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Non-bank Lenders Lead the Way Providing Capital for Small Business

Updated: Sep 3, 2021

Now that the PPP is over, small business owners still face challenges, including rising costs of fuel and wages, along with a tight labor market. Continued access to capital will be vital in supporting the entrepreneurial rebound.

According to Forbes, Non-bank lenders have seen a steady increase in their loan approvals; credit unions edged up from a 20.4% approval rate in May, to 20.5% in June 2021. Institutional lenders approved 23.8% of funding requests in June, up two-tenths of a percent from 23.6% in May. Meanwhile alternative lenders approved 24.5% of funding applications in June 2021, up from 24.3% the month prior.

The big banks remain comparatively stingy in their small business loan-making. This is opening up opportunities for smaller banks and other alternative lenders to gain market share providing small business owners with much needed options.

Leader in Simplified Business Funding for SMBs Nationwide



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