2016 Small Business Credit Survey

Interesting findings:

1. Small business borrowers are more satisfied with the credit approval process with small banks and credit unions than they are with large banks and online lenders.

2. 76% of business owners used personal money to fund financing gaps.

3. Only 47% of small business owners indicated they had sufficient financing, 27% indicated they are adverse to debt.

4. 53% of applications were approved. CDFIs lead the list with an approval rate of 77%.

5. Net satisfaction
Credit Unions — 75%
Small Banks — 75%
Large Banks — 46%
Online Lenders — 27%