The SBA has promised credit unions and other lenders that they can say goodbye to fax machines and mountains of paperwork.
Small business loan approval rates at banks increased to a record high in January, while credit union MBL approvals fell to an all-time low.
Biz2Credit, a New York company that connects small business with lenders, discovered that scenario during its recent monthly analysis of 1,000 loan applications.
If it’s all about location, location, location when opening a business, credit unions may want to pay attention to several cities in Florida, California and Texas.
Depending on who you talk to, the credit union business lending landscape could easily be a mix of record loan growth peppered with a drop in delinquent debt to an environment that is thriving better than what bank competitors are experiencing.
Biz2Credit financing match firm also finds loan approval rates 15% to 20% lower for female-owned companies.
This preview from the March 13 print edition takes a look at the fight against loan fraud.
With the recent guilty verdict against a businessman that scammed $7.5 million from the former Lockheed Credit Union to obtain a number of loans, the decision may have offered another instance of assurance that the public is becoming increasingly fed up with fraud.
Lower approval rates seen from banks, credit unions and alternative lenders.
That’s according to Biz2Credit, a New York firm that connects small businesses with financial institutions.