According to the latest Biz2Credit Small Business Lending Index, the approval rate for small business loans is twice as high as it has been in the past two years. In fact, Fast and Easy Funds is happy to announce that loan approval rates are again at post-recession highs. Lending rates by lenders had increased from 62.4 percent in November, to 62.5 percent in December. Small business lending institute’s approval rates are significantly increasing from 48.9 percent in November, to 49.1 percent in December.
According to Biz2Credit, small lending companies are approving more small business loans applications under the SBA loan program. The program has significantly reduced the risk that small lending institutes assume. As the economy rebounds, loan approvals at lending institutes such as Fast and Easy Funds, continue to increase.
Borrowers seek speed and convenience, as well as a technologically advanced system that allows small business owners to easily navigate the loan approval process. The adoption of technological advancements on digital platforms has streamlined the loan application process, resulting in lessened chances of a loan defaulting, therefore increasing profits and a higher volume of loan approvals.
At Fast and Easy Funds, our financing professionals make your loan process as smooth as possible. We are not a bank and therefore, we do no have the restrictions that a traditional lender faces. We offer a simple application, same day approvals, and next day funding. It really is Fast and Easy. We understand that your business needs funds in order for it to grow, and we put you in direct connection with working capital solutions.