Micro lenders, accounts receivable financers, merchant cash advance lenders and community development financial institutions have approved more business loans than usual over the past few months.
That's according to Biz2Credit, a New York firm that connects small businesses with financial institutions.
The company tracked 1,000 of its loan applications in September and found that alternative lenders' approval rates rose slightly to 64.6%, up from 64.5% in August. The 64.6% approval rate was the highest recorded since the Biz2Credit Small Business Lending Index began, the firm said.
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