In the midst of the government shutdown, business loan approvals at credit unions have improved at one firm while banks have experienced a slight dip in lending activity.
Biz2Credit, a New York company that connects small business with lenders, discovered that scenario during its recent monthly analysis of 1,000 loan applications.
Banks were aggressive in small business lending during the first half of September at Biz2Credit and were on a path to another record month of approvals, said Biz2Credit CEO Rohit Arora. However, as the anxiety over the government shutdown began to rise, lending slowed.
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