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  • The Federal Reserve Banks’ Small Business Credit Survey 2020 Report on Employer Firms examines findings of a national survey of small business owners fielded in late 2019. As policymakers implement programs to help small businesses weather the effects of the COVID-19 outbreak, this report provides important baseline data on small firms’ performance, financing positions, and relationships with lending institutions prior to the onset of the crisis. Read More  

  • Uncertain Terms: What Small Business Borrowers Find When Browsing Online Lender Websites

    The information available to prospective borrowers on small business online lender websites varies widely, and it is not unusual for lenders to detail terms in footnotes, fine print, or frequently asked questions (FAQs). Read more.  

  • Click, Submit 2.0: An Update on Online Lender Applicants from the Small Business Credit Survey

    Though they represent a small share of total small-business lending, nonbank online lenders are a growing source of small-dollar credit for small businesses. Which businesses sought funds through online sources? How successful were their borrowing experiences? Find out  

  • 2018 Small Business Credit Survey Report on Nonemployer Firms

    The 2017 SBCS provides insights on business conditions and access to financing for nonemployer firms—those with no employees other than the owner(s). Findings show these firms often rely on their owners' personal finances to secure credit, address financial challenges, and fund their business operations. Read more.  

  • Browsing to Borrow: “Mom & Pop” Small Business Perspectives on Online Lenders

    The Federal Reserve Board and the Federal Reserve Bank of Cleveland partnered on a study of small business owners’ perceptions of online lending and their understanding and interpretation of the information that online lenders use to describe their credit products. The study found that while perceptions of online lenders were mixed, participating small businesses agreed that there is a need for clear disclosure of online lenders’ product costs and terms. Read More