While it may not be much of a surprise to credit unions that some banks are not eager to approve funding for small businesses these days, the rate of rejections might cause some alarm.
New York topped the list of states where small businesses' requests for credit were turned down the most, according to Biz2Credit, a New York company that connects small and medium-sized businesses with lenders.
In a study of 1,000 small businesses, Biz2Credit found that Chase, Citibank, Bank of America and TD Bank frequently rejected applicants for funding in New York.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
