approval percentages at banks with over $10 billion in assets at 13.3% in July, an approval rate that has been falling steadily and, pre-pandemic, had been as high as 28.3% in February 2020.in the years ahead, steps being taken today to prepare include more hesitancy to lend to smaller companies, since these loans can often range from five to seven years in term length.
SurveyMonkey's analysis of the data pointed to a gap between business owners who express confidence and a lack of confidence in banks that has widened from just 1 percentage point in Q2 to 9 points now this quarter. While concerns across the economy about the banking crisis have lessened since the last quarter, that is not reflected in the conditions that small businesses are facing.
Business owner expectations for revenue and hiring were largely unchanged, and the percentage that describe economic conditions as"good" changed only slightly, from 40% to 38%. More describe conditions as"middling," up from 43% to 46% this quarter. But only 15% describe business conditions as"bad."