For several months, loan approvals have been slowly rising across all lender types except credit unions. According to the Biz2Credit Small Business Lending Index, alternative lenders led the pack in October, approving 25.6% of borrowers. That’s up from 25.4% in September. Big banks approved 14.1% of loans, up from 14%. Meanwhile, small banks approved 19.7% of loan applications, a 0.2% increase.
“Lending is coming back, more from alternative sources, but also smaller banks are increasing their lending again,” Rohit Arora, CEO of Biz2Credit, told business.com.