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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchSmall-business funding applications are holding steady overall, but more applicants are turning to online fintech lenders. In the Federal Reserve Banks’ 2026 Report on Employer Firms, based on the 2025 Small Business Credit Survey (SBCS), 38% of firms said they had applied for a loan, line of credit, or merchant cash advance in the prior 12 months—nearly unchanged from the 2024 survey. The more notable shift is where applicants seek financing, and how they describe the cost and experience.
The SBCS defines small businesses as firms with fewer than 500 employees. Findings about employer firms describe that survey population; they should not be assumed to represent nonemployer firms, businesses outside the United States, or any individual applicant’s likely outcome.
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What is changing in small-business funding?
Overall demand is steady while online applications grow
In the 2025 SBCS, 38% of firms applied for a loan, line of credit, or merchant cash advance during the preceding 12 months, nearly the same share as in the 2024 survey. The destination mix shifted over a longer period: online fintech lenders accounted for 17% of applicants’ financing destinations in the 2020 survey and 29% in the 2025 survey. Large banks remained the leading application destination, so the growth of online lending is a channel-mix change—not evidence that online lenders have displaced banks.
These figures come from the Federal Reserve Banks’ 2026 Report on Employer Firms, published March 3, 2026, and the Small Business Credit Survey materials. The survey records firms’ reported applications; it is not a count of lender market share, a measure of loan volume, or an explanation of why a firm chose a particular channel.
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A separate bank indicator points to stronger recent lending
In a different data series, the Federal Reserve Bank of Kansas City reported that new small-business lending in the first quarter of 2026 increased year over year compared with Q1 2025, driven by growth in new lines of credit at large and midsized banks. That is a bank lending indicator, not another SBCS application result, and the two measures should not be combined as if they described the same population or activity. See the Kansas City Fed’s June 25, 2026 lending release.
What do applicants report about approval, cost, and satisfaction?
Approval rates vary by lender category
Among applicants at small banks in the 2025 survey, 57% were fully approved. The report says small-bank applicants were more likely to be fully approved than applicants at other lender types. This is an aggregate outcome for survey respondents, not a prediction of an individual business’s odds: approval depends on the applicant, requested financing, lender, and other circumstances.
“Higher than expected” cost is not an APR comparison
Among businesses that borrowed, the share reporting that actual borrowing costs were higher than expected was 60% for online-lender borrowers, 37% for small-bank borrowers, and 32% for large-bank borrowers. These are borrowers’ comparisons with their own expectations. They are not quoted interest rates, average APRs, or a standardized total-cost calculation, so they do not establish a universal price ranking among lender types.
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Satisfaction and approval are different measures
The Federal Reserve report found that bank and credit-union applicants were more satisfied than applicants at online lenders and finance companies. Satisfaction is a distinct measure from full approval: a business may receive a decision it wants but still judge the process or terms unfavorably, or have a different experience altogether. The survey’s group findings cannot tell a particular borrower which channel will be the best fit.
How do the main funding channels differ?
Small businesses may seek financing from large or small banks, credit unions, online lenders, other nonbank finance companies, or through SBA-backed programs delivered by lenders and intermediaries. A Federal Reserve Board overview published in March 2025, based on 2023 SBCS data, describes these channel categories and notes that some businesses turn to nonbanks when seeking speed. That is useful historical context, not a current measure of market share; the 2026 report is the stronger source for recent application trends.
The right comparison starts with the job the money must do, not a generalized ranking of lender types. A term loan, revolving line of credit, merchant cash advance, and SBA-backed loan can have different structures and permitted uses. The survey does not identify the right product for an individual firm.
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Which SBA-backed options serve different needs?
The SBA describes several programs with distinct purposes and application routes. In most cases, borrowers apply through a participating lender or intermediary rather than receiving funds directly from the SBA.
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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitches| Program | Purpose and stated maximum | Route and important limits |
|---|---|---|
| 7(a) | SBA’s primary business loan program; the SBA page lists a maximum of up to $5 million. Uses include working capital, eligible debt refinancing, real estate, equipment, supplies, and changes in ownership. | Apply through an SBA-participating lender. Eligibility, terms, and permitted use depend on current program rules and lender decisions. See the SBA’s 7(a) loans page. |
| 504 | Long-term, fixed-rate financing for major fixed assets; the SBA page states a maximum of up to $5.5 million. | Delivered through Certified Development Companies (CDCs) in collaboration with a senior lender. Proceeds cannot be used for working capital or inventory. See the SBA’s 504 loans page. |
| Microloan | Loans of up to $50,000 through SBA-approved intermediaries. Permitted examples include working capital, inventory, supplies, furniture, fixtures, machinery, and equipment. | Apply through an intermediary lender. Proceeds cannot be used to pay existing debt or buy real estate. See the SBA’s Microloans page. |
The limits and uses above reflect the SBA’s cited program pages; confirm the latest rules and eligibility directly before applying. A policy announced in 2026 allowing up to $10 million in combined 7(a) and 504 financing for eligible borrowers took effect July 4, 2026. Because availability depends on eligibility and current official guidance, borrowers should verify the effective policy with the SBA and a participating lender rather than assume the combined amount applies to their case.
How should a business compare funding offers?
Compare written offers against the business need and the cash flow available for repayment. A headline rate or an approval result alone does not show the total commitment. Ask each lender for the complete terms and check:
- Use of funds: Match the planned expense—such as working capital, inventory, equipment, property, or an ownership change—to the product’s permitted uses.
- Amount and structure: Request only the amount needed, and distinguish a one-time term loan from a line of credit or another structure suited to recurring needs.
- Eligibility and application route: Confirm whether the application goes to a direct lender, SBA-participating lender, CDC, or microloan intermediary, and what documentation or qualifications are required.
- Total borrowing cost: Review the rate structure, fees, repayment frequency, maturity, and total amount due over the life of the financing. The survey’s “higher than expected” measure is not a substitute for these disclosures.
- Repayment fit: Check whether scheduled payments align with the timing and reliability of the revenue expected to repay the funds.
- Borrower experience: Use survey patterns as context about groups, not as guarantees of approval, satisfaction, speed, or cost for your own business.
For SBA programs, begin with the relevant official program page and confirm current eligibility and terms with the lender or intermediary handling the application. For other products, compare the actual written disclosures from the lenders under consideration.
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