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Jul 11, 2022

Small Business Lending

2024 Needs and Trends Data

New SMB applications are at an all-time high, yet loan approval rates have dropped. Learn how technology can help you more efficiently serve your community.

Did you know?
  • New small business lending applications have more than quadrupled (4x) since 2019.1
  • 82% of small businesses fail because of poor cash flow2
  • 29% of small businesses fail because they run out of cash2
  • 40% of small businesses applied for a loan or line of credit last year
  • 22% of small businesses used an online lender3
  • 65% of small businesses applied for funding to meet rising operating expenses4

Download our 2024 Small Business Lending Needs and Trends infographic to learn more.


1. Business Formation Statistics, October 2023, U.S. Census Bureau, accessed December 12, 2023.
2. Dopson, Elise. 20+ Small Business Lending Statistics You Need to Know, Shopify, accessed December 12, 2023.
3. Shepherd, Maddie. Small Business Lending Statistics and Trends, Fundera, accessed December 12, 2023.
4. 2023 Report on Employer Firms: Findings from the 2022 Small Business Credit Survey, Fed Small Business, accessed December 12, 2023.

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