A common complaint in the years since the financial crisis began has been that Wall Street banks that were bailed out by the federal government haven’t been lending enough to Main Street businesses. Critics may now have a little less reason to beef, however, because last month big banks approved small business loans at the highest rate in more than two years, according to an index compiled by a business-lending middleman.
Biz2Credit, which Bloomberg Businessweek profiled in October, calculates its monthly Small Business Lending Index using 1,000 loan applications made over its online lending platform. The index defines large banks as those with $10 billion or more in assets; it also includes data for small banks, credit unions, and alternative lenders. Biz2Credit doesn’t break out lenders by name in its data.