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applying for a small business loan on an iPad Source: Shutterstock.

The rate at which big banks approved small business loan applications rose in July, but credit unions continue to struggle, according to the Biz2Credit Small Business Lending Index released this week.

The increase among big banks was slight: They approved 13.8% of small business loan applications in July, up from 13.5% in June. The rate is far below the 28.3% in approvals in February, before the pandemic hit, but builds on a “little uptick” that began in May, according to Biz2Credit’s data.

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