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.

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