Approval of small businesses loans in the U.S. 2019-2023, by lender type
The type of lender with the highest approval rates in March 2023 were alternative lenders, which accepted over 28 percent of applications in the United States. Meanwhile, institutional lenders approved approximately one fourth of the loan applications received. Credit unions and small banks had a similar approval rate for loans to small businesses, while big banks had the lowest approval rate.
