{"id":453348,"date":"2021-03-09T06:33:12","date_gmt":"2021-03-09T11:33:12","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=453348"},"modified":"2021-03-09T06:33:12","modified_gmt":"2021-03-09T11:33:12","slug":"biz2credit-small-business-lending-index-finds-february-2021-loan-approval-rates-changed-little-from-january-but-dropped-dramatically-from-february-2020","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/biz2credit-small-business-lending-index-finds-february-2021-loan-approval-rates-changed-little-from-january-but-dropped-dramatically-from-february-2020\/","title":{"rendered":"Biz2Credit Small Business Lending Index\u2122 Finds February 2021 Loan Approval Rates Changed Little from January, But Dropped Dramatically from February 2020"},"content":{"rendered":"<h2>\nAs Small Business Businesses Apply for PPP Funding, Approval Rates for Traditional Loans Fall<br \/>\n<\/h2>\n<div class=\"mw_release\">\n<p align=\"left\">NEW YORK, March  09, 2021  (GLOBE NEWSWIRE) &#8212; Small business <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=fiGP9bTeNFXPTCSCeDrS-AKY_4-ei02z199YzSopexNmilToBBPEBY2HOPdtcqKTfyXcSeEU11x9eA-Pr1t_uqipHw7bVKH4ZShXwxMGxxQ=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">loan approval percentages<\/a> at <strong>big banks<\/strong> ($10 billion+ in assets) rose slightly to <strong>13.3%<\/strong> in February from 13.2% in January 2021, according to the latest <em>Biz2Credit Small Business Lending Index<\/em><em>\u2122<\/em> released today. In comparison, one year ago in February 2020, big banks approved 28.3% of the funding requests they received.<\/p>\n<p>\u201cTraditional big bank lending inched up ever so slightly in February. Most of the big banks are willing to make <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=RTbt5v7zFTKKbKz8GxxA3uDZLHwlR9ZefH-YTl_2wm6jUmvuqgCTZVuXKYT1kxUiQn6otIvGbiDb9UTtL_r0_NbWJW49FDV1Tkw3eefTSR5sUMY2_CFNwT5R_AuhrzC2MtLf4wt6TXYTNpGxuXokZE8dGDFVgH6KhA1CLTwvFVm_W37bnseKmFq8phOFeJXTrrTS4tezMbB8PjfBfPb9Hg==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Paycheck Protection Program (PPP)<\/a> loans that are backed by the government, so there is very little risk to them,\u201d said Biz2Credit CEO Rohit Arora, one of the nation\u2019s leading experts in small business finance. \u201cThe big banks are less willing to make term loans or SBA 7(a) loans to anyone but their own customers or companies that are not truly small.\u201d<\/p>\n<p>Biz2Credit, which has been the leading processor of PPP applications in the country since mid-January, finds that PPP loan requests represent the overwhelming percentage of applications made via the online platform in 2021.<\/p>\n<p>The Bureau of Labor Statistics reported nonfarm payroll employment rose by 379,000 in February, and the unemployment rate was little changed at 6.2% in its Jobs Report issued Friday, March 5, 2021. The labor market continued to reflect the impact of the coronavirus (COVID-19) pandemic. In February, most of the job gains occurred in leisure and hospitality, with smaller gains in temporary help services, health care and social assistance, retail trade, and manufacturing. Many of these jobs are created by small businesses.<\/p>\n<p>\n        <strong>Small banks<\/strong>\u2019 approvals slipped a notch to <strong>18.2%<\/strong> in February, compared to the 18.3% approval rate in January 2021. In contrast, small banks granted more than half (50.3%) of their small business loan applications in February 2020.<\/p>\n<p>\u201cApprovals of traditional business loans and SBA loans at small banks are less than half of what they were a year ago,\u201d Arora said. \u201cMany businesses are hurting right now. Most that are coming to us qualify for PPP funding because their revenues dropped dramatically in 2020 after the pandemic hit.\u201d<\/p>\n<p>\n        <strong>C<\/strong><br \/>\n        <strong>redit unions<\/strong> slipped two-tenths of a percent from 20.5% approval rate in January to <strong>20.3%<\/strong> in February 2021. A year ago, credit unions approved 39.6% of the applications they received.<\/p>\n<p>\u201cLike banks, credit union approval percentages are much lower than they were a year ago,\u201d Arora noted.<\/p>\n<p>Two categories of non-bank lenders rose slightly last month. <strong>I<\/strong><strong>nstitutional lenders<\/strong> approved <strong>23.1%<\/strong> of funding requests in February, up one-tenth of a percent from the 23.0% approval in January. Meanwhile, approval rates among <strong>alternative lenders<\/strong> rose one-tenth of a percent from 23.7% in January 2021 to <strong>23.8% <\/strong>in February 2021.<\/p>\n<p>\u201cThese figures highlight the challenges for small companies in search of capital. In February 2020, institutional lenders approved nearly two-thirds (66.5%) of their funding requests, and alternative lenders granted nearly six-in-ten applications,\u201d Arora said.