A new report from online lending platform Fundera finds that companies in the electronics manufacturing, building materials/home furnishings and retail industries had the greatest success in obtaining a business loan.
Fundera looked at data from more than 6,500 businesses in 58 industries that applied for a loan on Fundera’s platform in the three months ended March 31.
Electronics manufacturers obtained on average $53,714 in loans, compared with an average of $46,348 among companies in all 58 industries.
The average loan amount for building materials/home furnishing companies was $26,454. The average for retailers was $51,767.
Several factors played the greatest role in whether a company received a loan, according to Fundera: the company’s annual revenue, whether the company is applying for short-term rather than longer-term financing, the owner’s personal credit score and the business’s credit history.
Here’s how the businesses seeking a loan planned to use the money:
Click here to read the Fundera report.
Fundera is also holding a contest to award a $2,500 small business grant. Click here for more information.
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Related Topics: Delaware Division of Small Business