Loan approval rates continue to slowly rise, with Small Banks and Alternative Lenders seeing the strongest growth during June. Of all lenders, loan rates only decreased with Credit Unions, and that was just a 1% decrease.
“We are nowhere near pre-pandemic approval percentages, however,” said Biz2Credit CEO Rohit Arora. “Still, these are positive signs.”
“Rising labor costs, combined with 8.6% inflation in May, continue to put a financial crunch on small companies,” he added.