Consumer & Community Context - March 2025
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Figure 1. Credit sources applied to in prior 12 months, by survey year
Percent
| Year | Large bank | Small bank | Online lender | Finance company | Credit union | CDFI* |
|---|---|---|---|---|---|---|
| 2019 | 35% | 33% | 30% | 15% | 7% | 2% |
| 2020 | 40% | 39% | 17% | 12% | 7% | 3% |
| 2021 | 40% | 33% | 20% | 15% | 7% | 3% |
| 2022 | 43% | 30% | 22% | 13% | 8% | 4% |
| 2023 | 44% | 28% | 23% | 14% | 7% | 6% |
Note: Data are for loan, line of credit, and cash advance applicants.
* CDFIs are community development financial institutions.
Source: Small Business Credit Survey.
Figure 2. Application rate by credit risk, 2023
Percent
| Large Banks | Small Banks | |
|---|---|---|
| Low credit risk | 48% | 30% |
| Medium/high credit risk | 39% | 16% |
Note: Data are for loan, line of credit, and cash advance applicants.
Source: Small Business Credit Survey.
Figure 3. Approval rate by credit risk, 2023
Percent
| Large Banks | Small Banks | |
|---|---|---|
| Low credit risk | 76% | 83% |
| Medium/high credit risk | 46% | 48% |
Note: Data are for loan, line of credit, and cash advance applicants.
Source: Small Business Credit Survey.
Figure 4. Credit approval rates, 2023
Percent
| Other nonbank finance companies | Credit unions | Small banks | Online lenders | CDFIs* | Large banks | |
|---|---|---|---|---|---|---|
| At least partially approved | 76% | 76% | 75% | 70% | 68% | 66% |
| Fully approved | 51% | 51% | 52% | 31% | 46% | 44% |
Note: Data are for loan, line of credit, and cash advance applicants.
*CDFIs are community development financial institutions.
Source: Small Business Credit Survey.
Last Update:
March 12, 2025