE) — SME Loan Approval Rates major bank Up from 14.9% in September 14.7% The latest data show that October will see the lowest total since February 2022. Biz2Credit Small Business Lending Index™ Released today.
Business Loan Application Approval Rate in small bank It was down 0.3% from 21.5% in September. 21.2% in October. Similarly, MeInstitutional investor accept 25.7% Loan applications were down 0.3% in October from 26% in September.
Approval rate of alternative lender Up from 27.5% in September 27.3% in October.rental at credit union remain stagnant at 20.4%.
Rohit Arora, CEO of Biz2Credit and one of the nation’s leading experts in small business finance, said: “October bank approvals fell for the fourth month in a row. Similarly, small bank approvals, which had been steadily increasing since April 2021, fell for the first time in over a year. .”
“Monetary policy aims to keep inflation in check, but has yet to show clear signs of effectiveness,” Arora added. “This is bad news for small businesses looking for capital. It has become harder to get financing and the cost of capital has risen. This is a double blow for business owners.”
Total nonfarm payrolls increased by 261,000 in October, with the unemployment rate rising slightly to 3.7%, according to the Jobs report released by the U.S. Bureau of Labor Statistics on Friday, November 4, 2022. became. , professional and technical services, and manufacturing. Many of these positions are created by small businesses, which are responsible for the majority of new jobs in the private sector economy.
“Inflation is a big concern for small business owners as costs continue to rise and hurt profitability. But the opposite of inflation is recession, which is also a problem for small businesses,” said Arora. says. “This is a tough time for small business owners.”
Biz2Credit has been in business for over two years and analyzed loan requests from businesses with credit scores above 680. Results are based on primary data submitted by his over 1,000 small business owners who have applied for funding on Biz2Credit’s platform.To view the report October 2022, click here.
About Biz2 credit
Founded in 2007, Biz2Credit has arranged over $7 billion in small business loans. The company extends its industry-leading technology with custom digital platform solutions for banks and other financial institutions, investors and service providers. Visit www.biz2credit.com or follow us on Twitter @Biz2Credit, Facebook or LinkedIn.
contact: John Mooney, (908) 720-6057, john@overthemoonpr.com
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