A new study finds that as the potential of small businesses to get working capital has improved at present, getting a bank loan continues to be a tough impediment.

Graziadio School of Business and Management and Dun & Bradstreet research showed that there has been 13% increase within the last 4 years in access to capital for small businesses. But, majority of small businesses in the US are getting capital from their personal resources and not from the online lenders or banks. The research data is surveyed from 1,097 small and mid-size businesses in US.

The research discovered that almost 38% small business applicants qualified for a traditional loan within the last three months, as compared to 70% of medium-sized businesses. As it is up from 30% within the first quarter of the year, it is down from a 4-year high of 46% in the third quarter of 2014.

It has been even more difficult to get an SBA loan. The survey showed that only 1% of small businesses qualified for an SBA loan during the last three months.

On the subject of alternative lending, most of the success that small businesses had with merchant cash advances. The studies also revealed that almost 41% small businesses that were surveyed were able to get a merchant cash advance, as compared with 20% of businesses who were able to obtain a standard loan from an alternative lender.

Majority of small business owners are depending on their own personal savings to fund their business needs. Particularly, over 70% of small business owners used their personal savings, 45% business owners used personal credit cards and almost 19% of businesses used money from the sale of personal resources.

Crowdfunding is even more admired by the small businesses. The studies discovered that 19% small businesses that required funding within the last three months used crowdfunding as a business financing source, compared with 7% of medium-sized businesses.

The vice chairman of Dun & Bradstreet, Jeff Stibel said that when they started this research almost four years ago, small businesses were stumbling from the consequences of the great recession. Stibel also added that, “since that time, we’ve observed constant progress for small businesses being able to get the required capital, even though the small business funding still mainly not coming through traditional sources”. “It will be exhilarating to see how crowdfunding will influence small businesses, as our study discovered more eagerness to use that funding option as compared to their mid-sized correspondents.”

Even though the accessibility to capital improved during the last three months, however the majority of small businesses were declined for capital by the traditional funding sources. Generally, the capital demand from small businesses dropped down from 38% within the first quarter of the year to 32% in the second quarter.

The small businesses that did not apply for the capital over the last three months, 49% of the surveyed businesses said that it was because they had adequate cash flow in place, although the 24% said that they already had enough financing. However, 16% did not apply for funding due to the fact that they were worried they would be declined, 12% hesitant because of the vulnerable economy and 7% said they were waiting for low-cost financing.

Even though apart from the lower demand, the stats shows there could be an active increase in capital in the second half of the year. The study shows that 56% of small businesses said that they likely would get financing in the next six months for premeditated growth.