Weekly Online Lending Snapshot – November 23, 2016
At the end of October, the U.S. Small Business Administration announced record levels of lending through their 7(a) and 504 loan programs. This is part of a larger trend this year of increased lending to small businesses, particularly by big banks and large institutional lenders. Biz2Credit‘s most recent report on small business lending shows that loan approvals at big banks and large institutional lenders remain at all-time highs, while approval rates at small banks and alternative lenders remained steady or dipped slightly, and credit unions hit all-time lows. Slightly off topic, but in the spirit of the upcoming holiday, AMEX has been promoting Small Business Saturday since 2010 as a way to boost card use and encourage support of local small businesses the day after Black Friday. While most of us likely agree that the last thing the world needs is yet another manufactured holiday, small businesses are an important part of our economy and worth supporting. Have a great holiday!
Note: due to the shortened holiday schedule, this week’s report is as of Tuesday’s
market close. Contact us with any feedback or suggestions you may have for future snapshots.