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The Exclusive Magazine for the Building Service Contracting Industry Since 1981
Monday, 23 July 2012 12:57

Small Banks Making a Big Impact on Small Business Lending

Pressure on big banks to be more active in lending to small businesses seems to have had an effect. They’re finally lending again, which is good news for small businesses. Loan approval rates by big banks in June were up 2.2% year-over-year, and approval rates by small banks were up 5% year-over-year. Rates among credit unions fell from the previous month, but this may be attributable to many credit unions reporting that they had reached their yearly lending limits. The Credit Union Small Business Jobs Bill currently before the Senate, however, would raise the credit union business lending cap to 27.5 % of total assets from the current figure of 12.25%.

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