Are you an entrepreneur looking to expand your small business but struggling to find the capital for it? Good news: now is the best time in years to be approved for a small business loan.
A new report released by Biz2Credit finds that small business loan approval rates among big banks are at their highest since tracking began in June 2011. This marks a significant return-to-form since the financial crisis, when banks began retreating from the small business lending market, leaving loans largely up to the Small Business Administration (SBA) or smaller, alternative lenders. In the years since the recession ended, though, those bigger lenders have been returning in droves, and the last few months especially seem to have made significant progress in approvals.
"We've come a long way," said Rohit Arora, chief executive for Biz2Credit. "These are the best numbers for big bank lending since the recession […] It's a good time for entrepreneurs in search of capital."
According to the new data, 22.1 percent of small business loan applications filed at big banks were approved in June, a modest uptick over May's figures and the eighth month in a row where big bank approvals increased. The survey notes that at its lowest point on record, in June 2011, less than 9 percent of applications for small business loans were approved.
With market conditions improving every month and lending requirements becoming more flexible, there hasn't been a better time than now to bring your entrepreneurial ambitions to life. If you're a small business in Ohio looking to expand your company and generate new jobs for other local Ohioans, consult with Growth Capital Corp. today to find the best community loan suited to your needs.