Biz2Credit is well-known for its extensive lender network. They work hard to connect businesses with lenders that offer the financing products they need. These range from startup financing for those just getting going to expansion loans for those growing by leaps and bounds. There are also options for revolving credit lines such as a small business line of credit.
More About Biz2Credit
Biz2Credit does more than that though. To be successful at helping businesses be successful, they have to keep their thumb on the pulse of the lending world. This takes research, and they release the result of this research on a regular basis.
Currently the lending index report that contains this information shows approval ratings are up almost across the board. The exceptions to this include alternative lenders and credit unions. The reasons for this could many.
Rohit Arora, co-founder and CEO of Biz2Credit over saw the research. He says: “Banks have invested in technology the last year is paying its dividends. Advances in analytics enable them to approve a higher percentage of loans while lowering loan default rates.”
What does this Mean for Business?
This is good for businesses for a number of reasons. A big one is that historically alternative lenders have higher rates and less favorable terms. If more traditional lenders are approving more funds, businesses have a better chance of gaining a stronger foothold over their finances.
A Look into the Future
It is likely that the election could cause approval rates to continue increasing, if the president elect chooses to resend Dodd-Frank, as he has said he would. This would release banks from some stringent regulations and allow them more approval freedom.
This will give small businesses more freedom to grow, and entrepreneurs more freedom to recognize their start up dreams.
What Happens Now
Small businesses often struggle to gain financing approval. Now is the time to consider making a move for anyone considering starting a business, or any small business looking at expansion. Lenders are approving more loans, and this can change, quickly. Take the plunge and get started today.