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the federal reserve bank of cleveland

Small Business

Small Businesses and the Federal Reserve

Issues affecting small firms are a priority for the Federal Reserve System. Not only are small businesses critical to the strength of local economies, but collectively they also make important contributions to national economic growth and employment. The Federal Reserve works with intermediaries to support small businesses and microenterprises, especially those in low- and moderate-income communities. Our efforts aim to strengthen collaboration across entities that provide assistance and funding to small businesses as well as support improved access to credit. In addition, we strive to foster a deeper understanding of trends and challenges facing small business owners.

Here at the Cleveland Fed, our work on these issues includes research on small business credit and capital, a survey of small business owners, and ongoing outreach with small business owners, bankers, and community leaders.

Learn more by browsing the resources here. You can find additional Federal Reserve System resources on small businesses at www.fedsmallbusiness.org.

Clicking for Credit: Experiences of Online Lender Applicants from the Small Business Credit Survey

Clicking for Credit: Experiences of Online Lender Applicants from the Small Business Credit Survey

What do we know about small businesses that sought credit from online lenders instead of traditional banks? They are more likely to have fewer employees, lower revenues, weaker credit scores, and fewer years in the business. They were also less likely to be approved for the full amount they requested.