<\/p>\n<p>\u201cBusiness owners are still hurting, and millions of them are applying for PPP loans,\u201d Arora continued. \u201cThe companies that did not experience 25% decline in revenues are ineligible for the PPP and thus have to apply for more traditional types of funding. Securing capital is a challenge for them at the moment.\u201d<\/p>\n<p>Biz2Credit analyzed loan requests from companies in business more than two years with credit scores above 680. The results are based on primary data submitted by more than 1,000 small business owners who applied for funding on Biz2Credit&#8217;s platform.<\/p>\n<p>\n        <strong>About Biz2Credit<\/strong><br \/>\n        <br \/>Founded in 2007, Biz2Credit has arranged more than $3 billion in small business financing. The company is expanding its industry-leading technology in custom digital platform solutions for banks and other financial institutions, investors, and service providers. Visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=G67qGYjsnnwJs4gB0zzsReBEctDdMZxbN6gJzfDbQcz6UdlapvZifsEu7eND1REcL5NR-VPUjRhtwT2-XEi3c-mY2dhosBwHvASePOJv9v4=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.biz2credit.com<\/a> or Twitter @Biz2Credit, <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=f1AAqIpl8echAr2XiY3N6u7DQCCdwrTR4V0WBPYH82CrlbIyjy25dYqbgsIxveU9XyK9rFZOUW1skBCLaaAUDFxaRT2yhu1ZYzJcXXEIpEA=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Facebook<\/a>, and <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Wu-7iUE4NjTyVdTk5HBcJsFHbZvLWYDO_XcBkTjNwGmKEVuO6TLPi9vFCJDpaAn8bRqFpj0CqeCmtChvBlQhH_QXorsliUQlEdlng0Y03pE=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">LinkedIn<\/a>.<\/p>\n<p>\n        <u>Media Contact<\/u>: John Mooney, (908) 720-6057, <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=lek_oorCGF9BmBqaVhqp4jRMk5PQu-h8KK5Ez6R_owSI4GlPfTXLspdtddWBUiZioAGJdeXr4vbCKxMsNF4opfKxpA6xBtkG_UTvbZUqT7M=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">john@overthemoonpr.com<\/a><\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODE4NjcxOSM0MDU0OTMyIzUwMDA0OTE4MA==\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/07c1dde0-c732-4cb3-9909-1c9647ac3cf2\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>As Small Business Businesses Apply for PPP Funding, Approval Rates for Traditional Loans Fall NEW YORK, March 09, 2021 (GLOBE NEWSWIRE) &#8212; Small business loan approval percentages at big banks ($10 billion+ in assets) rose slightly to 13.3% in February from 13.2% in January 2021, according to the latest Biz2Credit Small Business Lending Index\u2122 released today. In comparison, one year ago in February 2020, big banks approved 28.3% of the funding requests they received. \u201cTraditional big bank lending inched up ever so slightly in February. Most of the big banks are willing to make Paycheck Protection Program (PPP) loans that are backed by the government, so there is very little risk to them,\u201d said Biz2Credit CEO Rohit Arora, one of &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/biz2credit-small-business-lending-index-finds-february-2021-loan-approval-rates-changed-little-from-january-but-dropped-dramatically-from-february-2020\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Biz2Credit Small Business Lending Index\u2122 Finds February 2021 Loan Approval Rates Changed Little from January, But Dropped Dramatically from February 2020&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-453348","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Biz2Credit Small Business Lending Index\u2122 Finds February 2021 Loan Approval Rates Changed Little from January, But Dropped Dramatically from February 2020 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/biz2credit-small-business-lending-index-finds-february-2021-loan-approval-rates-changed-little-from-january-but-dropped-dramatically-from-february-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Biz2Credit Small Business Lending Index\u2122 Finds February 2021 Loan Approval Rates Changed Little from January, But Dropped Dramatically from February 2020 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"As Small Business Businesses Apply for PPP Funding, Approval Rates for Traditional Loans Fall NEW YORK, March 09, 2021 (GLOBE NEWSWIRE) &#8212; Small business loan approval percentages at big banks ($10 billion+ in assets) rose slightly to 13.3% in February from 13.2% in January 2021, according to the latest Biz2Credit Small Business Lending Index\u2122 released today. In comparison, one year ago in February 2020, big banks approved 28.3% of the funding requests they received. \u201cTraditional big bank lending inched up ever so slightly in February. Most of the big banks are willing to make Paycheck Protection Program (PPP) loans that are backed by the government, so there is very little risk to them,\u201d said Biz2Credit CEO Rohit Arora, one of &hellip; Continue reading &quot;Biz2Credit Small Business Lending Index\u2122 Finds February 2021 Loan Approval Rates Changed Little from January, But Dropped