At the end of 2022, Biz2Credit looked back at its Lending Index reports for the year.
In 2022, for small business owners looking for loansthere is little or no increase in loan approval percentages.
This is how Biz2Credit compares credit. Loan acceptance rates are based on loan applications from more than 1,000 people whose small businesses have been in operation for more than 2 years, and whose score is greater than 680. The figures are obtained from Small businesses apply through the Biz2Credit platform.
Here are the data in percentages of countries from the end of 2022:
- Credit Agents, 27.6%
- Corporate Finance, 25.9%
- Small Banks, 21.2%
- Credit Union, 20.2%
- Central Bank, 14.5%
Biz2Credit provides the Lending Index Report every month. Biz2Credit CEO Rahit Arora says it’s a tough time for small businesses to get loans from big banks. Large banks are defined as banks with more than $10 billion in assets.
“As we look to 2022, the percentage of small business loans increased, then the number decreased in December which was the same as last January,” said Arora.
“Meanwhile, bank lending rates have increased slightly but are still far below the epidemic.”
“Institutional Investors and Alternative Lenders were slightly reduced in 2022,” added Arora. “Credit unions in December recorded their second-lowest rate since Biz2Credit began reporting loan approval rates in 2011. Overall, it was a year difficult for small businesses trying to secure financing.”
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