Small Business Loan Approvals From Big Banks at Highest Rates Since 2011

Large banks with over $10 billion in assets are lending to small businesses again
by C. Daniel Baker Posted: March 13, 2013

“Smaller banks are making more and more loans through the SBA’s Small Loan Advantage Program, which range in amounts from $50,000 to $350,000 and require little collateral,” said Biz2Credit CEO Rohit Arora, who oversaw the research. “Big banks, including Sovereign and Citizens Bank, are also increasing their approvals of loans between $50,000 and $500,000. We have even seen an uptick by giants such as TD Bank and Bank of America. Small business lending is a profitable business. I’m surprised it has taken so long for some players to get back into the game.”

The index also reports that credit unions loan approval rates fell for the ninth straight month. One reason for this decline is as banks approve more loans, credit unions are receiving more loans from applicants with less than desirable credit ratings.
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