Small Business Lending and the Economy Improve as US Awaits Election Results

The small business lending approval rate from banks nationwide was 23.5% in October, while support from institutional lenders helped marketplace lending platforms to increase their small business approval rate to 63.1% nationwide, according to data from the Biz2Credit Small Business Lending Index; the economy also has been steadily improving with GDP and jobs increasing; however uncertainty over the election has affected the broad market which has seen nine of the past 10 days reporting losses in the stock market and another recently delayed rate increase from the Federal Reserve; following the election, consumers and businesses will be closely watching the affects on the economy and interest rates specifically as the country’s new president influences credit markets, marketplace lending and fintech overall.  Source

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