text: The Federal Reserve held off on raising interest rates at its last meeting before the presidential election due to global uncertainty.
  
  The Federal Reserve decided to hold off on interest rates at its last meeting before the U.S. presidential election, which took place last week from Nov. 1-2.
  
  Despite strong signs of recent economic growth and expansion, one that saw five consecutive months of substantial employment gains, uncertainty in the global market prevented the Fed from instituting its first interest rate hike since December 2015.
  
  Small business lending continues to improve gradually, especially in the New York metro area, which has some of the highest approval rates in the country.
  
  Hispanic-owned businesses are growing faster than all other firms
  
  According to the Biz2Credit Small Business Lending Index, the monthly analysis of more than 1,000 loan requests on Biz2Credit.com, lending approval rates at big banks in the New York metro area improved to 23.6% in October 2016 and is one-tenth of a percent higher than the national average.
  
  In fact, loan approval rates among all categories of lenders either matched or exceeded national averages last month.
  
  Institutional lenders — credit funds, insurance companies, family funds, and other yield-hungry, non-bank financial institutions — have emerged as major players in marketplace lending and are approving a new high of 63.1% of loan requests by small business owners in both the New York metro area and nationwide.
  
  Borrowers are particularly attracted to the lucrative financial terms that this category of lenders offers, which features quicker decisions than other types of lenders due to its innovative financial technology.
  
  Small biz lending approval rates improved at NY-based big banks
  
  Although lending approval rates continue to drop at alternative lenders (59.5% nationwide), they are still higher in the New York metro area.
  
  Meanwhile, loan approval rates at credit unions (41.2%) and small banks (48.7%) are mirror images in New York and nationwide.
  
  Since the Great Recession that started in December 2007 and the ensuing credit crunch, the economy has slowly but steadily improved.
  
  Companies' financial performances improved and banks began opening up the spigots and allowing the flow of capital. The outcome of the presidential election could change things.
  
  It's a sunny outlook for small biz owners seeking to expand
  
  For instance, stock markets tanked on Oct. 28 in the wake of news that the FBI is reopening an investigation into Hillary Clinton's use of a private email server while serving as secretary of state.
  
  FBI director James Comey cited new evidence that emerged from a separate investigation related to disgraced Congressman Anthony Weiner's sexting scandal. Investors have begun to look for safe havens and stock market volatility has increased in light of the news of a closer U.S. Presidential race.
  
  The polarizing policies of each candidate are particularly of importance to global markets. Despite his aggressive stance on remodeling the U.S. economy, financial markets have an uneasy feeling as the Republican presidential candidate Donald Trump's odds of winning increase, as reported by NPR.
  
  His light background on leading an economy makes him largely unpredictable and that is concerning for financial markets.
  
  As the economy continues to surge ahead of the Federal Reserve's next meeting from Dec. 13-14, a big part of their decision to raise the interest rates will likely be based on who wins the Presidency.
  
  The Fed has previously indicated that it would institute an interest rate hike if the economy continued to show growth and sustainability. The central bank's first interest rate hike in nine years, back in December 2015, was modest. The next one is also expected to be modest, but there could be more than one increase in 2017.
  
  Whether the increase happens at all next month remains to be seen, but the outcome of the election will certainly influence the Fed's future decisions.
  
  Rohit Arora is the CEO and co-founder of Biz2Credit.com, a leading online marketplace that connects entrepreneurs with small business loan options to meet their business financing needs. Rohit was named Crain's NY Business "Entrepreneur of the Year 2011."
  
  For more DAILY VIEWS, The News' contributor network, click here.
summary: The Federal Reserve held off on raising interest rates at its last meeting before the presidential election due to global uncertainty.