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.

With sources from: statista.com, guidantfinancial.com, bna.com, biz2credit.com and many more

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.

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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."

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Statistic 2

"About 43% of small businesses applied for a loan in 2020."

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Statistic 3

"In 2019, large banks approved around 28% of small business loan applications."

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Statistic 4

"Alternative lenders approved around 56% of applications for small business loans in 2019."

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Statistic 5

"22.7% of small businesses said accessing capital was their biggest challenge in 2020."

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Statistic 6

"The failure rate for small businesses with loans is roughly 50%."

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Statistic 7

"In 2020, Small Business Administration backed more than $22 billion in loans for businesses."

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Statistic 8

"Only 40% of small businesses are profitable."

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Statistic 9

"In 2021, the total volume of small business loans in the U.S. was $600 billion."

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Statistic 10

"In 2020, microloans viathe Small Business Administration averaged $14,434."

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Statistic 11

"Over 52% of small businesses planned to invest in growth post-pandemic, necessitating potential loans."

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Statistic 12

"Of businesses that secured financing, the majority (58%) sought loans for $100,000 or less."

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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."

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Interpretation

The statistics presented suggest a dynamic landscape for small businesses seeking financing in the US. The significant volume of loans provided through programs like the Small Business Administration's Paycheck Protection Program highlights the crucial role of such initiatives in supporting small businesses. The varying approval rates between traditional banks and alternative lenders underscore the importance of exploring multiple funding options. Challenges such as accessing capital and profitability continue to be key concerns for small business owners. Despite high failure rates and discouraged applicants, the data also reveal a strong drive for growth and investment among small businesses post-pandemic. It is evident that navigating the complex terrain of small business loans requires a strategic approach tailored to individual circumstances and needs.

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