The Biz2Credit Small Business Lending Index, a monthly analysis of 1,000 loan applications, found that approval rates of small business financing requests by small banks and non-bank lenders increased to their highest levels of 2011 during December.
The big story in small business lending continues to be the activity of alternative lenders — credit unions, as well as Community Development Financial Institutions (CDFI), micro lenders, and others. They approved 62.2% of the funding requests , a rise from 62% in November. Within the alternative lender category, credit unions became increasingly active in small business lending in 2011. Credit unions granted 57.4% of small business funding requests up from 57% in November. December loan approvals by small banks increased to 47.1%, their highest rate of the year, up from 47% in November.
To read the full, original article click on this link: Loan Approvals Rising at Small Banks and Alternative Lenders
