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Small businesses shy away from loans despite high approval rate

Article image for Small businesses shy away from loans despite high approval rate

Fewer small businesses are applying for loans despite banks approving the majority of applications, according to new data.

The Australian Banking Association (ABA) says small business loans have a 94 per cent approval rate but applications for amounts less than $2 million are down by a third since 2014.

However, there was a quarterly increase in the number of loans by 23 per cent in the three months to June.

The ABA says the perception that banks are tightening access to credit is not supported.

Australian Bankers Association CEO Anna Bligh tells John Stanley the dropoff could be because of

“There certainly has been a market shift into other kinds of lenders but that does not explain the size of this drop off over the last five years.”

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