Dramatically from February 2020&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/biz2credit-small-business-lending-index-finds-february-2021-loan-approval-rates-changed-little-from-january-but-dropped-dramatically-from-february-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-09T11:33:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODE4NjcxOSM0MDU0OTMyIzUwMDA0OTE4MA==\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/biz2credit-small-business-lending-index-finds-february-2021-loan-approval-rates-changed-little-from-january-but-dropped-dramatically-from-february-2020\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/biz2credit-small-business-lending-index-finds-february-2021-loan-approval-rates-changed-little-from-january-but-dropped-dramatically-from-february-2020\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Biz2Credit Small Business Lending Index\u2122 Finds February 2021 Loan Approval Rates Changed Little from January, But Dropped Dramatically from February 2020\",\"datePublished\":\"2021-03-09T11:33:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/biz2credit-small-business-lending-index-finds-february-2021-loan-approval-rates-changed-little-from-january-but-dropped-dramatically-from-february-2020\\\/\"},\"wordCount\":632,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/biz2credit-small-business-lending-index-finds-february-2021-loan-approval-rates-changed-little-from-january-but-dropped-dramatically-from-february-2020\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODE4NjcxOSM0MDU0OTMyIzUwMDA0OTE4MA==\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/biz2credit-small-business-lending-index-finds-february-2021-loan-approval-rates-changed-little-from-january-but-dropped-dramatically-from-february-2020\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/biz2credit-small-business-lending-index-finds-february-2021-loan-approval-rates-changed-little-from-january-but-dropped-dramatically-from-february-2020\\\/\",\"name\":\"Biz2Credit Small Business Lending Index\u2122 Finds February 2021 Loan Approval Rates Changed Little from January, But Dropped Dramatically from February 2020 - 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In comparison, one year ago in February 2020, big banks approved 28.3% of the funding requests they received. \u201cTraditional big bank lending inched up ever so slightly in February. Most of the big banks are willing to make Paycheck Protection Program (PPP) loans that are backed by the government, so there is very little risk to them,\u201d said Biz2Credit CEO Rohit Arora, one of &hellip; Continue reading \"Biz2Credit Small Business Lending Index\u2122 Finds February 2021 Loan Approval Rates Changed Little from January, But Dropped Dramatically from February 2020\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/biz2credit-small-business-lending-index-finds-february-2021-loan-approval-rates-changed-little-from-january-but-dropped-dramatically-from-february-2020\/","og_site_name":"Market Newsdesk","article_published_time":"2021-03-09T11:33:12+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODE4NjcxOSM0MDU0OTMyIzUwMDA0OTE4MA==","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/biz2credit-small-business-lending-index-finds-february-2021-loan-approval-rates-changed-little-from-january-but-dropped-dramatically-from-february-2020\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/biz2credit-small-business-lending-index-finds-february-2021-loan-approval-rates-changed-little-from-january-but-dropped-dramatically-from-february-2020\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Biz2Credit Small Business Lending Index\u2122 Finds February 2021 Loan Approval Rates Changed Little from January, But Dropped Dramatically from February 2020","datePublished":"2021-03-09T11:33:12+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/biz2credit-small-business-lending-index-finds-february-2021-loan-approval-rates-changed-little-from-january-but-dropped-dramatically-from-february-2020\/"},"wordCount":632,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/biz2credit-small-business-lending-index-finds-february-2021-loan-approval-rates-changed-little-from-january-but-dropped-dramatically-from-february-2020\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODE4NjcxOSM0MDU0OTMyIzUwMDA0OTE4MA==","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/biz2credit-small-business-lending-index-finds-february-2021-loan-approval-rates-changed-little-from-january-but-dropped-dramatically-from-february-2020\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/biz2credit-small-business-lending-index-finds-february-2021-loan-approval-rates-changed-little-from-january-but-dropped-dramatically-from-february-2020\/","name":"Biz2Credit Small Business Lending Index\u2122 Finds February 2021 Loan Approval Rates Changed Little from January, But Dropped Dramatically from February 2020 - 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