Among the small business owners who have applied for loans within the past six months, 67% had to produce personal guarantees as banks continue to put the squeeze on credit access.
The finding is according to a J.D. Power and Associates small business banking satisfaction survey released today of 7,226 responses from financial decision-makers at small businesses with annual revenues from $100,000 to $10 million. Credit unions were not mentioned in the survey.
The data showed the average time to approve and fund loans made within the past six months increased to 15.1 days from 13.1 days in the previous six months. One area that may help credit unions and banks build relationships is assigning an account manager to small business customers. The survey found that overall, satisfaction averaged 726 on a 1,000-point scale among customers who were assigned an account manager, compared with 669 among customers without a designated account manager.
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The study also found that higher satisfaction among small business customers has a substantial impact on a bank's financial performance. Overall, highly satisfied customers generated $4,107 of annual net revenue each on average, which is $675 or 20% more than less-satisfied customers.
For the third consecutive year, TD Bank ranked highest in small business customer satisfaction followed by Branch Banking & Trust (BB&T) and Huntington National Bank.
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