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Report

Small Business Credit Survey: 2022 Report on Employer Firms

22 Feb ’22

Revenue and employment improved for small businesses since 2020, but performance largely lags prepandemic levels. Financing approval rates continued to trend lower than in years prior to the pandemic.

Issued by all 12 Federal Reserve Banks, the Small Business Credit Survey: 2022 Report on Employer Firms finds that many small businesses have not recovered to prepandemic levels. The effects of the pandemic hit firms in the leisure and hospitality sector, smaller firms, and firms owned by people of color disproportionately hard. Learn more about the recent experiences of firms with 1 to 499 employees.

Access the report to read more.

Small Business Credit Survey: 2021 Report on Employer Firms

Small businesses continue to face significant challenges amid the COVID-19 pandemic, including weak demand, heightened expenses, and limited credit availability. Nearly one-third of firms say they’re unlikely to survive without additional government aid until sales recover.