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The small business lending market tightens in Q1 2024.
Q1 2024
Previous quarter’s score: 63
Since the federal announcement of higher interest rates in 2023, Lendio has seen a tightening of credit criteria with more stringent requirements in revenue, time in business, and credit scores for small businesses to qualify for a loan in Q1 of 2024. The tighter criteria led to a dip in Lendio’s SMB lending index from 63 in Q4 2023 to 62 in Q1 2024, indicating a decline in overall access to capital.
What does the index score mean?
Lendio’s SMB lending index measures how accessible business financing is to small business owners with a higher score indicating greater accessibility. The score is based on the business profile of the 18,000+ small businesses offered financing in Lendio’s marketplace in a quarter. The methodology section of the report provides a full breakdown of how the score is calculated.
Percentage change in business profile of borrowers who received a loan offer quarter over quarter.
CREDIT SCORE
REVENUE
TIME IN BUSINESS
In April 2024, Lendio surveyed 25 small business lenders about their perceptions of the current small business lending market and their optimism for the future.
LENDER SENTIMENT
What is your perception of an SMB’s ability to access capital in the current market?
Do you foresee the volume of SMB loans that you issue growing or shrinking in the next six months?
What changes do you expect in your credit box in the next six months?
“Many lenders are tightening their credit boxes, including banks. We’re in less than ideal macroeconomic conditions and there’s a higher cost of capital right now.”
Minyang Jiang Chief Strategy / Revenue Officer, Credibly
Lendio surveyed 1000+ small business owners to understand better the role financing plays in the success of their business, their experience with the current lending environment, and their expectations for the future. Key findings from the survey are explored below.
Key Insights
50% of small business owners say they don’t know if the bank they use for checking has the right loan options for them.
85% of small business owners say speed to loan approval is important when selecting a lender.
77% of small business owners prefer to apply for a loan online or via mobile app.