Thank you for sharing!

Your article was successfully shared with the contacts you provided.
applying for a small business loan on an iPad Source: Shutterstock.

The number of businesses that have started in the past two years is historically significant. According to the U.S. Census Bureau, nearly 5.4 million new business applications were filed in 2021, the highest number on record. The pandemic triggered the Great Resignation, signaling a mass departure from the traditional 9-to-5 jobs in favor of entrepreneurial ventures that deliver more fulfillment. This phenomenon, coupled with the Paycheck Protection Program (PPP), has led to a sharp increase in small business loan applications. This trend is expected to continue in 2022 and beyond, as inflation will likely push more local businesses into applying for loans.

There are three critical categories to consider when updating strategies to manage the demand in small business loan applications: Member experience, the credit union difference and balance.

Dig Deeper


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2022 ALM Global, LLC. All Rights Reserved.