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Tough Sledding for Small Business Owners Seeking Financing in 2022

In 2022, for small business owners seeking commercial loans there was little to no growth in lending approval percentages. Alternative lenders led the way with a 28% approval rate followed by institutional lenders at 25%. Large banks, defined as banks with more than $10 billion in assets approved the smallest percentage at 15%.

Here are the statistics on lending approval percentages from the end of 2022. The lending approval percentages were calculated based on a sampling of commercial loan requests from more than 1,000 applicants whose small business has been operating more than 2 years. (Source: Biz2Credit)

Alternative Lenders, 27.6%

Institutional Lenders, 25.9%

Small Banks, 21.2%

Credit Unions, 20.2%

Large Banks, 14.5%

In summary, small business owners seeking to secure financing in 2022 had a tough time doing so.

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