Bank SME lending surges, alt-lenders flop

Marketplace lending platform Biz2Credit has published its latest small business lending index, and the numbers signal rough waters ahead for alternative finance. Reports Tuesday (Dec. 13) said Biz2Credit’s latest index showed surges in traditional banks’ SME loan approval rates in November, hitting 23.7 percent. According to researchers, eight out of the past nine months have seen loan approval rates for small business applicants increase among traditional, large banks. Even small banks have seen their loan approval rates tick up to 48.8 percent. Biz2Credit CEO Rohit Arora said the technology that banks have invested in over the last year is paying off. Read more: