NEW YORK – Small-business lending by credit unions dropped in July over the previous month, according to the newly released data from the Biz2Credit Small Business Lending Index.
July small-business lending approvals by U.S credit unions nationwide stood at 54.6%, down from 55.5% in June and the lowest approval rate for credit unions since August 2011, based on a monthly analysis of 1,000 loan applications on Biz2credit.com.
The company said other types of lenders, however, did not experience the same downward trend. Large banks with assets of more than $10 billion saw an improvement in small business loan approvals for the second consecutive month, rising to 11.3% in July from 11.1% in June to 11.3% in July. The company added although small bank lending rates dropped slightly from 47.5 % in June to 47.4% in July, that figure is still up from the 44.9% rate one year earlier.