Ending of PPP Lending, Loan Approval Rates Increased in May 2021 for Banks, and Non-Bank Lenders as per Biz2Credit Small Business Lending Index™

According to the latest release on June 08, 2021, by Biz2Credit Small Business Lending Index™, small business loan approval rates hiked slightly from 13.4% in April to 13.5% in May 2021 at big banks. However, small bank loan approval percentages climbed much higher from 18.2% in April, to 18.7% in May.

“As more and more people are vaccinated from COVID-19 and ease in lockdowns, access to the favorable economic conditions loan approval by banks hiked to 0.3%,” said Biz2Credit CEO Rohit Arora, nation’s leading experts in small business finance. With the completion of the second round of the federal government’s Paycheck Protection Program (PPC), the lending figures of next month will be significant.

Credit unions increased the loan approval rate from 20.3% in April, to 20.4% in May 2021.However, Institutional lenders edged up slightly higher from 23.5% in April, to 23.6% In May 2021. Whereas other non-bank lenders hiked them slightly higher.Alternative lenders approved funding rates from 24.0% in April, to 24.3% in May 2021.The above results are based on data from more than 1,000 small business owners who had applied for funding on the Biz2Credit platform.

About Biz2Credit
Biz2Credit was founded in 2007, Since then it has funded more than $3billion in small business financing. The company is flourishing its way to industry-leading technology in custom digital platform solutions for banks and investors, other financial institutions, and service providers.