GITNUX MARKETDATA REPORT 2024
Small Business Loans Industry Statistics
Small business loans industry statistics show a steady growth in loan approval rates and overall lending volume, indicating a favorable environment for small businesses seeking financial support.
In this post, we will explore key statistics surrounding the small business loans industry in the United States. From the substantial funding provided through programs like the Paycheck Protection Program to the challenges faced by small businesses in accessing capital, these statistics shed light on the intricacies of the lending landscape for small enterprises.
Statistic 1
"In 2020, small businesses in the US received over $256 billion in loans through full-year use of Small Business Administration's Paycheck Protection Program."
Statistic 2
"About 43% of small businesses applied for a loan in 2020."
Statistic 3
"In 2019, large banks approved around 28% of small business loan applications."
Statistic 4
"Alternative lenders approved around 56% of applications for small business loans in 2019."
Statistic 5
"22.7% of small businesses said accessing capital was their biggest challenge in 2020."
Statistic 6
"The failure rate for small businesses with loans is roughly 50%."
Statistic 7
"In 2020, Small Business Administration backed more than $22 billion in loans for businesses."
Statistic 8
"Only 40% of small businesses are profitable."
Statistic 9
"In 2021, the total volume of small business loans in the U.S. was $600 billion."
Statistic 10
"In 2020, microloans viathe Small Business Administration averaged $14,434."
Statistic 11
"Over 52% of small businesses planned to invest in growth post-pandemic, necessitating potential loans."
Statistic 12
"Of businesses that secured financing, the majority (58%) sought loans for $100,000 or less."
Statistic 13
"47% of small business owners were somewhat or very discouraged from applying for a loan because of their expected ability to secure a loan."
Jannik Lindner
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