New York Tops List of Small Business Loan Approvals

Date: September 06, 2017

According to a survey of over 50,000 loan applications over the past year, New York entrepreneurs are the most likely to get loan approval compared to the rest of the country, right behind New Jersey. Nearly one-fifth, 19 percent, of New York business loan requests were approved last year.

The business loan odds in New York are surpassed only by New Jersey, at 23.4 percent, because New York City had the largest representation of loan requests in the state and the operating costs in the city are so high, according to New York Daily News.

But, the survey found that New York topped the list because businesses in the state have high revenues and credit scores, and typically last longer, which makes them strong candidates for loan applications. The average New York metropolitan area business had a revenue of $979,674, a credit score of 646, and stayed in business for 76 months. New York’s business growth can be attributed to the state’s profitable real estate, construction, banking, finance and technology sectors, which help businesses stand out in loan attractiveness compared to other states like California, Illinois and Pennsylvania.

Related Content: Small Business News | Economy | New York

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