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Small-business borrowers approved for at least some of the financing they sought last year were again more satisfied with their experiences at community banks than at larger and online lenders, according to the Federal Reserve.
Details: According to the reserve banks’ latest Small Business Credit Survey:
79% of community bank loan applicants were satisfied with their experience, compared with 61% at large banks, 56% at finance companies, and 40% at online lenders.
Community banks’ net satisfaction score of 74% topped large banks by 21 points, finance companies by 32 points, and online lenders by 59 points.
Community bank applicants were the least likely to report challenges with interest rates or repayment terms and the most likely to say they experienced no challenges.
Background: The reserve banks’ annual survey has found community banks perennially have the highest satisfaction scores among small-business borrowers.