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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

Small Business Credit Survey 2021 Report on Employer Firms Report

Small Business Credit Survey 2021 Report on Employer Firms

The Federal Reserve Banks’ Small Business Credit Survey 2021 Report on Employer Firms highlights the headwinds facing small firms as they navigate the impact of the COVID-19 pandemic. Most firms reported declines in revenues and employment in the 12 months prior to the survey, and the majority expect challenges to persist. Nearly one-third of firms say they’re unlikely to survive without additional government aid until sales recover. Read more.