Courtney Keating | Getty Images The past two years have been halcyon times for small businesses searching for capital. The lending landscape has never been higher during the post-recession era, and approval rates have increased steadily at big banks, regional and community banks and at institutional lenders for an ongoing basis. For instance, the SBA reported a record $5,434,518,200 in 7(a) loans in 2018, up from $4,996,271,600 in 2017, and is on a pace to surpass the 2018 figure this year. (The report provides statistics on year to date SBA business loan approval activity comparisons for fiscal years 2012–18 for the period ending Dec. 14, 2018. Despite the robust lending atmosphere, however, not every company seeking capital is able to secure it. Big banks, the most conservative of lenders, approved only 27.8% of the loan applications they received in August, according to the most recent Biz2Credit Small Business Lending Index, which has tracked approval rates since 2011. While this is a record high figure, it still means that more than two-thirds of potential borrowers are turned away. Loan approval rates at small banks, buoyed by their activity in processing SBA loans that come with government backing, which minimizes risk, typically… Read full this story
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