'The credit crunch has started': Here's what tighter lending standards mean for American consumers and businesses as banks navigate the SVB wreckage

• The blow-up of SVB and Signature Bank is stoking concerns that standards to obtain a loan will become even tougher. 
• Lenders started raising the bar for borrowers last year when the Fed started raising interest rates. 
• "Each bank is going to apply those credit standards differently," a source told Insider. 

Securing a loan or a credit line has gotten tougher since the Federal Reserve started jacking up interest rates, but the recent banking crisis is raising concerns that lending standards will tighten even further, resulting in a potentially harmful credit crunch.