In the Fed's 2025 credit survey, 58% of applicants got less than they requested. The Small Business Credit Survey found 42% got the full amount. Another 36% got some or most, and 22% got nothing.
The 42/36/22 Split
Sixty percent of firms applied for financing in the prior 12 months. Of those applicants, 42% got the full amount. Another 36% got some or most, and 22% got none.
The Federal Reserve Banks' 2026 Report on Employer Firms publishes the split.
Add the last two groups and 58% of applicants left with less than they requested. The survey was fielded from September 3 to November 14, 2025.
What the Money Was For
The most common reason firms sought financing was to meet operating expenses, at 56%. Pursuing an expansion or new opportunity followed at 46%.
Operating costs are the use case that cannot wait. Payroll does not pause while an application is decided.
Where Applicants Went
Applicants most often sought financing at large banks. Online lenders came next, then small banks.
Online fintech lenders drew 17% of applicants in 2020. In 2025 they drew 29%. Small bank applicants were fully approved at 57%, higher than applicants at other lender types.
The Cost Surprise
Sixty percent of online lender borrowers said their actual borrowing costs were higher than expected. Only 4% said lower.
Credit union and bank applicants reported more satisfaction than online lender and finance company applicants. High interest rates and unfavorable repayment terms were the most common online lender complaints.
Capital Intelligence
How 100 Applicants Landed
Fed Small Business Credit Survey, applicants only. Width of each band shows share of applicants.
Source: Federal Reserve Banks, 2026 Report on Employer Firms (2025 survey data). Diagram rendered from the published 42/36/22 split.
Quick Check
A partial approval does not have to stall the plan.
Revenue-based capital underwrites against sales history, so it can run alongside a bank application. Check what you qualify for before the first answer arrives.
Check Capital Eligibility →What a Partial Approval Does
The survey does not say how much "some" is. It only separates it from "most" without splitting the two.
A firm that gets part of its request must find the remainder fast. That search starts after the first decision. It runs under a deadline, with fewer options.
Our Senior Loan Officer survey report covers why banks are tightening. Cards often fill the gap, as shown in our card APR report.
If a bank said no entirely, see what to do after a bank rejection. If you are sizing a request, our working capital funding guide compares the structures.
Self-Check
How Exposed Is Your Plan to a Partial Approval?
Three questions. Answer for the application you are about to file. Nothing is saved or sent.
1. What happens if you receive 60% of the amount you ask for?
2. When does the money have to be in the account?
3. Do you have a second source lined up before the first answer arrives?
Low Exposure
A partial answer would be an inconvenience, not a crisis.
Your plan has slack in size, timing and backup. Keep the second source warm anyway.
Moderate Exposure
A partial approval would cost you time you may not have.
File a second application now instead of after the first answer. Sizing the request to the gap you cannot cover otherwise also helps.
High Exposure
One partial answer breaks the plan.
Treat the first application as one of two or three, not the only one. Revenue-based options underwrite on sales history. They can run alongside a bank file.
Next Move
Before you file, size the request to the gap you cannot cover. Line up a second source before the first answer arrives. Treat a partial approval as the cue to start the second application that day.
Watch the lender type too. With an online offer, get the total repayment amount in writing. Compare it with the cost you expected.
Frequently Asked Questions
Sixty percent of firms applied for financing in the 12 months before the survey. The 2025 Small Business Credit Survey was fielded from September 3 to November 14, 2025.
Forty-two percent received the full amount sought. Another 36% received some or most of it, and 22% received none.
Credit union and bank applicants reported more satisfaction than online lender and finance company applicants. Sixty percent of online lender borrowers said costs ran higher than expected.
External Resource
Federal Reserve Banks: 2026 Report on Employer Firms - Small Business Credit Survey, 2025 data
Do not let one lender's answer set your cash plan.
Rev Boost Funding connects owners with financing partners that look at sales history first. Not a lender.
Affiliate partnerships present.
Check Capital Eligibility → You Finished This - Add as Preferred Source