Banks Not Approving Many Non-PPP Loans to Small Businesses

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contacted.org/banks-not-approving-many-non-ppp-loans-to-small-businesses/

Loan approval rates made to small businesses by banks and other lenders have fallen significantly since their peak a year ago. The decline in loan approval rates to small businesses is noted in the latest Biz2Credit Small Business Lending Index.

These approval rates refer to non Paycheck Protection Program (PPP) loans. PPP loans are backed by the government, meaning there is little risk involved and banks are more willing to make them. Term loans, or SBA 7(a) loans carry greater risk, and therefore banks are less willing to approve them.

Biz2Credit Small Business Lending Index February 2021

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By: contactedorg
Title: Banks Not Approving Many Non-PPP Loans to Small Businesses
Sourced From: contacted.org/banks-not-approving-many-non-ppp-loans-to-small-businesses/
Published Date: Sat, 13 Mar 2021 20:00:22 +0000


source https://contacted.org/banks-not-approving-many-non-ppp-loans-to-small-businesses/