{"id":1382,"date":"2015-01-15T17:29:12","date_gmt":"2015-01-15T17:29:12","guid":{"rendered":"http:\/\/13.1240"},"modified":"2015-01-15T17:29:12","modified_gmt":"2015-01-15T17:29:12","slug":"small-business-loan-approval-up-at-big-banks-and-institutional-lenders","status":"publish","type":"post","link":"https:\/\/blogs.poly.com\/small-business-loan-approval-up-at-big-banks-and-institutional-lenders\/","title":{"rendered":"Small business loan approval up at big banks and institutional lenders"},"content":{"rendered":"
There is encouraging news for small business owners looking to borrow money this year. Alternative lender Biz2Credit <\/a>reports that its latest Small Business Lending Index<\/a> indicates that small business loan approval rates by big banks and institutional lenders reached post-recession highs in December.<\/p>\n According to the Index, which is a monthly analysis of 1,000 loan applications on Biz2Credit.com, big banks (those with 10+ billion in assets) approved 21.1% of small business loan requests in December. That\u2019s up from 20.8% in November, marking back-to-back months of increases. Even more encouraging, a year-to-year comparison shows that lending approval rates at big banks are up nearly 20%.<\/p>\n Institutional lenders \u2013 pension funds, family offices and bank credit facilities \u2013 are getting behind small business owners even more than big banks.\u00a0 In December, institutional lenders granted 60.1% of their small business loan requests, an increase from 59.9% in November. Since Biz2Credit began monitoring this category in January 2014, approval rates have been trending upward.<\/p>\n The situation is not as positive at small banks. For the seventh consecutive month, small banks are denying more than half of their loan requests.\u00a0 In December, small banks approved 49.7% loan requests from small business owners, down slightly from 49.8% in November.<\/p>\n Even with banks and institutional lenders more eager to lend to small businesses, there are a number of things you want to do to increase your chances of getting a loan. In \u201c4 Tips for Getting a Business Loan,\u201d <\/a>running in Inc., Marla Tabaka advices to get your \u201cfinancial house in order\u201d before approaching a bank. Since most banks look for three years of profitability when considering a business loan, keep an eye on your credit score for anything that might be a red flag.<\/p>\nBefore you apply<\/strong><\/h3>\n