Large banks' approval of small-business loans reached 19.4% last month, a record high, compared with 18.8% in March, according to Biz2Credit. Approval declined at small banks to 51.1%, from 51.6%. Credit unions also saw a drop: 43.5% versus 43.6%. Small businesses submit tax documentation in April, fueling approval, Biz2Credit CEO Rohit Arora says.

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