Marketplace lending has siphoned a notable share of small business lending, new research shows.

According to a little-noticed report from the Federal Reserve Bank of Richmond, fully 20% of all small business loan applications are now being originated by marketplace lenders. And in loans to companies that have less than $100,000 of revenue, so-called micro-firms, marketplace lenders have a 30% share today.

The report, which was released without fanfare earlier this month and is based on data collected last fall, also noted that online lenders approve 71% of credit applicants, a relatively high approval rating.

While applicant volume is increasingly going to online lending, it is online lenders that have the lowest satisfaction levels, according to the report:

While the approval rate was relatively high for applicants (71% were approved for at least some credit), approved firms were not very satisfied with their experience. The satisfaction score was just 15—far below that of small and large banks. Dissatisfied firms reported concerns with high interest rates and unfavorable repayment terms.

Despite the inroads made by marketplace lenders, banks, and small banks in particular, continue to maintain their place in small business lending.

Traditional bank lending continues to be the primary source of financing for small businesses. Credit applicants were most successful and most satisfied with their borrowing experience at small banks. Small banks approved at least some of the amount requested for 76% of applicants, while large banks approved 58% of applicants. Further, small banks earned a satisfaction score (the net percent satisfied with their overall experience) of 75 among approved firms compared to a score of 51 for large banks.

Why is that? According to the report, 73% of applicants asked lenders for financing advice. It appears that is a space where small banks still win.