SME Lending – Application Approval Speed Whether an SME needs money to expand, cover running costs, or diversify, having funding at exactly the right time is essential for success. So, we asked survey respondents to share how long on average it takes their business to approve loans for SME clients. To get a deeper understanding of approval speed we broke this down into two categories: approving applications from new clients, and approving applications from existing clients.
APPROVING LOANS FOR NEW CLIENTS Weeks Days Hours Minutes Seconds
Of the industry leaders surveyed, 22% responded weeks, and 39% days, which means that 61% of businesses fail to provide same day approvals for SME loan applicants. Only 8% reported that they could approve a loan in seconds.
8%
22%
12%
19%
39%
APPROVING LOANS FOR EXISTING CLIENTS Weeks Days Hours Minutes Seconds
When asked about approval speeds for existing clients, the number of lenders taking longer than 24-hours to approve loans decreased from 61% to 53%. The results show that in general, lenders report being able to approve applications from existing clients more quickly than new clients, with the number of ‘weeks’ responses dropping by 10%.
12%
10%
12%
41%
25%
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