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According to a new index, small businesses are having a hard time getting the non government money they need from banks to stay open. This at a time when they need it the most.
Specifically, the small business loan approval rate dropped to 8.9% in April from an all time high (28.3%) in February.
That’s the lowest approval rating for SMB’s applying to big banks since The Biz2Credit Small Business Lending Index™ began the report in January 2011.
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