According to a January analysis of 1,000 funding requests at credit unions, small banks and other alternative lenders, the three groups approved business loans at higher levels than big banks over the past 12 months.
Biz2Credit, which connects lenders with small and medium-sized businesses, said credit unions granted 57.6% of small business funding requests in January. That percentage is an increase from 57.4% in December.
Loan approvals by small banks increased to 47.5% in January 2012, up from 47.1% in December, to reach their highest rate in the past year, the firm said. Approvals by large banks rose to 11.7%, the highest percentage since Feb 2011, when 11.9% of small business loans were granted.
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