Of the more than 1,000 small businesses that applied for funding on Biz2Credit's online lending platform in July, loan approvals from credit unions are continuing to slow down.
The firm analyzed loan requests ranging from $25,000 to $3 million from companies in business more than two years with an average credit score above 680.
The firm found that July 2012 loan approval rate of credit unions dipped to 54.6%, down from 55.8% in June. The figure represents the lowest approval rate for credit unions since August 2011, when the figure stood at 54.2%, according to Biz2Credit.
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