The end of the Paycheck Protection Program (PPP) is here, and this means businesses are going to look for funding from traditional sources. According to the Biz2Credit Small Business Lending Index for May, loan approval rates have increased for banks and non-bank lenders.
Small Business Lending Index – May 2021
Although the higher approval rates are not huge, it is heading in the right direction for owners looking for funding. At big banks, ($10 billion+ in assets) the jump was just 0.1 percent from April (13.4%) to May (13.5%). The increase in small banks was slightly higher going from 18.2% in April, to 18.7% in May.