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## Small Business Loan Approval Rates at Big Banks in November

The approval percentages for small business loans at big banks with more than $10 billion in assets have stagnated in November, remaining at 13% for the first time since June, as reported by the latest Biz2Credit Small Business Lending Index.

CEO of Biz2Credit, Rohit Arora, commented on the situation, expressing cautious optimism about the steady approval rates. He mentioned that while it is a welcome change from the previous decreases, there is still much work to be done to reach pre-pandemic approval numbers.

## Increasing Approval Rates at Small Banks, Institutional Investors, and Alternative Lenders

On the other hand, small bank approval percentages have shown consistent growth, increasing from 19.5% in October to 19.7% in November. This upward trend has been observed every month since June, signaling a potential positive shift in the lending landscape.

Institutional investors saw a slight rise in approval rates, climbing from 27.6% in October to 27.7% in November. Similarly, alternative lenders experienced an increase, with approval rates jumping from 29.9% in October to 30% in November. Arora noted that this marks the first time approval rates from alternative lenders have reached 30% since March 2020, just before the pandemic-induced reductions.

## Concerns over Approval Rates at Credit Unions

In contrast, approval rates at credit unions hit a new all-time low of 19.7% in November, dropping from 19.8% in October. This decline raises concerns about the accessibility of funding for small businesses within the credit union sector.

## How AI legalese decoder Can Help

With fluctuating loan approval rates across different lending institutions, navigating the complex legal jargon and contracts associated with securing funding can be daunting. This is where the AI legalese decoder comes in. By using advanced language processing technology, the AI legalese decoder can analyze and interpret legal documents, providing small business owners with clear, concise insights into loan terms, conditions, and requirements. This empowers business owners to make informed decisions and maximize their chances of securing the right financing options amidst the evolving lending landscape.

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