The type of lender with the highest approval rates of loans to SMEs in September 2023 were alternative lenders, which accepted nearly 30 percent of applications in the United States. Meanwhile, institutional lenders approved approximately 27.5 of the loan applications received. Credit unions and small banks had the lowest approval rates for loans to small businesses.
Approval rate of small businesses loans in the United States from September 2019 to September 2023, by lender type
Characteristic
Alternative lenders
Institutional lenders
Small banks
Credit unions
Big banks
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Exclusive Premium Statistic
To access all Premium Statistics, you need a paid Statista Account
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
Various sources (biz2credit.com). (November 1, 2023). Approval rate of small businesses loans in the United States from September 2019 to September 2023, by lender type [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/754738/small-businesses-loan-approval-rates-usa/
Various sources (biz2credit.com). "Approval rate of small businesses loans in the United States from September 2019 to September 2023, by lender type." Chart. November 1, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/754738/small-businesses-loan-approval-rates-usa/
Various sources (biz2credit.com). (2023). Approval rate of small businesses loans in the United States from September 2019 to September 2023, by lender type. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/754738/small-businesses-loan-approval-rates-usa/
Various sources (biz2credit.com). "Approval Rate of Small Businesses Loans in The United States from September 2019 to September 2023, by Lender Type." Statista, Statista Inc., 1 Nov 2023, https://www.statista.com/statistics/754738/small-businesses-loan-approval-rates-usa/
Various sources (biz2credit.com), Approval rate of small businesses loans in the United States from September 2019 to September 2023, by lender type Statista, https://www.statista.com/statistics/754738/small-businesses-loan-approval-rates-usa/ (last visited July 22, 2024)
Approval rate of small businesses loans in the United States from September 2019 to September 2023, by lender type [Graph], Various sources (biz2credit.com), November 1, 2023. [Online]. Available: https://www.statista.com/statistics/754738/small-businesses-loan-approval-rates-usa/